The Ethena Risk Committee’s mandate is to identify, evaluate, and manage risk across the Ethena ecosystem, and Kairos as an existing member has honored this commitment. To name a few ways they have been committed as a risk committee participant: - Kairos authored and advanced the proposal to allow USDtb-backed Ethena whitelabel stablecoins to be held directly in USDe’s backing. - They led a detailed analysis proposing the addition of PAXG and XAUT as eligible USDe backing assets under an expanded commodity/equity framework, enabling gold and commodity perpetual basis trades. - They prepared a comprehensive risk assessment supporting with conditions the deployment of isolated lending markets for Ethena assets on Kamino and Jupiter Lend on Solana. - Beyond proposals, Kairos has contributed ongoing monitoring and reporting during stress periods, including the spring 2026 supply contraction of $2b, with rapid absorption and no peg break or reserve draw, off-chain review of RWA drawdown frameworks, and technical due diligence such as the July 2026 L2 USDe PSM review on Base. They have also collaborated on broader items such as the dynamic sUSDe unstaking cooldown framework that was co-developed with fellow committee members. If you are considering voting on this proposal, I would highly encourage you to consider electing Kairos for another term as they have proven to be a highly capable member of the risk committee.