Ethena has no ADL "deals". Never has. ADL risk has been in the risk section of our docs since day one: ADL implementation varies by exchange, but generally follow a similar waterfall of applying ADL to accounts with the: i) highest leverage ii) highest roe/ unrealised pnl In contrast to others, Ethena sweeps pnl daily and runs zero leverage. It is therefore considered one of the lowest risk accounts on the exchange and sits at the bottom of the ADL waterfall as a result. As far as we are aware, there have not been any ADLs on BTC or ETH on the venues Ethena executes since 2018 on OKX. The vast majority of the backing sits in BTC and ETH on venues with a 8yr+ track record of not applying ADL to these assets, including on 10/10. Ethena has no special ADL deals, just basic risk management.