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Ethena Extends OFT (cross-chain token standard) Bridge Suspension After rsETH Incident Review

Ethena kept its OFT bridge suspended after saying the rsETH incident review remained unsatisfactory, while four external firms verified on April 20 that USDe collateral backing stayed above 100%.

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Summary

Ethena said it has extended the suspension of its OFT bridge because it did not receive a satisfactory root cause analysis of the rsETH incident. In a separate April 20 update, the protocol said Chainlink, Chaos Labs, LlamaRisk, and Harris & Trotter verified that USDe collateral backing remains above 100%, indicating the token continues to be more than fully backed despite the ongoing bridge pause.

Terms & Concepts
  • OFT: A cross-chain token standard used to move tokens between blockchain networks through interoperable bridging infrastructure.
  • rsETH: A crypto asset referenced in the incident under review that prompted Ethena to keep its bridge suspension in place.
  • USDe: Ethena’s digital dollar token, backed by collateral that the protocol said was independently verified as exceeding 100% of outstanding supply.