Unstaking period for sUSDe depends on real time liquidity conditions that shift as Ethena's backing composition and supply evolve. To model this systematically, we developed a dynamic cooldown framework built on historical liquidity data, classifying all liquid cash backing assets into three settlement tiers based on how quickly they can be accessed:
Tier 1 (1-day settlement)
Tier 2 (2-day settlement)
Tier 3 (5-day settlement)
This dashboard monitors the liquidity conditions that determine sUSDe unstaking periods. Liquid cash by tier breaks down how much liquid cash backing is available across three settlement speeds. The cooldown redemption cap shows the maximum withdrawal volume the protocol can safely process within each timeframe. Liquid coverage ratio measures how adequately that backing covers outstanding redemption obligations against a minimum safety threshold. Queue pressure and queue pressure ratio track the volume of pending unstaking requests relative to daily capacity, signaling whether demand is building faster than it can be processed. Recommended cooldown combines liquidity adequacy and queue conditions into a single recommended wait time. Stress endurance shows how many days the protocol can sustain current withdrawal conditions before the safety buffer is exhausted, i.e., the forward looking margin of safety.
For a deep dive into sUSDe's historical cooldown patterns (including how withdrawal wait times have evolved as Ethena scaled and what drives regime shifts between fast and slow redemptions) read our full analysis https://blockworks.com/insights/ethena-cooldown-analysis.
For the methodology behind this dashboard (including how the three tier liquidity classification works, how coverage ratios are calculated, and how forecast scenarios model future cooldown conditions) read our full framework article https://blockworks.com/insights/ethena-cooldown-framework.
