Three months after launch, Ethena’s dynamic cooldown system passed its first real stress test as Tier 1 liquidity covered all redemption demands

$1.97B of redemptions against a one-day floor that still had 5.47x coverage is a better proof point than the cooldown staying short; the queue overlay wanted three days from Apr. 20-24, but Tier 1 never used more than 46.7% of its daily cap. The next thing to watch is refill quality: JAAA/STAC sitting in Tier 2 boosts three-day coverage, but it does nothing for the same-day bucket if another LST-style shock hits before Tier 1 rebuilds.

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