Been digging into how Ethena handles their risk framework lately. One thing that stood out—their collateral doesn't sit on exchanges. Everything's parked off-exchange with institutional-grade custody providers. That setup caught my eye because it sidesteps some classic exchange exposure risks. The transparency layer they've built around this actually shows where funds are held, which isn't something you see everywhere in DeFi. Makes you wonder if more protocols should lean into this custody model instead of keeping everything hot on trading platforms.