> For the complete documentation index, see [llms.txt](https://docs.ethena.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethena.fi/protocol-overview/reserve-fund.md).
# Reserve Fund
The Reserve Fund is a pool of assets held by the protocol as an additional margin of safety for USDe.
The Reserve Fund was funded with a portion of the revenue generated by the protocol during periods of high revenue, and retains a balance that continues to support the backing of USDe. The amount of protocol revenue directed to the Reserve Fund on an ongoing basis is subject to governance. The percentage of revenue allocated to the Reserve Fund is currently 0%, with 100% being directed to incentive rewards, promotional distributions, and distribution incentives.
The Reserve Fund serves as a buffer in conditions where protocol revenue would otherwise be negative. If, across the diversified backing assets, the cost of maintaining positions exceeds the revenue earned from funding, lending, real-world assets, and liquid stablecoin rewards, the Reserve Fund is designed to bear that cost. This is designed so that periods of negative revenue are absorbed by the Reserve Fund rather than impairing the core reserves.
The Reserve Fund can also be deployed to address shortfalls in backing arising from the risks described in the [Risks](/protocol-overview/risks.md) section, helping the protocol maintain full backing through stressed conditions.
The current size of the Reserve Fund can be viewed on the [Transparency dashboard](https://app.ethena.fi/dashboards/transparency).
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