sdeUSD, issued by the Elixir Protocol smart contracts under the governance of ELX tokenholders, is a tokenized yield-bearing position representing staked deUSD, a fully collateralized synthetic dollar that is not backed by a 1:1 U.S. dollar (USD) reserve. [S1][S2]

Holders stake the underlying deUSD synthetic dollar into sdeUSD to receive the dollar's native yield, which accrues continuously through price appreciation of sdeUSD against deUSD. [S3] Yield is generated from a delta-neutral Ethereum funding trade using stETH and wstETH collateral shorting an equivalent notional of ETH perpetual futures, and from treasury-backed collateral held through MakerDAO's USDS and sUSDS protocol. [S1][S3] deUSD is fully collateralized, with backing equal to or exceeding outstanding supply. [S1]

deUSD is issued by Elixir Network smart contracts with no centralized issuer holding USD or real-world assets to support its value, governed by ELX tokenholders, with the Elixir Foundation operating a validator delegation program. [S1][S2] The holder's claim is characterized as a synthetic dollar rather than a fiat-reserve token. [S1] Primary minting and redemption against underlying collateral were permissioned to whitelisted market makers through Elixir's API. [S1][S3] The asset has been sunset, and Elixir is effectuating 1:1 USDC claims for deUSD and sdeUSD holders through its claims portal. [S4]

deUSD and sdeUSD are issued onchain as smart contracts natively on Ethereum, with transferable availability extended to other ecosystems through Elixir's bridge. [S1] Some bridges output alternative wrapped assets, including Sei's fastUSD, backed 1:1 by deUSD. [S1][S3] Backing composition was monitorable via the Elixir dashboard. [S1] Settlement to holders now occurs through the 1:1 USDC claims process. [S4]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.elixir.xyz/deusd" },
    { id: "S2", url: "https://docs.elixir.xyz/llms-full.txt" },
    { id: "S3", url: "https://docs.elixir.xyz/faq" },
    { id: "S4", url: "https://docs.elixir.xyz/deusd-deprecated.md" },
  ]}
/>


# Asset senders (weekly) methodology

## 1. Overview

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Other blockchain data**: Token transfer and withdrawal events from Aptos, Near, Polkadot Asset Hub, Stellar, Sui, Ripple, and others
- **Asset metadata**: Token contract addresses and asset mapping datasets

## 3. Step-by-step calculation

### Component A: Extraction of daily sending addresses

- **Purpose**: Identify and extract unique addresses initiating token transfers on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from ERC-20 token transfers where the sender address is not the null address. On Solana, sending addresses are identified from token transfer instructions using the authority address. On Aptos, Sui, Cardano, and Stellar Classic, sending addresses are retrieved from token withdrawal events. On Stellar Soroban, transfers are parsed from Soroban token transfer events, excluding mint transactions where the sender address is null. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed to identify the sender. On Ripple, outgoing transfers are identified where the transaction value is negative. On Near and Injective, sending addresses are extracted from token transfer events where the sender address is populated.
- **Key fields**: `timestamp` (block time truncated to the day), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Rolling 7-day window aggregation

- **Purpose**: Aggregate daily active senders into a rolling 7-day window to calculate weekly activity.
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a rolling 7-day window is constructed by looking back at the preceding six days. Daily unique sending addresses are mapped to each active window based on their transaction timestamps.
- **Key fields**: `timestamp` (the reference day for the rolling window), `token_address` (the asset identifier), `sender_address` (the address active within the window)

### Component C: Final deduplication and aggregation

- **Purpose**: Calculate the final weekly unique sender count per asset and chain.
- **Logic**: Within each rolling 7-day window, sending addresses are deduplicated to ensure each unique address is counted only once per asset, regardless of transaction frequency. The deduplicated counts are aggregated at both the individual chain level and the global asset level. Missing dates are filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (the reference day), `chain_id` (the blockchain identifier), `token_address` (the asset contract address), `asset_senders_weekly` (the count of unique weekly sending addresses)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a rolling 7-day window.

Asset senders (weekly)

Tokenized funds

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Blockchains (L1)

Elixir Protocol

Elixir Staked deUSD (sdeUSD) is a tokenized fund share issued by Elixir Protocol.

The fund is closed-ended and invests in U.S. multi-asset.

Holders have a right to redeem at net asset value.

sdeUSD has been issued on Ethereum as an ERC-4626 token since July 2024.

Elixir Staked deUSDsdeUSD