Users deposit ETH or LSTs on Ethena and can mint a USDe synthetic stablecoin in return. USDe generates yield from the staked Ethereum as well as the funding & basis spread from perpetual and futures' markets. A portion of this yield is then distributed to USDe stakers (expense).

Ethena is a stablecoin issuer and asset management protocol built on Ethereum. Ethena was founded by Guy Young and launched in 2024.

ENA tokenholders own and govern the protocol. They currently take a cut of the total yield generated (revenue). Ethena's investors include Dragonfly, Franklin Templeton, Brevan Howard Digital, etc.

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Ethena

# Ethena Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average daily revenue generated per active user on the Ethena protocol. This metric is calculated by dividing total daily fees by the number of daily active users (DAU). It helps assess the monetization efficiency and revenue generation per user for Ethena's stablecoin products (Ethena USDe and USDtb). The calculation combines fee collection from multiple sources with comprehensive user activity tracking across both products.

## 2. Data sources

- **Ethereum token transfer events**: Raw transfer logs for Ethena USDe token (`0x4c9edd5852cd905f086c759e8383e09bff1e68b3`) and USDtb token (`0xc139190f447e929f090edeb554d95abb8b18ac1c`) to track mints and redemptions
- **Parsed Ethereum contract events**: `Minter_Mint_event` and `Minter_Redeem_event` from Ethena v1 contracts to identify user deposit and withdrawal activities
- **Fee transfer events**: Token transfers to specific Ethena multisig addresses including Ethena USDe payout multisig (`0x71e4f98e8f20c88112489de3dded4489802a3a87`), partner payout multisigs, and insurance fund address
- **End-of-day token price feeds**: USD conversion rates for Ethena USDe, USDtb, USDC, and USDT
- **Token metadata**: Decimal precision information for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Daily active user tracking

- **Purpose**: Count distinct users who interact with Ethena products daily through deposits or withdrawals
- **Logic**: Identify depositors from Ethena USDe mint events (`Minter_Mint_event` with `benefactor` parameter) and USDtb mints (token transfers from null address `0x0000000000000000000000000000000000000000` to user addresses). Identify withdrawers from Ethena USDe redeem events (`Minter_Redeem_event` with `benefactor` parameter) and USDtb burns (token transfers to null address or dead address `0x000000000000000000000000000000000000dead`). All user addresses are collected with their interaction timestamps and user types (Depositor or Withdrawer)
- **Key fields**: `user_address` from event parameters and transfer recipients, `block_timestamp` for daily aggregation, `user_type` classification, `product_id` (Ethena USDe or usdtb)

### Component B: Fee collection tracking

- **Purpose**: Calculate total daily fees from direct fee transfers and calculated mint fees
- **Logic**: Capture direct fee transfers by monitoring token transfers to specific multisig addresses including the Ethena USDe payout multisig, partner payout multisigs (for USDC and USDT transfers only), and one custom transaction to the insurance fund. Additionally, calculate mint fees as 0.1% of all Ethena USDe mint amounts (tokens transferred from null address). Combine both fee sources and convert all amounts to USD using end-of-day price feeds with proper decimal corrections
- **Key fields**: `amount` from transfer values, `token_address` for price conversion, `block_timestamp` for daily aggregation

### Component C: Daily user aggregation

- **Purpose**: Count distinct daily active users across all products and user types
- **Logic**: Aggregate user addresses daily using HyperLogLog algorithm to handle deduplication across multiple interactions. Users are counted at multiple dimension levels including project-wide totals, chain-level breakdowns, user type breakdowns (Depositor vs Withdrawer), and product-level breakdowns (Ethena USDe vs USDtb). Missing days are filled with zeros to ensure consistent time series
- **Key fields**: HyperLogLog aggregated `user_dau` counts by dimension combinations

### Component D: Fee amount processing

- **Purpose**: Convert all fee amounts to USD and aggregate daily totals
- **Logic**: Apply token-specific decimal corrections to raw amounts, then convert to USD using end-of-day price feeds. For direct fee transfers, use the actual transfer amounts. For mint fees, multiply Ethena USDe mint amounts by the fixed 0.1% fee rate before conversion. Aggregate all converted fee amounts by day, maintaining breakdown by token type and chain
- **Key fields**: USD-converted `fees` amounts with decimal corrections applied

### Final aggregation

- **Combining components**: Join daily fee totals with daily active user counts on timestamp to calculate the ratio
- **Currency conversion**: All fees are converted to USD using end-of-day price feeds with token-specific decimal adjustments before aggregation
- **Time aggregation**: Both components use daily boundaries based on `block_timestamp` truncated to day level
- **Final calculation**: AFPU equals total daily fees in USD divided by total daily active users, using the `calculate_arpu` macro with zero-filling strategy for missing days to maintain consistent time series data

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

EthenaENA

Average fees per user (AFPU)

Average fees per user (AFPU)

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