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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the Ethena protocol. This metric is calculated by dividing daily revenue by daily active users (DAU). The calculation captures revenue from fee collection and mint fees across Ethena's stablecoin products (Ethena USDe and USDtb), providing insight into the protocol's monetization efficiency per user. ARPU helps assess user value and protocol profitability trends over time.

## 2. Data sources

The ARPU calculation relies on several raw blockchain data sources:

- **Ethereum token transfer events**: Parsed `Transfer` events for Ethena USDe token (`0x4c9edd5852cd905f086c759e8383e09bff1e68b3`) and USDtb token (`0xc139190f447e929f090edeb554d95abb8b18ac1c`) to track mints, burns, and user interactions
- **Ethereum smart contract events**: Parsed `Minter_Mint_event` and `Minter_Redeem_event` from Ethena's v1 smart contracts to identify user deposit and withdrawal activities
- **Fee collection transfers**: Ethereum `Transfer` events sent to specific Ethena multisig addresses for fee collection, including the main payout multisig (`0x71e4f98e8f20c88112489de3dded4489802a3a87`) and partner payout multisigs
- **End-of-day price feeds**: Token price data for USD conversion of fee amounts
- **Token metadata**: Decimal precision data for proper amount calculations

## 3. Step-by-step calculation

### Component A: User identification and daily active users
- **Purpose**: Identifies all users who interact with Ethena protocols and calculates daily active user counts
- **Logic**: Users are identified from two primary sources. First, parsed smart contract events (`Minter_Mint_event` and `Minter_Redeem_event`) capture users who mint or redeem Ethena USDe through the official protocol interface, extracting the `benefactor` address and classifying them as 'Depositor' or 'Withdrawer'. Second, token transfer events identify users who mint USDtb (transfers from null address to user) or burn USDtb (transfers from user to null or dead address). All user addresses are collected with timestamps, transaction hashes, and user type classifications. Daily aggregation uses HyperLogLog sketches to count distinct users per day while handling deduplication across multiple dimensions including chain, product type, and user classification
- **Key fields**: `user_address` (the account interacting with protocols), `user_type` (Depositor or Withdrawer), `block_timestamp` (for daily grouping), `product_id` (Ethena USDe or usdtb)

### Component B: Revenue from fee transfers
- **Purpose**: Captures direct fee revenue collected by Ethena through transfers to designated addresses
- **Logic**: Identifies all token transfers sent to specific Ethena fee collection addresses. The main collection point is the Ethena Staked Ethena USDe payout multisig address (`0x71e4f98e8f20c88112489de3dded4489802a3a87`) which receives various tokens. Partner payout addresses (`0xd0ec8cc7414f27ce85f8dece6b4a58225f273311` and `0xf19c433c6b288e487b767595886321f89a3cbf17`) receive USDC and USDT tokens. Additionally, one custom transaction to the insurance fund (`0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5`) is included. All transfer amounts are extracted and associated with the receiving timestamp
- **Key fields**: `amount` (transfer value), `token_address` (token being transferred), `to_address` (fee collection address), `block_timestamp` (timing)

### Component C: Revenue from mint fees
- **Purpose**: Calculates implied fee revenue from Ethena USDe stablecoin minting activity
- **Logic**: Identifies all Ethena USDe token mints by finding transfers from the null address (`0x0000000000000000000000000000000000000000`) to user addresses for the Ethena USDe token contract. Each mint amount is multiplied by a hardcoded fee percentage of 0.1% (0.001) to calculate the implied fee revenue. This represents the protocol's minting fee charged to users
- **Key fields**: `amount` (mint amount), `token_address` (Ethena USDe contract address), `from_address` (null address for mints)

### Component D: USD conversion and aggregation
- **Purpose**: Converts all fee amounts to USD and aggregates by day
- **Logic**: All fee amounts from both direct transfers and mint fees are converted to USD using end-of-day price feeds. The conversion process applies decimal corrections based on each token's precision (e.g., 18 decimals for most ERC20 tokens, 6 for USDC/USDT). Daily aggregation sums all USD-denominated fees by timestamp, chain, and product
- **Key fields**: `fees` (USD-converted amounts), `timestamp` (daily truncated), `chain_id`, `product_id`

### Final aggregation
- **Combining components**: Revenue and DAU metrics are joined by date, chain, and product dimensions. The ARPU calculation uses the `calculate_arpu` macro which divides daily revenue by daily active users
- **Currency conversion**: All revenue is already converted to USD in the fee calculation step using end-of-day price feeds
- **Time aggregation**: Both revenue and DAU are aggregated to daily boundaries using timestamp truncation to ensure consistent matching
- **Final calculation**: ARPU equals daily revenue divided by daily active users. Days with zero users result in null or zero ARPU values depending on the fill strategy. The `finalize_metric_arpu` macro applies schema standardization and fills any gaps in the time series with zeros

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

EthenaENA

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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