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 Circulating asset market cap Methodology

## 1. Overview

The asset market cap circulating metric measures the total USD value of Ethena's stablecoins (Ethena USDe and USDtb) currently in circulation. Since these are USD-pegged stablecoins designed to maintain a 1:1 value with the US dollar, the circulating market cap is equivalent to the outstanding supply. This metric answers the business question: "What is the total market value of Ethena's stablecoins available for trading and use in the market?"

The calculation tracks all mint and burn events for both Ethena USDe and USDtb tokens on Ethereum, maintaining a running total of outstanding supply that represents the circulating market cap.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from the Ethereum blockchain for Ethena USDe token (`0x4c9edd5852cd905f086c759e8383e09bff1e68b3`) and USDtb token (`0xc139190f447e929f090edeb554d95abb8b18ac1c`)
- **Token metadata**: Token decimal precision and symbol information for proper amount calculations
- **End-of-day price feeds**: USD price data for currency conversion, though minimal impact for USD-pegged stablecoins

## 3. Step-by-step calculation

### Component A: Ethena USDe mint and burn tracking
- **Purpose**: Capture all Ethena USDe token issuance and redemption events
- **Logic**: Extract Ethereum `Transfer` events where the token address matches Ethena USDe (`0x4c9edd5852cd905f086c759e8383e09bff1e68b3`). Mint events are identified as transfers from the null address (`0x0000000000000000000000000000000000000000`) to any recipient address. Burn events are transfers from any address to either the null address or the dead address (`0x000000000000000000000000000000000000dead`). Each event captures the timestamp, transaction details, and raw token amount.
- **Key fields**: `block_timestamp` for timing, `from_address` and `to_address` for mint/burn identification, `value` for token amounts, `transaction_hash` and `log_index` for uniqueness

### Component B: USDtb mint and burn tracking
- **Purpose**: Capture all USDtb token issuance and redemption events
- **Logic**: Same logic as Ethena USDe but filtering for USDtb token address (`0xc139190f447e929f090edeb554d95abb8b18ac1c`). Mints are transfers from null address, burns are transfers to null or dead addresses. This captures the complete lifecycle of USDtb tokens in the ecosystem.
- **Key fields**: Same fields as Ethena USDe tracking - `block_timestamp`, `from_address`, `to_address`, `value`, `transaction_hash`, `log_index`

### Component C: Daily aggregation and decimal correction
- **Purpose**: Convert raw token amounts to human-readable values and aggregate by day
- **Logic**: Combine all mint and burn events from both tokens, truncating timestamps to daily boundaries. Apply decimal corrections using token metadata to convert raw blockchain values (typically 18 decimal places) to standard token units. Treat mint amounts as positive and burn amounts as negative for proper supply accounting. Group all events by day and token to get net daily supply changes.
- **Key fields**: `timestamp` truncated to day, `token_address` and `token_symbol` for identification, corrected `amount` values

### Component D: Cumulative supply calculation
- **Purpose**: Calculate running outstanding supply for each token
- **Logic**: For each token, calculate cumulative outstanding supply by summing all daily net changes chronologically. Use window functions partitioned by token and ordered by date to maintain running totals. This produces daily outstanding supply values for each token representing tokens currently in circulation.
- **Key fields**: `outstanding_supply` as the cumulative sum, partitioned by `chain`, `token_address`, and `token_symbol`

### Component E: Date continuity and forward-filling
- **Purpose**: Ensure complete daily time series without gaps
- **Logic**: Apply forward-filling logic to propagate the most recent outstanding supply value to any missing dates. This ensures continuous daily data series where days without mint/burn activity maintain the previous day's supply level.
- **Key fields**: Forward-filled `outstanding_supply` values across continuous date ranges

### Final aggregation
- **Combining components**: Sum outstanding supply across all tokens (Ethena USDe and USDtb) to get total protocol supply
- **Currency conversion**: Apply USD conversion using end-of-day price feeds, though impact is minimal for USD-pegged stablecoins that maintain 1:1 parity
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation to day
- **Final calculation**: The asset market cap circulating equals the total outstanding supply in USD, since stablecoins maintain their peg value. This represents the total market value of all Ethena stablecoins currently in circulation and available for trading.

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

EthenaENA

Circulating asset market cap

Circulating asset market cap

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