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.

github

twitter

website

etherscan

Stablecoin issuers

Ethena

# Ethena Earnings Methodology

## 1. Overview

Ethena earnings represents the net profit generated by the Ethena protocol from its Ethena USDe stablecoin operations. The metric is calculated as total revenue minus total expenses, where revenue comes from fees collected on stablecoin operations and expenses consist of staking rewards and partner payouts. This metric provides insight into the protocol's profitability and operational efficiency in managing its synthetic dollar product.

## 2. Data sources

The calculation relies on several types of blockchain and external data:
- **Ethereum token transfer events**: Parsed `Transfer` events from the Ethereum blockchain, tracked from multiple perspectives (by recipient, by token contract, by sender) to capture fee collections, stablecoin mints, reward distributions, and partner payouts
- **End-of-day token price feeds**: Daily closing prices for USD conversion of all token amounts including Ethena USDe, USDC, and USDT
- **Token metadata**: Decimal precision information for proper unit conversion of different ERC-20 tokens
- **Specific transaction tracking**: Individual high-value transactions sent directly to the insurance fund for comprehensive fee capture

## 3. Step-by-step calculation

### Component A: Revenue calculation

- **Purpose**: Calculates total revenue from Ethena protocol operations through fee collection
- **Logic**: Revenue combines two sources. First, direct fee transfers to three designated multisig addresses are captured from Ethereum transfer events: the main Ethena USDe payout multisig at `0x71e4f98e8f20c88112489de3dded4489802a3a87`, and two partner payout multisigs at `0xd0ec8cc7414f27ce85f8dece6b4a58225f273311` and `0xf19c433c6b288e487b767595886321f89a3cbf17`. For partner multisigs, only USDC and USDT transfers are tracked. Additionally, one specific transaction to the insurance fund at `0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5` is included. Second, mint fees are calculated as 0.1% of all Ethena USDe token mints, identified as transfers from the zero address to any recipient for the Ethena USDe token contract at `0x4c9edd5852cd905f086c759e8383e09bff1e68b3`
- **Key fields**: Transfer events include `block_timestamp`, `transaction_hash`, `token_address`, `from_address`, `to_address`, and `value`. All amounts are converted from raw token units to USD values using end-of-day price feeds and decimal adjustment

### Component B: Expenses calculation  

- **Purpose**: Calculates total operational expenses including staking rewards and partner payouts
- **Logic**: Expenses are tracked through three types of transfers from Ethereum events. First, Ethena USDe transfers to the staking rewards distributor contract at `0xf2fa332bd83149c66b09b45670bce64746c6b439` represent staking reward distributions to users. Second, USDC and USDT transfers to the two partner payout multisig addresses represent partnership costs and revenue sharing. Third, Ethena USDe transfers originating from the main payout multisig represent additional operational payouts. The methodology accounts for timing mismatches where partner revenue may be collected in one month but expenses paid in another
- **Key fields**: Same transfer event fields as revenue, with amounts converted to USD and categorized by expense type (`staking reward distributor`, `partner payout`, `Ethena USDe payout`)

### Final aggregation

- **Combining components**: Revenue and expenses are calculated separately, then earnings is computed as revenue minus expenses using the standard earnings formula
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds and adjusted for token decimal precision through automated macros
- **Time aggregation**: All transfer events are aggregated to daily boundaries using timestamp truncation to the day level
- **Final calculation**: Daily earnings equals the sum of all daily revenue minus the sum of all daily expenses, with missing days filled with zero values to ensure complete time series coverage

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

EthenaENA

Earnings

Earnings

Competitive landscape