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 Revenue Methodology

## 1. Overview

Ethena revenue represents the total fees generated by the Ethena protocol from its Ethena USDe stablecoin operations. This metric captures two primary revenue streams: direct fee collections transferred to Ethena's treasury addresses and calculated mint fees on new Ethena USDe token issuance. The revenue is calculated daily in USD and measures the protocol's fee-generating activity across its stablecoin infrastructure.

## 2. Data sources

The calculation relies on these underlying data sources:
- **Ethereum token transfer events**: Parsed `Transfer` events from Ethereum blockchain capturing all ERC20 token movements
- **Token price feeds**: End-of-day token price data for USD conversion
- **Token metadata**: Contract information including decimal precision for accurate amount calculations
- **Protocol addresses**: Specific Ethena treasury and payout addresses used for fee collection
- **Ethena USDe contract data**: Transfer events from the Ethena USDe token contract for mint identification

## 3. Step-by-step calculation

### Component A: Direct fee collection transfers

- **Purpose**: Captures fees directly transferred to Ethena's treasury and payout addresses
- **Logic**: Identifies `Transfer` events where the recipient address matches one of three categories: the main Ethena USDe payout multisig (`0x71e4f98e8f20c88112489de3dded4489802a3a87`) receiving any token type, two partner payout multisigs (`0xd0ec8cc7414f27ce85f8dece6b4a58225f273311` and `0xf19c433c6b288e487b767595886321f89a3cbf17`) receiving only USDC or USDT transfers, and the insurance fund address (`0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5`) for one specific transaction (`0x7746847f42ae754f9a904a7af0d57dd6019952f3e8d244528c7b1a53c8e009d7`). All transfers are classified under the Interest business line for the Ethena USDe product.
- **Key fields**: Extracts `block_timestamp`, `transaction_hash`, `token_address`, `to_address`, and `value` from transfer events

### Component B: Calculated mint fees

- **Purpose**: Calculates implied fees from Ethena USDe token minting activity
- **Logic**: Identifies Ethena USDe token mints by finding `Transfer` events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`) and `token_address` matches the Ethena USDe contract (`0x4c9edd5852cd905f086c759e8383e09bff1e68b3`). Each mint amount is multiplied by 0.1% (0.001) to calculate the associated mint fee. This represents a fee charged on new Ethena USDe issuance.
- **Key fields**: Uses `block_timestamp`, `token_address`, `from_address`, and `value` fields, with calculated fee as `amount * 0.001`

### Final aggregation

- **Combining components**: Both direct fee transfers and calculated mint fees are unioned together and aggregated by day using timestamp truncation to daily boundaries
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds, with proper decimal correction applied based on each token's precision (typically 18 decimals for most tokens, 6 for USDC/USDT)
- **Time aggregation**: Data is grouped by daily timestamps with `day` granularity specified
- **Final calculation**: The final revenue equals the sum of all direct fee transfers plus all calculated mint fees (mint amount × 0.1%), converted to USD and aggregated daily. The result undergoes schema standardization and validation through the finalize metric process to ensure data quality and consistent formatting.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

EthenaENA

Revenue

Revenue

Competitive landscape

Chain breakdown