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 Maximum token supply Methodology

## 1. Overview

The Ethena token supply maximum metric represents the theoretical maximum number of tokens that can ever exist for the Ethena protocol. This is a static protocol parameter that defines the upper bound on token issuance as established by the protocol's tokenomics design. The metric provides a constant reference value of 15 billion tokens that serves as the ceiling for all token supply calculations and is used to calculate relative supply metrics like circulating supply ratios.

## 2. Data sources

This metric is derived from static protocol configuration rather than dynamic blockchain data:
- **Protocol specifications**: Ethena protocol tokenomics documentation and governance decisions that established the maximum supply cap
- **Token contract parameters**: The hardcoded maximum supply value built into the protocol's token issuance mechanisms
- **Launch date configuration**: Official protocol launch timing used to establish when the maximum supply metric becomes active

## 3. Step-by-step calculation

### Component A: Static supply configuration
- **Purpose**: Define the maximum possible token supply for the Ethena protocol
- **Logic**: The calculation uses hardcoded protocol parameters to establish the maximum supply value. The timestamp is set to April 2, 2024 at 00:00:00 UTC, marking the official launch date when this maximum supply became active. The `token_supply_maximum` value is set to exactly 15,000,000,000 tokens (15 billion), representing the absolute ceiling on token issuance established by protocol governance.
- **Key fields**: `timestamp` marking the launch date, `timestamp_grain` set to daily reporting, and `token_supply_maximum` containing the 15 billion token cap

### Final aggregation
- **Standardization**: The finalize metric macro applies consistent formatting and data structure to ensure compatibility with other Token Terminal metrics
- **Time series completion**: A fill-forward strategy is applied to populate the maximum supply value for all dates from the launch date onward, creating a complete daily time series
- **Final calculation**: The metric value remains constant at 15 billion tokens for all dates from April 2, 2024 forward, providing a static reference point for supply-based ratio calculations and protocol analysis

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

Maximum number of tokens that can exist under the current token economics.

EthenaENA

Maximum token supply

Maximum token supply

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