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 Total value locked Methodology

## 1. Overview

Ethena TVL measures the total value locked in the Ethena protocol, which issues two stablecoins: Ethena USDe (synthetic dollar) and USDtb (treasury-backed stablecoin). The metric calculates the outstanding supply of both tokens while adjusting for USDtb tokens held by the protocol itself to avoid double counting. This represents the net value of stablecoins issued to external users.

## 2. Data sources

- **Ethereum ERC-20 Transfer events**: Parsed `Transfer` events from the Ethena USDe token contract (`0x4c9edd5852cd905f086c759e8383e09bff1e68b3`) and USDtb token contract (`0xc139190f447e929f090edeb554d95abb8b18ac1c`)
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Decimal precision information for proper amount calculations

## 3. Step-by-step calculation

### Component A: Outstanding supply calculation
- **Purpose**: Calculates the total circulating supply of Ethena USDe and USDtb tokens by tracking all mint and burn events
- **Logic**: Extracts all `Transfer` events for both Ethena USDe and USDtb tokens from Ethereum. Identifies token mints as transfers from the null address (`0x0000000000000000000000000000000000000000`) and burns as transfers to either the null address or dead address (`0x000000000000000000000000000000000000dead`). Aggregates mint and burn amounts daily, treating mints as positive values and burns as negative values. Calculates cumulative outstanding supply using a running sum ordered by date. Forward-fills missing days to ensure continuous time series data.
- **Key fields**: `amount` (transfer amount), `from_address` and `to_address` (identifying mints/burns), `token_address` (Ethena USDe or USDtb), `outstanding_supply` (cumulative supply)

### Component B: USDtb backing calculation  
- **Purpose**: Tracks USDtb tokens held by Ethena protocol addresses that serve as backing for Ethena USDe issuance
- **Logic**: Filters USDtb `Transfer` events to identify transfers involving specific Ethena protocol addresses: Reserve Fund (`0x2d4d2a025b10c09bdbd794b4fce4f7ea8c7d7bb4`), Ethena wallet (`0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5`), and Mint/Redeem V2 contract (`0xe3490297a08d6fc8da46edb7b6142e4f461b62d3`). Treats transfers to these addresses as positive amounts (protocol receiving USDtb) and transfers from these addresses as negative amounts (protocol sending USDtb). Calculates cumulative running balance to track total USDtb holdings by the protocol. Forward-fills missing days for continuous data.
- **Key fields**: `amount` (transfer amount with direction), `to_address` and `from_address` (protocol addresses), cumulative balance

### Final aggregation
- **Combining components**: Combines outstanding supply amounts as positive values and USDtb backing amounts as negative values to avoid double counting USDtb tokens that back Ethena USDe issuance
- **Currency conversion**: Applies decimal correction based on token metadata, then converts amounts to USD using end-of-day price feeds
- **Time aggregation**: Data is aggregated and reported on daily boundaries using timestamp truncation
- **Final calculation**: TVL equals the sum of Ethena USDe and USDtb outstanding supply minus USDtb tokens held by protocol addresses, converted to USD and forward-filled for missing days

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

EthenaENA

Total value locked

Total value locked

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