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 Active users (weekly) Methodology

## 1. Overview

Weekly active users (WAU) measures the count of unique addresses that performed any qualifying activity within Ethena's stablecoin ecosystem during a 7-day rolling window. This metric answers the business question "How many unique users interacted with Ethena's products in the past week?" and uses HyperLogLog (HLL) probabilistic data structures for memory-efficient distinct user counting across multiple dimensional breakdowns.

## 2. Data sources

The calculation relies on the following raw blockchain data sources:

- **Ethereum token transfer events**: Parsed `Transfer` events for USDtb token contract to identify minting and redemption activities
- **Ethereum contract events**: Parsed `Mint` and `Redeem` events from Ethena's Minter contract for Ethena USDe operations  
- **Token metadata**: Contract addresses for Ethena USDe and USDtb tokens, plus null and dead addresses used in burn operations
- **Blockchain transaction data**: Ethereum transaction records containing timestamps, transaction hashes, and log indices for event correlation

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identifies all user interactions with Ethena's stablecoin protocols and classifies users by activity type
- **Logic**: Extracts user addresses from two distinct pathways. For Ethena USDe operations, parses `Mint` and `Redeem` events from Ethena's Minter contract, extracting the `benefactor` address and classifying users as 'Depositor' for mint events or 'Withdrawer' for redeem events. For USDtb operations, analyzes token transfer events where transfers from the null address (`0x0000000000000000000000000000000000000000`) indicate mints with the recipient (`to_address`) classified as 'Depositor', while transfers to null or dead addresses indicate burns with the sender (`from_address`) classified as 'Withdrawer'. All events must have `removed` flag set to false to ensure only confirmed blockchain events are included.
- **Key fields**: `block_timestamp`, `user_address`, `user_type` (Depositor/Withdrawer), `product_id` (Ethena USDe/usdtb), `chain` (ethereum), transaction identifiers

### Component B: Daily active users aggregation
- **Purpose**: Aggregates user activity to daily granularity and creates HyperLogLog sketches for efficient distinct counting
- **Logic**: Groups all user interactions by day using timestamp truncation to day boundaries. Creates distinct user counts for each combination of date, chain, user type, and product. Initializes HLL sketches with 15-bit precision for each dimensional combination to enable memory-efficient distinct user counting in downstream aggregations. Each daily record represents the unique users active on that specific day across the specified dimensions.
- **Key fields**: `timestamp` (day-truncated), `timestamp_grain` (day), `chain`, `user_type`, `product_id`, `user_dau` (user address), HLL sketch initialization

### Component C: Rolling window construction  
- **Purpose**: Creates a 7-day rolling window framework to calculate weekly active users
- **Logic**: Generates a complete datespine covering the full date range to avoid gaps in the rolling window calculation. For each date in the datespine, creates a jointables structure that generates the 7 preceding days (including the current day) using timestamp arithmetic. This creates a many-to-many relationship where each target date is associated with its 7-day lookback period. Joins this window framework with the daily HLL data to create candidates for weekly aggregation. The window ensures that each WAU calculation includes exactly 7 days of user activity data.
- **Key fields**: Target `timestamp`, `joinday` (individual days in the 7-day window), dimensional attributes from daily data

### Component D: Multi-dimensional WAU calculation
- **Purpose**: Aggregates weekly active users across different dimensional breakdowns using HLL operations
- **Logic**: Creates four distinct dimensional views of weekly active users. The project-level breakdown merges all HLL sketches regardless of dimension to get total protocol WAU. Chain-level breakdown aggregates by chain (currently only Ethereum). User-type breakdown separates depositors from withdrawers. Product-level breakdown separates Ethena USDe from USDtb users. Each breakdown uses HLL partial merge operations to combine daily sketches within the 7-day window, then extracts the final distinct count. Unused dimensions are set to null using safe casting to maintain consistent schema across breakdowns.
- **Key fields**: `timestamp`, `dimensions` (breakdown type), `chain_id`, `user_type`, `product_id`, `user_wau` (extracted HLL count)

### Final aggregation
- **Combining components**: Unions all dimensional breakdowns into a single result set, creating multiple rows per date representing different analytical perspectives of the same underlying user activity
- **Currency conversion**: Not applicable as this metric counts users rather than monetary values
- **Time aggregation**: Uses 7-day rolling windows where each date's WAU represents unique users active in the 7 days ending on that date, calculated using HLL merge operations for memory efficiency
- **Final calculation**: Applies the `finalize_metric_user_wau` macro which standardizes the output schema, applies the 'fill_zeros' strategy to populate missing dates with zero values, adds protocol metadata, and ensures consistent formatting across all Token Terminal metrics. The final WAU value represents the probabilistic distinct count of unique addresses that performed any qualifying activity within the 7-day rolling window.

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

Unique revenue-generating users over a rolling 7-day window.

EthenaENA

Active users (weekly)

Active users (weekly)

Competitive landscape

Chain breakdown