feUSD, issued by the Felix Protocol smart contracts under the governance of Felix tokenholders, is a decentralized overcollateralized stablecoin soft-pegged to the U.S. dollar (USD) at a 1:1 redemption ratio. [S1]

Holders of feUSD receive a token soft-pegged to one U.S. dollar (USD), minted against crypto collateral deposited into a Collateralized Debt Position. [S1] feUSD itself accrues no native yield as a holding. [S2] Yield is earned only by participating in Felix Vanilla isolated lending markets, where stablecoin suppliers earn interest from borrower demand, with Felix charging a 10% performance fee on earned yield. [S2][S3] feUSD redemptions incur a redemption fee paid in collateral. [S1]

feUSD is issued by Felix Protocol smart contracts rather than by a single corporate entity, and is presented as a decentralized, algorithmic asset. [S1] The holder's claim is a redemption right to receive one U.S. dollar (USD) of underlying collateral, less a redemption fee, by burning feUSD through the protocol, not a claim against a corporate balance sheet. [S1] Access is permissionless and decentralized, with no documented onboarding gate. [S4][S1] Backing collateral, comprising HYPE, UBTC, kHYPE, wstHYPE and feUBTC, is held onchain in protocol smart contracts, with overcollateralization providing the solvency buffer and liquidators and redeemers maintaining backing. [S1][S5][S6]

feUSD is an onchain smart contract token built on the Hyperliquid blockchain, where it and the Vanilla markets operate. [S1][S6] It is minted by depositing supported collateral into a Collateralized Debt Position and burned on redemption, with redemptions executed against the lowest-interest-rate positions first. [S1] Settlement is onchain, and the peg is maintained algorithmically through overcollateralization, redemptions and liquidations. [S1][S6]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://risk.usefelix.xyz/cdp/redemptions" },
    { id: "S2", url: "https://usefelix.xyz/vanilla-earn" },
    { id: "S3", url: "https://www.usefelix.xyz/vanilla/lend" },
    { id: "S4", url: "https://www.usefelix.xyz/" },
    { id: "S5", url: "https://www.usefelix.xyz/stats" },
    { id: "S6", url: "https://www.usefelix.xyz/vanilla/borrow" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

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

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

Stablecoins

Felix issues feUSD and USDhl and deploys perpetual markets under the flx namespace on Hyperliquid's HyperCore order book.

Felix combines stablecoin issuance with USDC-settled perpetual contracts on equities, commodities, indices, and crypto.

Felix is a protocol and product suite on Hyperliquid that spans stablecoins and HIP-3 perpetual markets.

twitter

website

github

discord

Derivative exchanges

Felix

Felix feUSD (feUSD) is a U.S. dollar stablecoin issued by Felix.

Holders can mint and redeem directly with Felix in HYPE, UBTC, and kHYPE.

feUSD has been issued on public blockchains since March 2025 and is native to HyperEVM and HyperCore.

Felix feUSDfeUSD