fETH, issued by the f(x) Protocol smart contracts under the governance of vote-escrowed FXN (veFXN) tokenholders, is a decentralized crypto-collateralized stablecoin token that splits Ethereum (ETH) collateral into low-volatility and leveraged tranches. [S1][S2]

fETH provides fractional, low-volatility exposure to ETH price movements through the protocol's split mechanism, which divides crypto collateral, primarily Lido wstETH and stETH plus WBTC, into low-volatility and high-volatility leveraged positions. [S1][S3] Holders earn yield by depositing into the Stability Pool, which distributes wstETH and WBTC sourced from position fees, reserve yield, and Aave yields, or FXN emissions. [S3] Protocol revenue derives from collateral yield, minting and redemption fees, position opening and closing fees, and rebalancing and liquidation fees. [S2]

f(x) Protocol is a decentralized autonomous organization with no legal entity; the Terms of Use state it has no company, partnership, or central entity, and the interface is maintained by open-source contributors. [S4] It is not issued by any single corporate entity, and no regulator, license, or registration is claimed; the Terms warn regulators may view the protocol as an unregistered exchange. [S4] The holder's claim is a crypto-collateralized stablecoin, not a fund or trust interest, overcollateralized by onchain collateral in smart contracts. [S3][S5] Users must be at least 18 and exclude the United States, Canada, Mainland China, and sanctioned jurisdictions. [S4] Stability Pool redemption requires a cooldown period. [S3]

All f(x) tokens are ERC-20, natively issued on Ethereum, with cross-chain availability on Arbitrum, BSC, Optimism, and Polygon via LayerZero bridging. [S6] fxUSD is minted at the contract level when leveraged positions open, subject to a mintability check. [S7] Settlement is onchain and atomic except for the Stability Pool redeem cooldown, with pricing from Chainlink TWAP oracle feeds. [S3][S8][S9]

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.aladdin.club/f-x-protocol" },
    { id: "S2", url: "https://docs.aladdin.club/f-x-protocol-new/f-x-2.0/fees-and-revenue" },
    { id: "S3", url: "https://docs.aladdin.club/f-x-protocol/stability-pool" },
    { id: "S4", url: "https://fx.aladdin.club/terms-of-use" },
    { id: "S5", url: "https://fx.aladdin.club/" },
    { id: "S6", url: "https://docs.aladdin.club/f-x-protocol/contracts" },
    { id: "S7", url: "https://docs.aladdin.club/f-x-protocol-new/f-x-2.0/faq" },
    { id: "S8", url: "https://docs.aladdin.club/f-x-protocol/stability-mode" },
    { id: "S9", url: "https://docs.aladdin.club/f-x-protocol-new/oracles" },
  ]}
/>


# Asset senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

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

Unique asset senders over a rolling 30-day window.

Asset senders (monthly)

Stablecoins

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Stablecoin issuers

f(x) Protocol

f(x) Protocol Fractional ETH (fETH) is a Yield strategy stablecoin issued by f(x) Protocol.

Issuance is paused, with redemption still open.

Retail investors can mint and redeem directly with f(x) Protocol in ETH.

fETH has been issued on Ethereum as an ERC-20 token since August 2023.

f(x) Protocol Fractional ETHfETH