fxUSD, issued by the f(x) Protocol smart contracts under the governance of vote-escrowed FXN (veFXN) tokenholders, is a crypto-collateralized stablecoin that maintains a strong peg to the U.S. dollar (USD) and is backed by staked ETH derivatives and WBTC [S1][S2][S3].

Each fxUSD token represents one dollar of overcollateralized debt minted when leveraged positions open, with the peg maintained near 1 USD through a Stability Pool arbitraging fxUSD against USD Coin (USDC) at Chainlink oracle prices [S2][S4]. Holders earn yield by depositing into the Stability Pool to receive wstETH and WBTC from xPOSITION fees, reserve yield, and Aave yields, or FXN emissions [S2]. Holders bear minting, redemption, rebalancing, and liquidation fees [S5].

f(x) Protocol is a decentralized autonomous organization with no legal entity, developed by Aladdin DAO, and is not issued by any single corporate entity [S6][S1]. No regulator, license, or registration is claimed, and the protocol discloses that regulators may view it as an unregistered exchange [S6]. fxUSD is a decentralized stablecoin conferring no legal claim against an issuer, backed onchain by ETH and staked ETH derivative collateral held in smart contracts at a 100% minimum collateralization [S2][S7][S1]. Users must be at least 18 and exclude the United States, Canada, Mainland China, and OFAC, UN, or EU sanctioned jurisdictions [S6]. Stability Pool redemption returns fxUSD and USDC after a cooldown [S2].

All f(x) tokens are ERC-20, with fxUSD native to Ethereum and additionally available on Arbitrum, BSC, Optimism, and Polygon via LayerZero bridging [S8]. fxUSD is minted at the contract level when positions open, subject to a collateralization safety check, and settles onchain atomically except for the Stability Pool redeem cooldown [S2][S9]. Pricing uses Chainlink TWAP feeds [S10].

<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/stability-pool" },
    { id: "S3", url: "https://fx.aladdin.club/" },
    { id: "S4", url: "https://docs.aladdin.club/f-x-protocol/stability-mode" },
    { id: "S5", url: "https://docs.aladdin.club/f-x-protocol-new/f-x-2.0/fees-and-revenue" },
    { id: "S6", url: "https://fx.aladdin.club/terms-of-use" },
    { id: "S7", url: "https://docs.aladdin.club/f-x-protocol/introduction-of-fxusd/fxusd-reserve-and-risk-management" },
    { id: "S8", url: "https://docs.aladdin.club/f-x-protocol/contracts" },
    { id: "S9", url: "https://docs.aladdin.club/f-x-protocol-new/f-x-2.0/faq" },
    { id: "S10", url: "https://docs.aladdin.club/f-x-protocol-new/oracles" },
  ]}
/>


# Asset senders (weekly) methodology

## 1. Overview

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Other blockchain data**: Token transfer and withdrawal events from Aptos, Near, Polkadot Asset Hub, Stellar, Sui, Ripple, and others
- **Asset metadata**: Token contract addresses and asset mapping datasets

## 3. Step-by-step calculation

### Component A: Extraction of daily sending addresses

- **Purpose**: Identify and extract unique addresses initiating token transfers on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from ERC-20 token transfers where the sender address is not the null address. On Solana, sending addresses are identified from token transfer instructions using the authority address. On Aptos, Sui, Cardano, and Stellar Classic, sending addresses are retrieved from token withdrawal events. On Stellar Soroban, transfers are parsed from Soroban token transfer events, excluding mint transactions where the sender address is null. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed to identify the sender. On Ripple, outgoing transfers are identified where the transaction value is negative. On Near and Injective, sending addresses are extracted from token transfer events where the sender address is populated.
- **Key fields**: `timestamp` (block time truncated to the day), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Rolling 7-day window aggregation

- **Purpose**: Aggregate daily active senders into a rolling 7-day window to calculate weekly activity.
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a rolling 7-day window is constructed by looking back at the preceding six days. Daily unique sending addresses are mapped to each active window based on their transaction timestamps.
- **Key fields**: `timestamp` (the reference day for the rolling window), `token_address` (the asset identifier), `sender_address` (the address active within the window)

### Component C: Final deduplication and aggregation

- **Purpose**: Calculate the final weekly unique sender count per asset and chain.
- **Logic**: Within each rolling 7-day window, sending addresses are deduplicated to ensure each unique address is counted only once per asset, regardless of transaction frequency. The deduplicated counts are aggregated at both the individual chain level and the global asset level. Missing dates are filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (the reference day), `chain_id` (the blockchain identifier), `token_address` (the asset contract address), `asset_senders_weekly` (the count of unique weekly sending addresses)

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

Unique asset senders over a rolling 7-day window.

Asset senders (weekly)

Stablecoins

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Stablecoin issuers

f(x) Protocol

f(x) Protocol fxUSD (fxUSD) is a U.S. dollar stablecoin issued by f(x) Protocol.

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

fxUSD has been issued on Ethereum as an ERC-20 token since February 2024.

f(x) Protocol fxUSDfxUSD