msUSD, issued by the Metronome Synth Protocol smart contracts under the governance of Metronome DAO (MET) tokenholders, is a synthetic, over-collateralized stablecoin that tracks the value of the U.S. dollar (USD). [S1][S2][S3]

msUSD tracks the USD price target and represents a synthetic position minted by the holder against their own deposited collateral, rather than a deposit paying an issuer coupon. [S3][S4] Holders do not earn an issuer-paid yield; capital efficiency comes from depositing yield-bearing productive collateral. [S2][S3] Holders pay a per-second annualized Synth Balance Fee on outstanding positions, a 0.45% marketplace swap fee (0.55% on Ethereum mainnet), and an 18% liquidation premium on liquidated positions; all fees flow to the Metronome Treasury. [S5][S6]

msUSD is issued by the Metronome Synth Protocol smart contracts and is not issued by a single corporate entity; governance rests with the Metronome DAO of MET tokenholders following a five-phase decentralization roadmap. [S1][S2][S7] The token represents a synthetic crypto asset backed by the holder's own collateral held non-custodially in the protocol's onchain Pool contracts, not a claim on a corporate issuer. [S4][S8] Access is permissionless through the dApp with a crypto wallet. [S2][S8] There is no fiat redemption; a holder repays or burns the synth to release the deposited collateral, or swaps synths on the zero-slippage Synth Marketplace, with under-collateralized positions subject to liquidation. [S4][S6]

Synthetics are ERC-20 tokens operating on Ethereum-compatible networks, with the protocol deployed on Ethereum, Optimism, and Base. [S3][S1] A user mints msUSD by depositing approved collateral into the Pool contract up to that collateral's factor, constrained by per-asset deposit caps and aggregate mintage caps. [S4][S8][S9] Settlement is onchain per transaction, and pricing relies on price oracles. [S8][S10]

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.metronome.io/metronome-synth/metronome-synth-protocol.md" },
    { id: "S2", url: "https://docs.metronome.io/metronome-synth/introduction.md" },
    { id: "S3", url: "https://docs.metronome.io/metronome-synth/metronome-synth-protocol/supported-assets.md" },
    { id: "S4", url: "https://docs.metronome.io/metronome-synth/metronome-synth-protocol/liquidations-and-collateral-factors.md" },
    { id: "S5", url: "https://docs.metronome.io/metronome-synth/metronome-revenue-model.md" },
    { id: "S6", url: "https://docs.metronome.io/metronome-synth/metronome-synth-protocol/synth-marketplace.md" },
    { id: "S7", url: "https://docs.metronome.io/metronome-2.0/governance.md" },
    { id: "S8", url: "https://docs.metronome.io/contract-overview/pool.md" },
    { id: "S9", url: "https://docs.metronome.io/metronome-synth/metronome-synth-protocol/metronome-synth-mintage-and-deposit-caps.md" },
    { id: "S10", url: "https://docs.metronome.io/metronome-synth/risks.md" },
  ]}
/>


# 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

Users deposit collateral to mint Metronome synths such as msUSD; the protocol maintains pegs through over-collateralization and on-chain liquidations.

Metronome is a cross-chain DeFi protocol that issues synthetic assets, including Metronome Synth USD (msUSD), a USD-pegged synthetic stablecoin. Users mint synths against deposited collateral. Deployed on Ethereum, Base, Optimism, and Plasma.

Metronome is built by the Metronome team, operating a cross-chain synthetic asset protocol.

website

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Stablecoin issuers

Metronome

Metronome Synth USD (msUSD) is a U.S. dollar stablecoin issued by Metronome.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Retail investors can mint and redeem directly with Metronome in ETH, WBTC, DAI, USDC, FRAX, sfrxETH, vaETH, vaUSDC, vaFRAX, vacbETH, varETH, vastETH, OP, vaOP, and vawstETH.

msUSD has been issued on public blockchains since December 2022 and is native to Ethereum, OP Mainnet, Base, and Plasma.

Metronome Synth USDmsUSD