SUSD, issued by the Synthetix Protocol smart contracts under the governance of SNX tokenholders, is an overcollateralized synthetic stablecoin that targets a one-to-one soft peg to the U.S. dollar (USD) through SNX collateralization and protocol mechanics [S1][S2].

Holders receive a synthetic dollar whose value tracks USD via overcollateralization rather than a fiat reserve [S2]. SUSD is minted by SNX stakers who lock SNX collateral and take on protocol debt through the 420 Staking App on Ethereum Mainnet [S2]. Yield accrues to stakers, not passive holders, from protocol revenues and liquidity incentives [S2]. The fee schedule discloses no standalone SUSD minting or redemption fee; deposits cost Ethereum gas paid in ether (ETH) [S3].

SUSD is not issued by a single corporate entity; the Terms of Use describe Synthetix as a distributed network of individual contributors with no central operating entity [S1]. The issuer disclaims regulated status, stating it is not registered or licensed with the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), or any financial regulator [S1][S4]. The claim is a protocol-issued ERC-20 synthetic asset, not a deposit, security, or redeemable claim on reserves [S4][S2]. Users must be at least 18 and not sanctioned or resident in prohibited jurisdictions including North Korea, Iran, and Russia [S1]. Stakers exit by burning SUSD debt to release SNX collateral [S2].

SUSD is an ERC-20 token [S5]. Issuance and staking occur on Ethereum Mainnet through the 420 Staking App, with a legacy deployment on Optimism that is not actively supported [S2]. SUSD transfers between the two networks via a native bridge subject to the standard seven-day withdrawal challenge period, or via an instant third-party bridge for a fee [S5]. Settlement is onchain [S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://www.synthetix.io/terms" },
    { id: "S2", url: "https://docs.synthetix.io/staking" },
    { id: "S3", url: "https://docs.synthetix.io/trading/fees" },
    { id: "S4", url: "https://www.synthetix.io/exchange-terms" },
    { id: "S5", url: "https://docs.synthetix.io/tokens/earn-yield-on-susd" },
  ]}
/>


# 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

Overcollateralized borrowers deposit funds into Synthetix and mint synthetic assets.

Synthetix is a non-custodial derivatives exchange protocol built on Ethereum. Synthetix was founded by Kain Warwick and launched in 2017.

SNX tokenholders own and govern the protocol. They currently take all of the total trading fees paid by traders (revenue). Synthetix's investors include Paradigm, Framework Ventures, Coinbase Ventures, etc.

governance

github

twitter

discord

etherscan

website

Derivative exchanges

Synthetix

Synthetix sUSD (SUSD) is a U.S. dollar stablecoin issued by Synthetix.

Holders can mint and redeem directly with Synthetix.

SUSD has been issued on public blockchains since May 2020 and is native to Ethereum and OP Mainnet.

Synthetix sUSDSUSD