CRYPTO MARKET INTELLIGENCE / ASSET DOSSIER

Ethena.

ena · coingecko:ethena

EVIDENCE · NOT A RECOMMENDATION
This dossier explains why the asset surfaced, what the stored evidence says, what changed, and which limitations remain. Deterministic signals are research questions, not investment conclusions.
Price$0.191035
Market cap$2.56B
Active signals1
Total / circulating1.12×
Longest active streak6
Snapshots compared6

Why it surfaced

peer valuation difference

The valuation multiple differs materially from the eligible peer median

Current streak: 6 snapshots · triggered 6/6 observed snapshots

What changed

peer valuation difference
continuing · streak 6 · 6/6 snapshots

Latest fundamental observations

MetricPeriodValueObserved
fees24h$4.032026-10-18T04:35:58.074Z
fees30d$17.88M2026-10-18T04:35:58.074Z
fees7d$4.2M2026-10-18T04:35:58.074Z
revenue24h$4.032026-10-18T04:36:00.033Z
revenue30d$57,233.312026-10-18T04:36:00.033Z
revenue7d$42,240.412026-10-18T04:36:00.033Z
tvlpoint in time$4.68B2026-10-18T04:35:46.584Z

Historical changes

MetricWindowChangeBoundary
fees usd:24h7d-25.51%2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:30d7d-0.28%2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:7d7d-4.05%2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
market cap usd:point in time7d-14.10%2026-10-11T03:49:49.000Z → 2026-10-18T03:44:49.000Z
revenue usd:24h7d-25.51%2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:30d7d178.54%2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:7d7d1069.45%2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
tvl usd:point in time7d-1.38%2026-10-11T04:49:10.103Z → 2026-10-18T04:35:46.584Z

Market snapshot

Circulating supply
13.41B
Total supply
15B
Max supply
15B
Provider updated
2026-10-18T03:44:49.000Z

Evidence coverage

Verified/provider links
2
Stored fundamental observations
48
Calculated history rows
8
Signal comparison
prior snapshot

Evidence synthesis

Generate or open a cached AI research brief constrained to this dossier's stored evidence, calculations, and limitations.

Open AI research brief

Rule evaluations

revenue growth declining multiple · excluded · no signal

Insufficient actual 30-day revenue or market-cap history

Limits: No observation within 2 days of the 30-day boundary · No observation within 2 days of the 30-day boundary

Inputs and calculation
{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

activity growth stagnant market cap · excluded · no signal

Insufficient actual 30-day activity or market-cap history

Inputs and calculation
{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

improving tokenholder value capture · excluded · no signal

No observations

Limits: Requires holders revenue and fees at both boundaries

Inputs and calculation
{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

peer valuation difference · included · signal

The valuation multiple differs materially from the eligible peer median

Limits: A difference is not evidence of mispricing; protocol economics may not be comparable

Inputs and calculation
{
  "inputs": {
    "currentCap": 2560965918,
    "latestRevenue": 4.03,
    "peerMedian": 39.57062354650812
  },
  "calculation": {
    "annualizedRevenueMultiple": 1741028.5312213195,
    "peerMultipleRatio": 43998.005974686115
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

fundamental deterioration · excluded · no signal

Insufficient actual 30-day fundamental history

Inputs and calculation
{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

high dilution · included · no signal

Eligible, but dilution threshold was not met

Limits: Supply fields are provider-reported and do not describe unlock timing

Inputs and calculation
{
  "inputs": {
    "circulatingSupply": 13406250000,
    "totalSupply": 15000000000
  },
  "calculation": {
    "totalToCirculatingRatio": 1.118881118881119
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

data quality investigation · included · no signal

No provider identity conflict detected

Inputs and calculation
{
  "inputs": {
    "identityConflict": false
  },
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

Provenance and raw evidence

Classification evidence
[
  {
    "assetId": "coingecko:ethena",
    "kind": "sector",
    "value": "other",
    "status": "classified",
    "reason": "Canonical mapping from DeFiLlama category Basis Trading",
    "sourceProvider": "defillama",
    "sourceRecord": "4133",
    "observedAt": "2026-10-18T04:35:46.584Z"
  },
  {
    "assetId": "coingecko:ethena",
    "kind": "sector",
    "value": "real_world_assets",
    "status": "classified",
    "reason": "Canonical mapping from DeFiLlama category RWA",
    "sourceProvider": "defillama",
    "sourceRecord": "5506",
    "observedAt": "2026-10-18T04:35:46.584Z"
  },
  {
    "assetId": "coingecko:ethena",
    "kind": "asset_type",
    "value": "protocol_token",
    "status": "classified",
    "reason": "Canonical type mapping from DeFiLlama category Basis Trading",
    "sourceProvider": "defillama",
    "sourceRecord": "4133",
    "observedAt": "2026-10-18T04:35:46.584Z"
  }
]
Identity relationships
[
  {
    "assetId": "coingecko:ethena",
    "protocolId": "4133",
    "protocolSlug": "ethena-usde",
    "method": "chain_contract",
    "evidence": "DeFiLlama address=0x57e114b691db790c35207b2e685d4a43181e6061; CoinGecko platforms.ethereum=0x57e114b691db790c35207b2e685d4a43181e6061",
    "status": "verified_provider_relationship"
  },
  {
    "assetId": "coingecko:ethena",
    "protocolId": "5506",
    "protocolSlug": "ethena-usdtb",
    "method": "chain_contract",
    "evidence": "DeFiLlama address=0x57e114b691db790c35207b2e685d4a43181e6061; CoinGecko platforms.ethereum=0x57e114b691db790c35207b2e685d4a43181e6061",
    "status": "verified_provider_relationship"
  }
]
Research statuses
[
  {
    "assetId": "coingecko:ethena",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "analyzable",
    "method": "global",
    "reason": "At least one deterministic screening method is eligible"
  },
  {
    "assetId": "coingecko:ethena",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "insufficient_historical_data",
    "method": "global",
    "reason": "One or more historical methods lack actual boundary observations"
  },
  {
    "assetId": "coingecko:ethena",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "revenue_growth_declining_multiple",
    "reason": "Insufficient actual 30-day revenue or market-cap history"
  },
  {
    "assetId": "coingecko:ethena",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "activity_growth_stagnant_market_cap",
    "reason": "Insufficient actual 30-day activity or market-cap history"
  },
  {
    "assetId": "coingecko:ethena",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "improving_tokenholder_value_capture",
    "reason": "No observations"
  },
  {
    "assetId": "coingecko:ethena",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "fundamental_deterioration",
    "reason": "Insufficient actual 30-day fundamental history"
  },
  {
    "assetId": "coingecko:ethena",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "requires_manual_investigation",
    "method": "global",
    "reason": "At least one deterministic research signal triggered"
  }
]
Human review decisions
[]
Full fundamental evidence
[
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:25",
    "protocolId": "4133",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-22T21:51:30.762Z",
    "value": 4901532857.132669,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:8691",
    "protocolId": "4133",
    "metric": "fees_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 455,
    "unit": "USD",
    "definition": "Staking rewards + yield distribution + mint fees + extra fees",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:8692",
    "protocolId": "4133",
    "metric": "fees_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 5381760.85,
    "unit": "USD",
    "definition": "Staking rewards + yield distribution + mint fees + extra fees",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:8693",
    "protocolId": "4133",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 19458959.32,
    "unit": "USD",
    "definition": "Staking rewards + yield distribution + mint fees + extra fees",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:15678",
    "protocolId": "4133",
    "metric": "revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 455,
    "unit": "USD",
    "definition": "Mint Fees and staking rewards portion to Reserve Fund",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:15679",
    "protocolId": "4133",
    "metric": "revenue_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 12200.85,
    "unit": "USD",
    "definition": "Mint Fees and staking rewards portion to Reserve Fund",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:15680",
    "protocolId": "4133",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 15630.98,
    "unit": "USD",
    "definition": "Mint Fees and staking rewards portion to Reserve Fund",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:24",
    "protocolId": "4133",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-24T00:45:17.400Z",
    "value": 4889410750.784797,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:8703",
    "protocolId": "4133",
    "metric": "fees_usd",
    "period": "24h",
    "observedAt": "2026-09-24T00:45:20.664Z",
    "value": 35.12,
    "unit": "USD",
    "definition": "Staking rewards + yield distribution + mint fees + extra fees",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:8704",
    "protocolId": "4133",
    "metric": "fees_usd",
    "period": "7d",
    "observedAt": "2026-09-24T00:45:20.664Z",
    "value": 5376127.97,
    "unit": "USD",
    "definition": "Staking rewards + yield distribution + mint fees + extra fees",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:8705",
    "protocolId": "4133",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-24T00:45:20.664Z",
    "value": 19457901.750000004,
    "unit": "USD",
    "definition": "Staking rewards + yield distribution + mint fees + extra fees",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:15692",
    "protocolId": "4133",
    "metric": "revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-24T00:45:22.760Z",
    "value": 35.12,
    "unit": "USD",
    "definition": "Mint Fees and staking rewards portion to Reserve Fund",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:15693",
    "protocolId": "4133",
    "metric": "revenue_usd",
    "period": "7d",
    "observedAt": "2026-09-24T00:45:22.760Z",
    "value": 11577.970000000001,
    "unit": "USD",
    "definition": "Mint Fees and staking rewards portion to Reserve Fund",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:15694",
    "protocolId": "4133",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-24T00:45:22.760Z",
    "value": 14573.410000000002,
    "unit": "USD",
    "definition": "Mint Fees and staking rewards portion to Reserve Fund",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:24",
    "protocolId": "4133",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-28T02:01:00.253Z",
    "value": 4949515066.273303,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:8733",
    "protocolId": "4133",
    "metric": "fees_usd",
    "period": "24h",
    "observedAt": "2026-09-28T02:01:02.842Z",
    "value": 19.48,
    "unit": "USD",
    "definition": "Staking rewards + yield distribution + mint fees + extra fees",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:8734",
    "protocolId": "4133",
    "metric": "fees_usd",
    "period": "7d",
    "observedAt": "2026-09-28T02:01:02.842Z",
    "value": 4682389.970000001,
    "unit": "USD",
    "definition": "Staking rewards + yield distribution + mint fees + extra fees",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:8735",
    "protocolId": "4133",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-28T02:01:02.842Z",
    "value": 20085640.11,
    "unit": "USD",
    "definition": "Staking rewards + yield distribution + mint fees + extra fees",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
    }
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:15837",
    "protocolId": "4133",
    "metric": "revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-28T02:01:05.968Z",
    "value": 19.48,
    "unit": "USD",
    "definition": "Mint Fees and staking rewards portion to Reserve Fund",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "Fees": "Staking rewards + yield distribution + mint fees + extra fees",
      "UserFees": "Users pay fees when minting USDe using USDT, USDC or USDtb",
      "Revenue": "Mint Fees and staking rewards portion to Reserve Fund",
      "SupplySideRevenue": "Mint Fees and staking rewards distributed to suppliers"
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