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  • Ethena Overview
  • How USDe Works
  • Genesis Story
  • Alternatives: Existing Stablecoins
  • Size of the Opportunity
  • USDtb
  • Ethena Network
  • ENA
    • Tokenomics
  • Video Guides
    • How to Buy USDe
    • How to Stake USDe
    • How to Stake ENA
    • How to [Un]lock positions
  • Solution Overview
    • USDe Overview
      • Delta-Neutral Stability
      • Delta-Neutral Examples
      • Scalability
      • Censorship Resistance
      • Regulatory Compliance
    • Protocol Revenue Explanation
      • Historical Examples
      • Rewards Mechanism Explanation
      • sUSDe Rewards Mechanism
    • Underlying Derivatives
      • Futures vs Perpetuals
      • Inverse vs Linear Contracts
      • Basis Spread
    • Peg Arbitrage Mechanism
    • Liquid Stables: Dynamic Allocation
      • Current Allocation Approach
    • Scenario Analysis
    • Risks
      • Funding Risk
      • Liquidation Risk
      • Custodial Risk
      • Exchange Failure Risk
      • Backing Assets Risk
      • Stablecoin-Related Risks
      • Margin Collateral Risks
    • Governance
      • Risk Committee
  • Backing Custody & Security
    • Overview
      • Off-Exchange Settlement in detail
      • Copper Clearloop Case Study
    • Real-Time Dashboards
  • Solution Design
    • Overview
      • Github Overview
    • Key Trust Assumptions
      • Matrix of Multisig and Timelocks
    • Minting USDe
      • Order Validity Checks
      • User Security Measures
      • Mint & Redeem Key Functions
      • Mint and Redeem Contract V2
    • Staking USDe
      • Staking Key Functions
      • User Security Measures
    • Use of Oracles
    • Hedging System
      • Internal Services
      • Managing Risk from dependencies
    • Reserve Fund
    • Key Addresses
    • Backing Asset Custody
  • API Documentation
    • Overview
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    • FAQ
    • Data Repository
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    • Terms of Service
    • USDe Terms and Conditions - EEA
    • USDe Terms and Conditions - Non EEA
    • USDe Mint User Agreement - Non EEA
    • Testnet
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  • Core Contracts
  • Token Contracts on Other Chains
  • Liquidity Pool Contracts
  • Multisig Wallets

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  1. Solution Design

Key Addresses

Last updated 10 days ago

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Core Contracts

Mint and Redeem Contract V1:

Mint and Redeem Contract V2:

Staking Contract:

USDe Token Contract:

sUSDe Token Contract:

sUSDe Rewards Distributions:

USDe to sUSDe Staking Rewards Distributor Contract:

ENA Token Contract:

sENA Token Contract:

sENA Token Contract:

rsENA Token Contract:

Token Contracts on Other Chains

Beyond Ethereum mainnet, Ethena tokens are available on the following chains:

  • TON

  • Aptos

  • Berachain

  • Solana

  • Mantle

  • Blast

  • Arbitrum

  • Optimism

  • Base

  • Zircuit

  • ZKSync

  • BNB

  • Linea

  • Manta

  • Scroll

  • Fraxtal

  • Mode

  • XLayer

  • Metis

  • Kava

  • Morph

  • Swell

With the exceptions of Solana, ZKSync, and Zircuit, token addresses on all chains are identical, as summarized below:

Chain
ENA
USDe
sUSDe

Most L2s

0x58538e6A46E07434d7E7375Bc268D3cb839C0133

0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34

0x211Cc4DD073734dA055fbF44a2b4667d5E5fE5d2

TON

EQAIb6KmdfdDR7CN1GBqVJuP25iCnLKCvBlJ07Evuu2dzP5f

EQDQ5UUyPHrLcQJlPAczd_fjxn8SLrlNQwolBznxCdSlfQwr (tsUSDe on TON)

Aptos

0xf37a8864fe737eb8ec2c2931047047cbaed1beed3fb0e5b7c5526dafd3b9c2e9

0xb30a694a344edee467d9f82330bbe7c3b89f440a1ecd2da1f3bca266560fce69

Solana

72QvBVwpxqmheEPfaCwWSWqEFsUy3rhWt6JhQBMNTwD1

DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT

Eh6XEPhSwoLv5wFApukmnaVSHQ6sAnoD9BmgmwQoN2sN

ZKSync

0x686b311F82b407f0be842652a98e5619F64cC25F

0x39Fe7a0DACcE31Bd90418e3e659fb0b5f0B3Db0d

0xAD17Da2f6Ac76746EF261E835C50b2651ce36DA8

Zircuit

0x813635891aA06bd55036bbd8f7d1A34aB3de9a0F

0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34

0x211Cc4DD073734dA055fbF44a2b4667d5E5fE5d2

Chain
Ethena LP Staking
Multisig

Solana

Aptos

Berachain

Mantle

Blast

Arbitrum

Optimism

Base

ZKSync

BNB

Linea

Manta

Scroll

Fraxtal

Mode

XLayer

Metis

Kava

Zircuit

Liquidity Pool Contracts

USDC x USDe Curve Pool:

crvUSD x USDe Curve Pool:

USDT x USDe Uniswap v3 Pool:

Multisig Wallets

Dev

  • 4/8 signers.

  • Owner of Ethena's deployed mainnet smart contracts & able to modify contract parameters.

Hot Swap

  • 4/8 signers.

  • Protocol generated revenue transferred here, used to mint UDSe, before the USDe is transferred to the "sUSDe Payout Fund" address.

sUSDe Payout Fund

  • 4/8 signers.

  • Receives USDe from "Hot Swap" wallet.

  • Distributes USDe to Staking Smart Contract or Prelaunch participants directly.

Trading Operations

  • 4/8 signers.

  • Enables the team to interact with dApps onchain to support operations. For example, staking & unstaking stETH with Lido.

Reserve Fund

  • 4/8 signers.

  • Protocol's funds to be disbursed when net negative funding occurs.

FRAX x USDe Curve Pool:

mkUSD x USDe Curve Pool: DAI x USDe Curve Pool:

FDUSD x USDe Curve Pool: sDAI x sUSDe Curve Pool:

https://etherscan.io/address/0x2cc440b721d2cafd6d64908d6d8c4acc57f8afc3
https://etherscan.io/address/0xe3490297a08d6fC8Da46Edb7B6142E4F461b62D3
https://etherscan.io/address/0x9d39a5de30e57443bff2a8307a4256c8797a3497
https://etherscan.io/address/0x4c9edd5852cd905f086c759e8383e09bff1e68b3
https://etherscan.io/address/0x9d39a5de30e57443bff2a8307a4256c8797a3497
https://etherscan.io/advanced-filter?fadd=0x71e4f98e8f20c88112489de3dded4489802a3a87&tadd=0x9D39A5DE30e57443BfF2A8307A4256c8797A3497&qt=1
https://etherscan.io/address/0xf2fa332bd83149c66b09b45670bce64746c6b439#tokentxns
https://etherscan.io/address/0x57e114B691Db790C35207b2e685D4A43181e6061
https://etherscan.io/token/0x8bE3460A480c80728a8C4D7a5D5303c85ba7B3b9
https://etherscan.io/address/0x8be3460a480c80728a8c4d7a5d5303c85ba7b3b9
https://etherscan.io/address/0xc65433845ecd16688eda196497fa9130d6c47bd8
https://curve.fi/#/ethereum/pools/factory-stable-ng-12/deposit
https://curve.fi/#/ethereum/pools/factory-stable-ng-11/deposit
https://curve.fi/#/ethereum/pools/factory-stable-ng-35/deposit
https://curve.fi/#/ethereum/pools/factory-stable-ng-68/deposit
https://curve.fi/#/ethereum/pools/factory-stable-ng-100/deposit
https://curve.fi/#/ethereum/pools/factory-stable-ng-166/deposit
https://curve.fi/#/ethereum/pools/factory-stable-ng-102/deposit
https://info.uniswap.org/#/pools/0x435664008f38b0650fbc1c9fc971d0a3bc2f1e47
https://etherscan.io/address/0x3b0aaf6e6fcd4a7ceef8c92c32dfea9e64dc1862
https://etherscan.io/address/0x4423198f26764a8ce9ac8f1683c476854c885d9d
https://etherscan.io/address/0x71e4f98e8f20c88112489de3dded4489802a3a87
https://etherscan.io/address/0x0a0b96A730ED5CDa84bcB63c1Ee2edCb6B7764d6
https://etherscan.io/address/0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5
https://app.squads.so/squads/EWZCJs2JRo3tMKgDt8FGx7MccD8sKv4QEcdsY9ZhVKZA
https://app.rimosafe.com/home?safe=0x84c7ac376914733149586b28acf837f3ef20eee7fe8e28a19e1a135ffca676b9
https://safe.berachain.com/home?safe=berachain:0x093d3F4785149A3d2600cb10D63aFa14f9b09364
https://etherscan.io/address/0x8707f238936c12c309bfc2b9959c35828acfc512#code
https://multisig.mantle.xyz/home?safe=mantle:0x799a2Cd46CBc7FB53949072257e6331054A060Bb
https://blast-safe.io/home?safe=blast:0x689272B1D2B2F37a0B3fe1f5Af0420C64f6cc9E3
https://app.safe.global/home?safe=arb1:0xc9647361742Eb964965B461C44Bdf5c4Bc3c406d
https://app.safe.global/home?safe=oeth:0xc66bbBf821f2cfB3a85683acF0326EAC92C160Bd
https://app.safe.global/home?safe=base:0xbC89D10EB486b6591583F218acB9545087dBF293
https://app.safe.global/home?safe=zksync:0xa026e9a5e54E16349D7b594449f32901E02C609a
https://app.safe.global/home?safe=bnb%3A0xc9647361742Eb964965B461C44Bdf5c4Bc3c406d
https://safe.linea.build/home?safe=linea%3A0xE1B9B4c7D664126Bf4B6724deb59Eb5F8Aab9192
https://safe.manta.network/home?safe=manta%3A0xA408Fd6724341B27F2e348faf9eCCEc04A2299EA
https://safe.scroll.xyz/settings/setup?safe=scr:0xAFAFc5D0DF6830052988c76DD8d0DfA7f5B8FfD6
https://safe.mainnet.frax.com/home?safe=fraxtal:0xc66bbBf821f2cfB3a85683acF0326EAC92C160Bd
https://safe.optimism.io/home?safe=mode:0x273ceD5b9da8F5ba6E40C82c126898cB5307B2ea
https://app.safe.global/home?safe=xlayer:0xce2f77841A8B974CE8e79157BccBECf17599f0E8
https://metissafe.tech/home?safe=metis-andromeda:0x795dB361ED5727F3f27dccde15b7D0d975fC94e0
https://app.oryy.io/home?safe=kava:0x10E9219dD188D0f3af30824469Dc874A539733B6
https://safe.zircuit.com/home?safe=zircuit-mainnet:0x07762C592e243D4aDD1648A7Ab4916D898780bae