Methodology / Definitions before conclusions

Know what each number means.

EthenaDash tracks reported token assets and observable wallet activity. A precise definition matters as much as a precise number.

StablecoinX valuation

Token NAV = reported ENA holdings × ENA price
Token NAV per share = token NAV ÷ Class A shares
mNAV = USDE share price ÷ token NAV per share

“NAV” on this dashboard means token-only NAV. It excludes cash, other assets, debt and other liabilities. It is not a complete corporate net asset valuation or a liquidation estimate. Reported holdings and share counts are carried forward between disclosure events; holdings are not a live proof of wallet balances.

The Class A share count is the dataset’s denominator. It is not a fully diluted share count. Warrant exercise and other securities may change both the share count and the company’s assets. The treasury section identifies the latest holdings disclosure used.

Between the company's own reports of its share count, the dataset adds new shares that other filings disclose. On September 30, 2026 five directors each received 22,000 restricted Class A shares, which vest in four quarterly installments from October 1, and the count rose from 24,029,375 to 24,139,375. The company last stated its own count as 24,029,375 Class A shares as of August 28, 2026, so 24,139,375 is derived until a later company filing states a count. Restricted shares count from the day they are awarded. Stock units and warrant exercises count only after a filing reports the shares they produced. Director award filing ↗

Contractual lock-ups and historical assumptions

The October 5, 2026 waiver releases lock-ups under agreements involving Ethena. Foundation consent rights, applicable company approvals and other restrictions remain. Unlocked does not mean freely saleable or independently verified.

Before the waiver, the model applied month-end schedules to the two cash purchases and treated the remaining 882,771,136 ENA as unlocked. Filings describe 284,954,407 contributed ENA as locked at June 30 and 173,869,935 July in-kind ENA as restricted for zero to 36 months, without complete release schedules. Historical unlocked NAV and unlocked mNAV therefore reflect an assumption, not a verified unlocked balance. The purchase schedules also use month-end dates, while the prospectus describes earlier dates. Total token NAV and mNAV are unaffected by this lock-up classification.

Read the lock-up waiver review and historical calculation limits →

Tokenized StablecoinX shares

USDEB is a bStock issued by Btech Holdings Ltd and linked to existing StablecoinX shares. Token supply, mints and burns do not change the dashboard’s Class A share count or ENA treasury valuation. Onchain supply reconciliation is not independent verification of the custodied shares. Read the USDEB explainer and supply review →

Market prices and historical observations

Stock and warrant quotes come from the quote service’s Yahoo Finance feed, with a Stooq fallback. ENA prices come from CoinGecko. Quotes may be delayed. The browser checks market quotes every minute while visible and source datasets every five minutes. Publication is limited by the underlying sources and refresh pipeline.

Historical charts use recorded observations. Fresh intraday prices are combined into a current-session row only when the quote timing checks pass. Current valuation may therefore differ from the latest recorded chart observation. The page labels these timestamps separately.

How USDE tracks ENA at matched closing times →

How reported book value differs from token NAV →

Attribution and scenarios

The “What moved?” view decomposes changes in share price into ENA price, ENA per share and mNAV using a three-factor Shapley calculation. It averages the contribution across all six orders of changing the factors. This is an exact mathematical decomposition of endpoint values, not a causal claim about investor behavior.

Explore holds reported ENA per share fixed and varies the token price and valuation multiple. It is a scenario calculator, not a forecast. The warrant payoff chart ignores early redemption and assumes the stated payoff at expiry.

EthenaPay spending

Spending is measured from successful AllowanceSpent events on Avalanche C-Chain, filtered to USDe and the two settlement addresses. The emitter identifies the wallet. Count log events, not distinct transaction hashes. Exclude the settlement-to-issuer ERC20 transfer to avoid counting the same spend twice.

Created wallets are deployed addresses, not verified people. Funded wallets hold a positive USDe balance at the observation time. Spending wallets are addresses with a qualifying spend event. Daily active counts cannot be summed to obtain unique weekly or monthly wallets.

Read the wallet cohort and repeat-spending review →

Flows, rewards and timing

Deposits and withdrawals exclude card spend, reversals, internal wallet transfers and identified rewards. Cashback is valued in dollars at the payout day’s average AVAX price in the source query. Balance yield is recorded in USDe. Realized cashback and annualized yield use historical observations and are not promised future rates.

Read the cash-flow reconciliation and realized rewards review →

Daily and headline queries are separate snapshots and can differ slightly. The latest day can be partial. EthenaPay shows a stale-data notice after 36 hours; a failed refresh retains the last successful dataset. Missing quote fields are shown as unavailable rather than zero.

Reward reviews: Daily Boost · Cashback · EthenaPay vs sUSDe.

Primary sources

Questions or corrections: Qorban Ferrell · @Degenerate_DeFi. This site provides analytics and educational explanations, not individualized investment advice.