USDe on Avalanche C-Chain and EthenaPay wallets
Inputs
ok    input chain/daily.csv matches its SHA-256
ok    input chain/flows.csv matches its SHA-256
ok    input chain/holders.csv matches its SHA-256
ok    input chain/meta.json matches its SHA-256
ok    input chain_manifest.csv matches its SHA-256
ok    input recount/05_daily_metrics_eb01f5d.sql matches its SHA-256
ok    input recount/daily_chain.csv matches its SHA-256
ok    input sources.csv matches its SHA-256
ok    input web/ethena_key_addresses_2026-10-12.txt matches its SHA-256
ok    input web/ethena_pay_pages_2026-10-12.txt matches its SHA-256
ok    input web/explorer_contracts_2026-10-12.txt matches its SHA-256
ok    input web/rhino_bridge_configs_avalanche_2026-10-12.txt matches its SHA-256
ok    chain file daily.csv matches its SHA-256
ok    chain file daily.csv was written by this avax_usde_read.cjs
ok    chain file holders.csv matches its SHA-256
ok    chain file holders.csv was written by this avax_usde_read.cjs
ok    chain file flows.csv matches its SHA-256
ok    chain file flows.csv was written by this avax_usde_read.cjs
ok    chain file meta.json matches its SHA-256
ok    chain file meta.json was written by this avax_usde_read.cjs

The chain read
ok    the read is of USDe on Avalanche C-Chain
ok    the read runs from the token's deployment on August 8, 2025 to the last block of October 11, 2026 UTC  (blocks 66,748,921 to 97,318,132)
ok    daily.csv has one row for each of the 430 days
ok    each day's supply is all USDe minted less all USDe burned to the end of that day
ok    the five groups of holders add up to the supply on every day
ok    the days add up to the read's totals  (147,652 transfer logs, 38,432,121.46 minted and 27,889,273.56 burned)
ok    the 63 records with no value were all checked against their receipts, none was in one, none touched EthenaPay, all fell in August and September 2025
ok    each of the 63 records with no value had both an empty amount and an empty block hash
ok    the supply at the end of October 11 ties to the token contract's totalSupply  (totalSupply 10,532,847.89 read between blocks 97,362,127 and 97,362,128, with no USDe minted or burned between them, plus 10,000.00 burned and less 0.00 minted after October 11 up to block 97,362,128)
ok    both wallet factories were created after the block where the read of their internal transactions starts, the first on May 15, 2026, so the read misses no wallet  (read from block 85,400,000, factories created in block 85,497,626 on 2026-05-15, block 87,652,557 on 2026-06-10)
ok    no wallet existed or held USDe before May 15, 2026
ok    every contract the factories created is a wallet made with CREATE2 or one of three made with CREATE in a factory's own creating transaction  (14,743 creations, 14,740 wallets)
ok    the dashboard's query removes by hand the second factory's two CREATE contracts and a contract the second factory's creator made without a factory, and not the first factory's CREATE contract  (made at block 87,652,526, the second factory at 87,652,557)
ok    none of those four contracts sent or received USDe to the end of October 11

Holders at the end of October 11, 2026 UTC
ok    holders.csv holds no address
ok    the group balances in holders.csv match the last day of daily.csv
ok    the holders add up to the accounts with USDe at the end of the day  (1,680 accounts, 1,216 of them wallets)
ok    the listed holders are ranked by balance, the ten largest holders outside EthenaPay and every settlement recipient
ok    every listed settlement recipient received USDe only from the settlement addresses
ok    the rhino.fi bridge contract and the Uniswap v3 pool are among the listed holders, and both are contracts  (ranks 4 and 3)

Flows between groups
ok    flows.csv has the read's three periods and counts every transfer log once
ok    the flows out of the zero address and into it are the USDe minted and burned
ok    in each period the USDe minted less the USDe burned equals the change in supply
ok    for every group, USDe in less USDe out gives its balance at the end
ok    the rhino.fi bridge contract's flows match its row in holders.csv
ok    the Uniswap v3 pool's flows match its row in holders.csv
ok    the settlement addresses sent the three recipients what holders.csv says they received from them
ok    the wallets' deposits match the read's total  (14,075,752.58 USDe)
ok    the USDe minted into wallets and burned from them match the daily columns

The published recount, May 15 to October 5, 2026
ok    the recount covers the 144 days from May 15 to October 5 with no balance below zero
ok    the USDe in wallets matches the recount to the wei on all 144 days  (3,980,154.11 USDe on October 5)
ok    the wallets created match the recount on all 144 days
ok    the wallets holding USDe match the recount's funded wallets on all 144 days
ok    the deposits from May 15 to October 5 match the recount to the wei  (11,056,937.78 USDe)
ok    the withdrawals from May 15 to October 5 match the recount to the wei  (4,728,153.68 USDe)
ok    the card spend from May 15 to October 5 match the recount to the wei  (2,470,248.65 USDe)
ok    the returns, the recount's reversals, from May 15 to October 5 match the recount to the wei  (104,428.76 USDe)
ok    the rewards from May 15 to October 5 match the recount to the wei  (17,189.90 USDe)
ok    the transfers between wallets from May 15 to October 5 match the recount to the wei  (107,350.05 USDe)
ok    the recount's card spend events to October 5 are one fewer than the card payments, and their amounts differ only on September 24, by 5 USDe  (29,556 spend events, 29,557 card payments)

Names and addresses
ok    the dashboard's daily query names the two factories, the two settlement addresses, the three reward accounts and USDe
ok    the read uses the query's addresses
ok    rhino.fi's bridge configuration gives the labeled contract as its Avalanche contract and USDe at the token's address
ok    Ethena's key addresses page gives the token's address for USDe on most L2s
ok    the explorer's verified source names USDe's contract USDeOFT, the pool UniswapV3Pool, and the rhino.fi contract a proxy for DVFDepositContract
ok    the pool pairs USDe with USDC at a fee of 0.05%
ok    EthenaPay's FAQ and Terms of Use, as searched twice, name no bridge
ok    in USDeOFT's source only LayerZero's OFT contract calls _mint and _burn, and nothing else touches the supply
ok    in USDeOFT's source _credit is called only in _lzReceive, on a message from another chain, and _debit only in send and in USDeOFT's own _debit

Results
ok    the accounts in each group add up to all holders
  supply 10,542,847.89 USDe, wallets 5,985,275.68 (56.77%), accounts tied to EthenaPay 8,894,983.58 (84.37%)
ok    the largest one-day fall in supply came after the 2025 peak
ok    the wallets' flows from May 15 give their balance at the end
ok    the settlement addresses' flows give their balance at the end, and they burned none
ok    the settlement addresses received USDe only from May 15 on
  supply on May 14 191,615.18, 55.0 times by October 11
  minted from May 15 16,505,582.27, 81.70% of it to the rhino.fi bridge contract, burned 6,154,349.56
  wallets received 14,075,752.58 from outside, 89.55% from the rhino.fi bridge contract
  card payments 2,945,283.40, returned 139,986.48, to the three recipients 2,555,259.55, held at the end 325,047.37

All 74 checks passed. Tables written to out/.
