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Ethena USDe

$usde

Payments

Token unverified: HEY found this token through a market listing. Nothing the project published ties the contract to the project. Token market

Contract 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34

HEY holds 33 other Robinhood Chain tokens that use $USDE. This page is only the contract above. See them

Is this your project? Claim and verify →

Ethena is a delta-hedged synthetic dollar with native crypto yield derived from staking and perpetual funding rate

What HEY knows

Building
Quiet for 42 daysQuiet: 0 meaningful events in 30 days; latest ship 42 days ago. Evidence Source

Build Momentum 12How it is measured

Latest ship
Code changes, week of 2026-09-14 – 2026-09-20 · 2 commits
Latest change
Fact25 days ago: Verified contract source: USDeOFT. Evidence Source

Contract source verification, read from the explorer · not a deployment

What this change is
What it names
The explorer’s verified source names no capability.
Stage
The explorer shows the contract’s source as verified (or no longer verified). This is not a deployment.
Reported by
Read from the explorer. Independently recorded: HEY read it from the explorer, not from the team.
Release and deployment
Not a release or a deployment.
Activity
0x5d3a…ef34 (the project’s token): 47 calls to its own functions and 65,527 ERC-20 token calls in 7 days to 2026-10-27. Whether calls succeeded is not measured. Calls come from addresses, not people.
When
The source dates it 2026-10-03 07:10 UTC; HEY first knew on 2026-10-03.
Not known
  • No source HEY holds names what this change does.
  • Whether calls succeeded is not measured: failed transactions are not read.

Evidence: ship record

A contract record says what the chain shows about a contract. It is not a safety check, and it does not say who runs the contract.

FollowCreate alertTerminal previewView latest ship
Share

Follow puts Ethena USDe on your private watchlist; its changes then lead “Since you were last here” when you come back. Following needs an account; browsing never does.

No account? Email me Ethena USDe’s changes

No account and no password. HEY stores the address and what you asked for, sends one confirmation, and nothing else until you confirm. Every email has a one-click unsubscribe that deletes the address.

Or read its RSS feed.

Attention
Building does not rank ahead of market attention among comparable projects: its building is ahead of 91.3% of them, its market attention ahead of 99.1% (a gap of -7.7). What the Discovery Gap is

It compares building with market attention; it is not a prediction and not a reason to trade.

Product usage
Fact1 of 1 watched contract active · 47 calls to the contracts' own functions in 7 days; the other 65,527 of 65,574 calls were ERC-20 token transfers and approvals, which trading alone produces.

Counted from the chain. Usage says the contracts are used, not that anyone is building.

Contracts
Fact1 contract on record for code changes, 1 with verified source; no implementation or interface change recorded.
Token market · context
Active market$367M fully diluted valuationToken unverified
Not yet known
Unknown3 gaps: Official docs (not tied to the project yet), API description (not tied to the project yet), Official site changes (not tied to the project yet). Only docs others link to; none the project publishes itself.

HEY can answer 16 of the 19 research questions that apply · Research coverage

Compare with…The same summary, with every line’s evidence: snapshot API
What HEY checked — why it says this
Quiet.
“Quiet” by the activity rule: 0 meaningful events in the last 30 days, the newest 2026-09-16.
SourceRepositories, changelogs and feeds HEY reads for this project, and the ship events recorded from them.ReadRecordsCode changes, week of 2026-09-14 – 2026-09-20 · 2 commitsWhat HEY derivedHEY’s activity rule reads the counted events as “Quiet”.Not concludedIt says what HEY can read of the building, not how good the project is, who is behind it, or what its token will do. Quiet or unknown is not "abandoned".
Verified Builder.
The quality gate found verified building evidence from the project's own sources.
Source16 registered sources, 14 of them context only.ReadRecordsCode changes, week of 2026-09-14 – 2026-09-20 · 2 commitssource:345aec05-17da-4e7b-a70c-32be9cee604bsource:16cc9ec4-e8f8-43fe-bacd-74730311310dWhat HEY derivedThe quality gate’s stored decision: “Verified Builder”.Not concludedA verified builder is one whose shipping HEY confirmed from public evidence. It does not say who runs the project — that is the ownership claim, a separate check.
Token unverified.
Token unverified: HEY has not confirmed that the project stands behind this contract — HEY knows it from a market listing.
SourceThe project's own published sources and HEY's check of the contract.What HEY derivedToken unverified: HEY knows it from a market listing.Not concludedIt says whether the project itself names this contract. It is not a safety check, and a token is not the project.
Active market.
Active market: the pool holds liquidity and the token traded in the last day.
Source9 readings from HEY's own market tables.ReadWhat HEY derivedHEY’s market rule reads this token’s market as “Active market”.Not concludedMarket status is context only. It never changes activity status or Build Momentum, and it is not a view on the price.
Market figures are context only and never change activity status. Methodology
LinksWebsite (context only) (opens in a new tab)GitHub (opens in a new tab)X (opens in a new tab)DEX Screener (opens in a new tab)RHTools (opens in a new tab)Sources

Latest ship

Checked

Code changes, week of 2026-09-14 – 2026-09-20 · 2 commits

Code activitySource linked

Why it matters: The first week of code changes HEY has recorded for this project.

What changed, in the repository’s own words:

2 active days in ethena-labs/ethena_sats_adapters.

This week HEY looked inside 1 of 2 commits to see what changed: 1 changed code. One code change is enough for the week to count, so HEY stopped there.

Record ship:c7293bed… · HEY counts it as building; it does not judge the release’s quality or what it means for the token.

View evidence ↗ (opens in a new tab)

Builder activity

Bars: meaningful, source-backed ships per week (count). Weeks run Monday to Sunday, UTC, labelled by their Monday. Commits are aggregated, a code week counted once. Hatched: 4 weeks before HEY began reading this project’s sources — not yet read, not zero.

Questions HEY can answer about Ethena USDe — as of 28 Oct

Is Ethena USDe still being built?
DerivedQuiet: 0 meaningful events in 30 days; latest ship 42 days ago. Evidence
What did Ethena USDe ship last?
FactCode changes, week of 2026-09-14 – 2026-09-20 · 2 commits — Code activity, 42 days ago. Evidence
Is 0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34 Ethena USDe’s own contract?
UnknownToken unverified: HEY found this token through a market listing. Nothing the project published ties the contract to the project. Details
What does HEY not know about Ethena USDe?
Unknown3 gaps: Official docs (not tied to the project yet), API description (not tied to the project yet), Official site changes (not tied to the project yet). Only docs others link to; none the project publishes itself. Details

Build timeline

  1. Verified contract source: USDeOFT

    Contract source verifiedSource verified

    USDeOFT at 0x5d3a…ef34 has verified source on the Robinhood Chain explorer (compiler v0.8.26+commit.8a97fa7a).

    View evidence: Verified contract source: USDeOFT (opens in a new tab)

What changed

20 changes on HEY’s record for Ethena USDe: 1 verification change · 9 contracts in use again or for the first time · 1 market check · 8 market moves · 1 other change in 1 more kind.

All 20 changes for Ethena USDe →

The full change record holds 6 more, of kinds this list leaves out — lock records and HEY’s own research bookkeeping among them. Full record (JSON)

Research coverage

HEY can answer 16 of the 19 research questions that apply.

16 of 19 applicable dimensions measuredShow each dimension

Identity

  • IdentityMeasuredRead 46d ago.

Building

  • Building activityMeasuredRead 14h ago.
  • RepositoriesMeasured
  • ReleasesMeasured
  • TimelineMeasured

Official site

  • Official docsNot tied to the project yetOnly docs others link to; none the project publishes itself.
  • API descriptionNot tied to the project yetIts website is not yet confirmed as the project’s own.
  • Official site changesNot tied to the project yetIts website is not yet confirmed as the project’s own.

Code and packages

  • Repository detailsMeasuredRead 7d ago.
  • Published packagesMeasuredRead 7d ago.

Contracts

  • Contract creationMeasuredRead 6d ago.
  • Contract activityMeasuredRead yesterday.
  • Verified sourceMeasuredRead 4d ago.
  • Contract interfaceMeasuredRead 4d ago.

Market

  • Current marketMeasuredRead 1h ago.
  • Market historyMeasuredRead yesterday.
  • Supply distributionMeasuredRead yesterday.
  • LocksMeasuredRead 1h ago.
  • Market checksMeasured

Not applicable here: Package advisories, Protocol economics.

A count of what HEY has read, never a score: projects are not compared or ordered by it. Unknown is never zero. The same states: coverage API.

Sources

  • Website
    https://app.ethena.fi/Context onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/Context onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/backing-assets/crypto-basis-tradeContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Repository
    https://github.com/ethena-labs/ethena_sats_adaptersOfficial
  • X
    https://x.com/ethena@ethena links back to app.ethena.fi — checked 2026-10-28.Official
  • X
    https://x.com/ethena_labsContext onlyContext only because the project’s own site links a different X account than the one a launch or market listing gave it; HEY treats the account the site links as the project’s.
10 more sources (docs)
  • Docs
    https://docs.ethena.fi/backing-assets/overviewContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/overview/enaContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/overview/ena/tokenomicsContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/overview/ethena-whitelabelContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/overview/genesis-storyContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/overview/how-usde-worksContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/overview/off-exchange-custodyContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/overview/size-of-the-opportunityContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/overview/usdtbContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
  • Docs
    https://docs.ethena.fi/resources/media-assetsContext onlyContext only because HEY reached this site through a launch record or a listing and nothing yet ties it to this token; it counts once the site names the token’s contract, a GitHub claim names one of the project’s repositories, or a moderator confirms one of them.
Contract
0x5d3a…ef340x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34