> For the complete documentation index, see [llms.txt](https://docs.kpk.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kpk.io/funds/infrastructure/onchain-accounting/balance-adapters/ethena-cooldown.md).
# Ethena Cooldown
A plain adapter that reports the **USDe owed to an account that is in the sUSDe unstaking cooldown**. When a holder calls `cooldownShares` / `cooldownAssets` on Ethena's `StakedUSDeV2`, the sUSDe is burned and the underlying USDe is moved to a silo, recorded against the holder until `cooldownEnd` passes and they `unstake`. While cooling, this value is invisible to wallet and receipt-token adapters.
* **Type:** Plain adapter
* **protocolSubId:** `keccak256("ethena-cooldown")`
* **Source:** [`EthenaCooldownBalanceAdapter.sol`](https://github.com/karpatkey/onchain-accounting/blob/main/src/balances/BalanceAdapters/EthenaCooldownBalanceAdapter.sol)
***
## Positions returned
A **single** leg per account — non-zero only while an unstake is in flight. Unlike the queue adapters, sUSDe keeps one cooldown record per account, so this is one leg whose `isLocked` toggles, not two legs:
| Leg | PositionKind | isDebt | isLocked | Description |
| ---------------- | ------------ | ------- | -------- | --------------------------------------------------------------------------------- |
| Pending cooldown | `Supplied` | `false` | toggles | Full pending USDe; `isLocked=false` once claimable, `isLocked=true` while cooling |
The pending USDe is carried in `balanceAsset`. There is one cooldown per account, so the leg carries `positionInstanceId = bytes32(0)`. The position is dropped if USDe is not registered in NAVCalculator, if the pending amount is zero, or if filtered out by `assetFilter`.
***
## Balance calculation
Ethena Cooldown adapter — how the underlying balances reported to the NAV Calculator are derived.
There is exactly **one** cooldown slot per account (a new cooldown adds to it), so no enumeration is needed — a single read gives the full pending amount, and a second read sets `isLocked`:
```
(cooldownEnd, underlyingAmount) = StakedUSDeV2.cooldowns(account)
amount = underlyingAmount // full pending USDe; zeroed by the protocol on `unstake`
isLocked = not (block.timestamp >= cooldownEnd or StakedUSDeV2.cooldownDuration() == 0)
```
`underlyingAmount` is the full pending USDe, claimable once `cooldownEnd` passes; the protocol zeroes the slot on claim, so a closed or never-opened cooldown reads as 0. The leg is reported with `isLocked=false` iff `block.timestamp >= cooldownEnd` **or** `cooldownDuration() == 0` (cooldown disabled); otherwise `isLocked=true`. The adapter checks the cheap `cooldowns` read first and bails before scanning the registered-asset list when there is nothing pending.
***
## Identity
* **positionId:** `abi.encode(sUSDe)` (static; the Ethena `StakedUSDeV2` address)
* **positionKind:** `Supplied`
* **positionInstanceId:** `bytes32(0)` (one cooldown per account — no per-item handle)
* **Labels:** the adapter implements `positionLabels(positionId)`, returning `["Unstaking Cooldown", "sUSDe"]` (surfaced only on the verbose read path; full breadcrumb = `["Ethena", "Unstaking Cooldown", "sUSDe"]`).
sUSDe keeps a single cooldown record per account, so this adapter emits **one** leg under this positionId (not two). Its `isLocked` field toggles — `false` once claimable, `true` while still cooling — and the pending USDe rides in `balanceAsset`. The reconciliation key is `keccak256(abi.encode(chainId, protocolSubId, positionId, balanceAsset.asset, positionKind))` — `isLocked` is a mutable per-leg attribute and is **not** part of the key, so this single leg keeps one stable key as its flag toggles `true→false`.
***
## Constructor
```solidity
constructor(address stakedUSDe_, address underlyingToken_, address navCalculator_)
```
| Parameter | Description |
| ------------------ | ------------------------------------------------------------------------------------------------------- |
| `stakedUSDe_` | Ethena `StakedUSDeV2` (sUSDe) contract, which holds the per-account cooldown record. Must be a contract |
| `underlyingToken_` | Asset positions are denominated in — USDe (what the cooldown pays on `unstake`) |
| `navCalculator_` | NAVCalculator address, used for asset-registry filtering. Must be a contract |
***
## Registration
Registered as a plain adapter with `addBalanceAdapters([adapter])` and removed with `removeBalanceAdapters([adapter])`.
---
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