Ethena Cooldown

A plain adapter that reports the USDe owed to an account that is in the sUSDe unstaking 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

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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.

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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.

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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.

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Constructor

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

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Registration

Registered as a plain adapter with addBalanceAdapters([adapter]) and removed with removeBalanceAdapters([adapter]).