sUSDe

Custom price feed for Ethena Staked USDe.

Custom price feed for Ethena Staked USDe. sUSDe is an ERC-4626 vault share that accrues yield from Ethena's delta-neutral strategy. The price is derived from the vault's current share-to-USDe conversion rate multiplied by the Chainlink USDe/USD feed.

Source: sUSDe_CustomPriceFeed.sol

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Approach

sUSDe.convertToAssets(1 sUSDe) × USDe/USD (from the NAV's primary feed)

The USDe/USD term is sourced from the NAV's own selector — see Base/USD from the NAV's own selector.

sUSDe price feed — how its oracle inputs compose into a USD price, with the staleness gate.

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Price calculation

decimals = sUSDe.decimals()                       // vault share decimals
rate     = sUSDe.convertToAssets(10^decimals)     // USDe per 1 sUSDe (vault decimals)
price    = rate × USDe_USD / 10^decimals

Input	Source	Description
convertToAssets()	IERC4626(sUSDe)	USDe backing per 1 sUSDe at the current accumulated yield rate
USDe_USD	NAV base — getPriceDataNoDivergence(USDe) (8 dec)	the NAV's primary USDe/USD price

convertToAssets is linear in shares, so dividing by the same 10^decimals used as input yields the exchange rate (totalAssets/totalSupply). Vault decimals are read once at deploy. Result carries the feed's 8 decimals.

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Constructor

constructor(
    address sUsde_,
    address nav_,
    address baseAsset_
)

Parameter	Description
sUsde_	The sUSDe vault address (also used to read vault decimals)
nav_	NAVCalculator (proxy) — supplies the base stablecoin's USD price via getPriceDataNoDivergence
baseAsset_	The registered base stablecoin whose USD price is read (USDe); must equal the vault's asset() — reverts BaseAssetMismatch otherwise

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Staleness

The price is stale if the NAV reports the base asset (USDe) stale — all its feeds stale. The base leg's updatedAt comes from the NAV's selected USDe feed. The convertToAssets rate has no heartbeat — it is a live view on the ERC-4626 vault.

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Chains

Deployed on Ethereum mainnet only.