Overview
Ethena’s public API consists of 3 main endpoints. We offer the ability to stream indicative quotes, perform a formal RFQ and finally submitting of signed orders.
Addresses on Ethereum mainnet
USDe: 0x4c9EDD5852cd905f086C759E8383e09bff1E68B3
Ethena Minting contract: 0x2CC440b721d2CaFd6D64908D6d8C4aCC57F8Afc3
These addresses are the production USDe and minting contract. Care should be taken using them as real value will be transferred.
Server location
Ethena's infrastructure is hosted on AWS Asia Pacific (Hong Kong) region, ap-east-1. Low latency with our infrastructure is necessary to algorithmically mint or redeem with Ethena as quotes are valid for limited time.
Indicative quote endpoint
This endpoint continuously updates at 0.25s intervals. It provides up to date information on mint/redeem pricing and size limits at the current instant.
Your request
key | Possible values | Description |
pair | stETH/USDe | the only pair collateral/usde pair accepted |
Our response
key | Possible values | Description |
pair | stETH/USDe | the only pair collateral/usde pair accepted |
mint | array of mapping [{size: 2, price: 1545.32},…] | indicative price of minting stETH for USDe by size |
redeem | array of mapping [{size: 2, price: 1545.33},…] | indicative price of redeeming USDe for stETH by size |
size | 2,4,8,16,32… | size of base asset. (stETH) |
price | 1800.21 | Price to buy/sell each stETH in USDe, before gas |
gas | 6.4718 | Estimated gas cost of the tx. |
max-mint | 100000 | maximum size of USDe you can mint in an order |
max-redeem | 100000 | maximum size of USDe you redeem mint in an order |
remaining-mint | 80000 | remaining USDe amount you can mint this block |
remaining-redeem | 80000 | remaining USDe amount you can redeem this block |
Note: Table fields in Purple are yet to be implemented.
Remaining mint and redeem amounts exist as Ethena’s minting contract has a configurable per block limit of mints and redeems. The value we will launch with is 100,000.
At the start of each block, the limit is refreshed to 100,000. On Ethena receiving an order, the remaining mint/redeem values are deducted by the order’s size, checked then sent on chain; executed on a first come first serve basis.
Example request
curl 'https://api2.ethena.fi/indicative?pair=stETH/USDe'
Example response
RFQ Endpoint
Call the RFQ endpoint to receive a formal mint/redeem quote. Quotes are valid for 500 milliseconds upon us sending our response.
Your request
key | Possible values | Description |
pair | stETH/USDe | collateral/usde pairs we support |
side | mint,redeem |
|
size | 21.2918 | size of asset you will send us. stETH for mint, USDe for redeem |
Our response
key | Possible values | Description |
rfq_id | RFQ-B7MT6QD2JKFFC | Unique ID to be sent back to us when submitting order |
pair | stETH/USDe |
|
side | mint, redeem |
|
size | 1 | size of asset you will send us. stETH for mint, USDe for redeem. |
amount | 1552.2695 | amount of asset you will receive, before gas. USDe for mint, stETH for redeem. |
collateral_asset_address | 0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84 | The non-USDe asset in the transaction |
usde_address | 0x8191DC3053Fe4564c17694cB203663d3C07B8960 | Address of USDe |
collateral_amount | 1000000000000000000 | Use this value for EIP712 signature. For mints, this is the same as |
usde_amount | 1550198770000000000000 | Use this value for EIP712 signature. For redeems, this is the same as |
gas | 2.070727513 | the gas price of this tx in USD. |
Example mint request
https://api2.ethena.fi/rfq?pair=stETH/USDe&side=mint&size=1
Response
Example redeem request
https://api2.ethena.fi/rfq?pair=stETH/USDe&side=redeem&size=1000
Response
Orders Submission Endpoint
After receiving the RFQ response, if you wish to execute the order as quoted, sign an EIP-712 signature using the usde_amount and collateral_amount values. Our system only accepts orders with matching values for the 2 fields, and if the order is submitted and received within 500 milliseconds of our previous RFQ response.
The order process has no interaction with the smart contracts as Ethena receives your orders, passes them through checks, then submits the order onchain.
Example payload
key | value | Description |
signature | 0xf80a44c799d13f257fa25459a9e2d36dadfea48a78f699de3f09fc3009a0e92d63b51ce85003c95cd7f4b80c271659092b898192d83fcd0dc1e3aae7483d59931b | Resulting signature from signing the order |
order | See EIP712 signature ORDER_TYPE below | The order in plain json that they used to sign and create the signature |
rfq_id | RFQ-5X5PFG1N782KM | rfq_id from rfq step |
Response
The tx that went onchain
https://etherscan.io/tx/0xb0e5aad7c1e905b3dfe27dea73327eec6e31d89081e78e4442cd34aa5f9e41ae
EIP712 signature ORDER_TYPE
bytes32 private constant ORDER_TYPE = keccak256( "Order(uint8 order_type, uint256 expiry, uint256 nonce, address benefactor, address beneficiary, address collateral_asset, uint256 collateral_amount, uint256 usde_amount)" );
order key | values | Notes |
order_type | 0 or 1 | 0 for mint, 1 for redeem |
expiry | 1697334256 | Use an expiry of current time + 45s |
nonce | 256 | Use a unique int for each order. eg timestamp |
benefactor | 0x796Ee28CE42BF7bd43A09aCd43FAd0aACD7C3b29 | address of signer. address where the asset is taken from (stETH for mint, USDe for redeem) |
beneficiary | 0x796Ee28CE42BF7bd43A09aCd43FAd0aACD7C3b29 | address that receives funds. (USDe for mint, stETH for redeem). |
collateral_asset | 0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84 | stETH address |
collateral_amount | 2369467000000000 | Amount of stETH in 18 decimals. Use the exact value provided in RFQ |
usde_amount | 1645047190000000000 | Amount of USDe in 18 decimals. Use the exact value provided in RFQ |
Example raw order (before signing)
Our response
We will either respond with a tx hash, where your order passed our checks and is sent to the blockchain or a failure message with a reason for failure.
The most common failure reasons include an invalid EIP-712 signature, submitting an order after the quote has expired or not having sufficient assets in your address for the mint or redeem.
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