Total Value Locked$1.32m
TVL by Chain
Ethereum$1.32m
Key Metrics
DEX Volume 30d$799,863
DEX Volume 30d by chain
Ethereum$799,863
DEX Volume 7d$27,721
Ethereum$27,721
DEX Volume 24h$0
Ethereum$0
Cumulative DEX Volume$208.11m
Ethereum$208.11m
Protocol Information
USDN token is a synthetic U.S. dollar backed by a structured product utilizing a delta-Neutral strategy
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubDEX Volume: Volume of all spot token swaps on the DEXView code on GitHubCompetitors
SMARDEX USDN history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from May 1, 2025 to Oct 24, 2026.
All-time high TVL: $8.63m on Oct 27, 2025. All-time low TVL: $1.01m on Jul 1, 2026.
Daily TVL, Sep 25, 2026 to Oct 24, 2026
| Date | TVL |
|---|---|
| Sep 25, 2026 | $1.5m |
| Sep 26, 2026 | $1.51m |
| Sep 27, 2026 | $1.5m |
| Sep 28, 2026 | $1.51m |
| Sep 29, 2026 | $1.5m |
| Sep 30, 2026 | $1.55m |
| Oct 1, 2026 | $1.56m |
| Oct 2, 2026 | $1.57m |
| Oct 3, 2026 | $1.54m |
| Oct 4, 2026 | $1.55m |
| Oct 5, 2026 | $1.53m |
| Oct 6, 2026 | $1.52m |
| Oct 7, 2026 | $1.52m |
| Oct 8, 2026 | $1.44m |
| Oct 9, 2026 | $1.39m |
| Oct 10, 2026 | $1.4m |
| Oct 11, 2026 | $1.41m |
| Oct 12, 2026 | $1.43m |
| Oct 13, 2026 | $1.36m |
| Oct 14, 2026 | $1.41m |
| Oct 15, 2026 | $1.36m |
| Oct 16, 2026 | $1.38m |
| Oct 17, 2026 | $1.37m |
| Oct 18, 2026 | $1.36m |
| Oct 19, 2026 | $1.36m |
| Oct 20, 2026 | $1.35m |
| Oct 21, 2026 | $1.38m |
| Oct 22, 2026 | $1.4m |
| Oct 23, 2026 | $1.35m |
| Oct 24, 2026 | $1.34m |
TVL at each month end, May 2025 to Oct 2026
| Date | TVL |
|---|---|
| May 31, 2025 | $5.5m |
| Jun 30, 2025 | $6.44m |
| Jul 31, 2025 | $7.5m |
| Aug 31, 2025 | $7.22m |
| Sep 30, 2025 | $7.17m |
| Oct 31, 2025 | $7.94m |
| Nov 30, 2025 | $4.15m |
| Dec 31, 2025 | $3.08m |
| Jan 31, 2026 | $2.63m |
| Feb 28, 2026 | $2.29m |
| Mar 31, 2026 | $2.06m |
| Apr 30, 2026 | $2.21m |
| May 31, 2026 | $1.6m |
| Jun 30, 2026 | $1.01m |
| Jul 31, 2026 | $1.19m |
| Aug 31, 2026 | $1.5m |
| Sep 30, 2026 | $1.55m |
| Oct 24, 2026 (latest) | $1.34m |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/smardex-usdn
Frequently asked questions
What is SMARDEX USDN's TVL?
As of Oct 24, 2026, SMARDEX USDN has $1.32m in total value locked. TVL has decreased 12.6% over the past 30 days.
What chains does SMARDEX USDN operate on?
SMARDEX USDN operates on Ethereum. Ethereum holds the largest share at 100%.
How does SMARDEX USDN's TVL compare to similar protocols?
Among Basis Trading protocols tracked by DefiLlama, SMARDEX USDN ranks #27 by TVL. The category holds $7.593b across 41 protocols, and SMARDEX USDN accounts for <0.1% of that total. Similar protocols include Ethena USDe, Falcon Finance, BitFi Basis, Solv Basis Trading, Tori Finance, Axis, ZEROBASE CeDeFi, Aegis YUSD, JUSD Finance, and Piku Finance.
How much trading volume does SMARDEX USDN process?
SMARDEX USDN processed $799,863 in DEX volume over the past 30 days.