Trading activity:
Reported 24-hour volume equals 20.50% of market capitalization. The local markets snapshot lists Curve (Ethereum) among venues with observed trading activity.
YearBull indicators:
This asset is classified as a stablecoin and is excluded from the analytical YearBull Rank, Bull Score, YB Market Risk, and Cycle sequence.
Values are descriptive and should be read together rather than as a price forecast.
Read the YearBull methodology.
Snapshot date: 2026-10-27.Data history: 45 daily observations available in the latest 90-day window.
Methodology responsibility:
YearBull’s analytical methodology and presentation rules are developed and maintained by
Alan Zelvin, Founder & Lead Crypto Researcher.
This note identifies responsibility for the methodology; it does not attribute authorship of this data snapshot.
What is SMARDEX USDN (USDN)?
Source description
“USDN is a pioneering synthetic U.S. dollar token developed within the SmarDex ecosystem. Unlike traditional stablecoins that often depend on centralized reserves or collateral to maintain their value, USDN employs a fully decentralized approach. Its value stability is achieved through a mathematical financial process known as a Delta-Neutral strategy. This strategy involves balancing two distinct groups of participants: - Vault Participants: These users deposit assets into the protocol’s vault to mint USDN tokens. - Long Position Traders: These traders open leveraged long positions on the underlying asset, seeking amplified exposure. The interplay between these groups ensures that USDN maintains a value close to that of the U.S. dollar while simultaneously generating yields for its holders. This design offers a decentralized alternative to traditional stablecoins, providing both stability and profitability within the decentralized finance (DeFi) landscape. ”
This source-supplied description may contain old, promotional, or unverified claims and is not YearBull editorial analysis.
Official links and contract records appear in Key Facts. Project details can change, so verify current information with the project.
SMARDEX USDN (USDN) FAQ
How does USDN’s delta-neutral strategy aim to support its dollar value?
The project states that USDN uses a delta-neutral financial strategy rather than relying on conventional centralized reserves. The approach balances exposure between vault participants, who deposit assets to mint USDN, and traders holding leveraged long positions on the underlying asset. According to the project, this balancing process is intended to keep USDN near the U.S. dollar’s value.
What role do vault participants play in the USDN system?
Vault participants deposit assets into the protocol’s vault and, according to the project, use those deposits to mint USDN tokens. They form one side of the system’s participant structure, with their activity balanced against leveraged long positions. The project presents this arrangement as part of a decentralized method for supporting USDN’s target value.
How do leveraged long-position traders participate in USDN’s design?
Long-position traders open leveraged positions on the underlying asset, seeking amplified exposure to its performance. The project says these positions form the second side of USDN’s delta-neutral structure, counterbalancing the activity of vault participants. This interaction is presented as a mechanism intended to help maintain USDN near one U.S. dollar.
What yield-related function does USDN claim to offer holders?
The project says the interaction between vault participants and leveraged long-position traders can generate yields for USDN holders while supporting the token’s target value. It positions this combination of stability and yield generation as a decentralized alternative within decentralized finance. The materials do not specify a fixed yield rate or explain whether returns are guaranteed.
SMARDEX USDN metric comparison
This comparison is a stored snapshot generated 2026-10-23 06:31 UTC from 75 daily observations available from 2025-12-30 through 2026-10-23. It is separate from the latest analytical cards above. Percentiles compare the snapshot value with that day's analytical universe; a higher percentile means a larger observed value, not necessarily a better investment characteristic.
Metric
Snapshot
30d before
90d before
Change vs 30d
Universe percentile
Price
$0.9993
$1.01
$0.9992
-0.9%
n/a
Market cap
$805.2K
$670.4K
$1.47M
+20.1%
P63.0
YearBull Rank
n/a
n/a
n/a
n/a
n/a
Bull Score
n/a
n/a
n/a
n/a
n/a
Turnover
20.50%
0.00%
5.34%
+20.5 pts
P90.1
YB Market Risk
n/a
n/a
n/a
n/a
n/a
Cycle
Stable
Stable
Stable
Unchanged
n/a
Median absolute daily movement 0.00%; distance from the highest local daily price -0.9%; circulating supply change -53.5%. These measurements are descriptive and do not predict future direction.
Editorial research. Identity, project facts, sources, and risks below belong to the dated editorial review. The live analytical snapshot above may be newer and is generated separately from stored market data.
SmarDex USDN: project profile and documented design
SmarDex describes USDN as a synthetic U.S. dollar using an on-chain delta-neutral structured product rather than conventional centralized reserves.
Documented role and design
The protocol has a vault side that mints/redeems USDN against deposited collateral and a leveraged long-perpetual side intended to balance exposure.
SmarDex documents Pyth as the primary oracle and Chainlink as fallback, with confidence-aware pricing.
Risks and open questions
USDN is not a fiat-backed stablecoin; peg, liquidation, oracle, leverage, smart-contract and liquidity risks remain. Yield is not guaranteed.
YearBull snapshot had only five observations and negligible volume; current liquidity and protocol parameters must be timestamped.
YearBull Rank context
YearBull Rank data is not available at the moment for smardex-usdn.
Rank timeline (last 365 days)
Rank history is still being collected.The rank timeline will appear after two valid daily YearBull Rank snapshots are available.
Rank movement (time windows).
Reading rule: a smaller rank number indicates stronger placement.
7d window: current rank not available.
30d window: current rank not available.
Risk framing: minor drift can still matter at scale. If it moves only on certain days, it can be update cadence.
Liquidity read: a steadier line can indicate steadier access. If the line reacts in bursts, watch for calendar-driven liquidity.
Cycle note: in rotations, improving rank can happen without price leadership. If the line breaks range, confirm with more than one week.
Exchange footprint: fragmentation can make rank more reactive. If rank improves slowly, it often reflects broader access or steadier participation.
YearBull Rank is a relative placement score used on YearBull to compare a coin against peers within the same dataset. Use it as positioning context over time, not as a promise.
Editorial note:
This analysis was prepared by the YearBull research team under the direction of
Alan Zelvin,
Founder and Lead Crypto Researcher.
The assessment follows YearBull’s internal research methodology and editorial standards.
Methodology ·
Editorial Policy
Related Research
Continue with contextually connected profiles and category data:
Stored venue snapshot. Markets last checked: 2026-07-27. Updated on a rolling basis; no fixed refresh date is promised. Venue listings and volumes are stored snapshots, not live quotes.
