SMARDEX USDN
USDN
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
USDN (SMARDEX USDN) is a delta-neutral synthetic dollar asset built on Ethereum within the SmarDex ecosystem. The protocol demonstrates strong technical foundations with active development (score 7.5/10), structured GitHub changelogs, and multiple security audits by Guardian Audits and Bailsec alongside an active Immunefi bug bounty and Hypernative monitoring (score 7.5/10). Tokenomics (score 5.5/10) reflect an elastic mint/burn model collateralized by wstETH with no insider pre-mines, successfully maintaining its dollar peg near $1.00. However, the project faces severe adoption hurdles (Market and Use Case: 3/10), characterized by a minimal market cap (~$670k) and negligible trading volume. Furthermore, two significant data gaps exist: Community Support (-1.0) and Team and Governance (-1.0) lacked sufficient verifiable documentation regarding team identity, leadership, and community channels, and were excluded from the weighted score calculation. No qualifying red-flag events or fraudulent patterns were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About SMARDEX USDN (USDN)
USDN (SMARDEX USDN) is a synthetic US dollar token and delta-neutral yield protocol operating on the Ethereum blockchain within the SmarDex decentralized finance ecosystem. Launched in 2025, the token serves as a yield-bearing synthetic asset and settlement token for SmarDex perpetual products. USDN employs an elastic mint and burn mechanism where users deposit Wrapped Liquid Staked Ether (wstETH) into the USDN Vault to mint the asset, operating without conventional team, founder, or private investor token allocations.
The protocol's smart contract infrastructure has undergone external security audits conducted by Guardian Audits and Bailsec. The December 2024 Guardian Audits assessment resulted in the resolution of all identified critical and high-severity findings, alongside 15 acknowledged medium-severity items concerning rebalancing and liquidation reward mechanics. The protocol incorporates real-time monitoring via Hypernative and maintains a bug bounty program hosted on Immunefi, though a discrepancy exists between the project's website advertisement of bounty rewards up to $1,000,000 and the actual Immunefi maximum cap of $50,000 for critical findings.
While USDN has maintained its price peg near $1.00 and has recorded no depeg incidents, exploits, or regulatory actions, the asset exhibits low market adoption. Trading volume remains minimal, and the token's market capitalization is estimated between $640,000 and $710,000. Additionally, the project lacks public documentation regarding the core team identities, leadership structure, and formal decentralized governance frameworks, while maintaining structural dependencies on external price oracles and wstETH collateral.