Ethena talked to 4 outside services on a first visit.E8E7E10E9
An AI agent used the site and saw 0 of 2 claimed features working.E47E49E50E45E46E48
Staking / yield: The 5.2% APY header figure comes from a live endpoint (/api/yields/protocol-and-staking-yield returned stakingYield 5.247 and an inception average of 10.23, both dated 4 Nov 26). Clicking the figure opened a tooltip reading 'sUSDe APY: 5.25%'. Actually staking USDe to earn this yield needs the app and a wallet, and the app was geo-restricted in this sandbox.E47E49E50
A working app / platform: Clicking 'Launch App' did not navigate. Opening app.ethena.fi and its transparency dashboard directly both redirected to ethena.fi/restricted, which says 'Access Restricted… not available in your country yet or your wallet is linked to high risk activities'.E45E46E48
Also noticed, Live stats endpoints on homepage: When the homepage loaded, it called endpoints for yields, rewards distributed, Hyperliquid USDe supply and transparency status, plus Ethereum, Solana and Avalanche RPC nodes. The total rewards counter changed between page views.E44E45E49
Tech check: the site claims a working app / platform, and its public page shows matching evidence.E42E20E21E22
Tech check: the site mentions staking / yield, but we found nothing behind it in what its public page loads.E41
We saw no known analytics or advertising services load on the first visit.E1
Its code still includes PostHog and Microsoft Clarity, which may switch on later (for example after you accept cookies or sign in).E14E15
Tech check
What the site says about itself, next to what its public page actually loads. Facts only, no verdict: you decide.
Nothing found on the public page
Staking / yield
“…ts Ecosystem Network Transparency Resources $5.4B 5.2% APY Launch App Digital Dollars for the Internet Economy Ea…”E41
No matching code, calls or services in what loaded for us.
Evidence found
A working app / platform
“…cosystem Network Transparency Resources $5.4B 5.2% APY Launch App Digital Dollars for the Internet Economy Earn with USD…”E42
Calls to its own backend: /monitoring, /api/yields/protocol-and-staking-yield, /api/rewards-distributedE20E21E22E23
An AI agent (claude-opus-5-5) used the site in our sandbox for 7 steps and saw 0 of 2 claimed features working. It can't connect a wallet, pay, sign or log in, so those features count as "couldn't test". What it reports is what it observed, not a verdict.
Couldn't test
Staking / yield
The 5.2% APY header figure comes from a live endpoint (/api/yields/protocol-and-staking-yield returned stakingYield 5.247 and an inception average of 10.23, both dated 4 Nov 26). Clicking the figure opened a tooltip reading 'sUSDe APY: 5.25%'. Actually staking USDe to earn this yield needs the app and a wallet, and the app was geo-restricted in this sandbox.E47E49E50
Couldn't test
A working app / platform
Clicking 'Launch App' did not navigate. Opening app.ethena.fi and its transparency dashboard directly both redirected to ethena.fi/restricted, which says 'Access Restricted… not available in your country yet or your wallet is linked to high risk activities'.E45E46E48
Also noticed
Things the agent saw along the way that aren't among the site's claims. Not counted above.
Noticed
Live stats endpoints on homepage
When the homepage loaded, it called endpoints for yields, rewards distributed, Hyperliquid USDe supply and transparency status, plus Ethereum, Solana and Avalanche RPC nodes. The total rewards counter changed between page views.E44E45E49
Noticed
Comparison APY widget shows 0.0%
In the homepage widget comparing sUSDe with Fintech, Treasuries and Banks, every APY showed 0.0% on each page load, even though the same page shows a 10.2% average.E44E49
What it is
The Internet Archive first saved this site on 2023-06-29 (1230 days ago).E43
The site describes itself as: “Ethena is a synthetic dollar protocol built on crypto rails, issuing USDe - a fully backed, dollar-denominated digital asset - alongside sUS”E2
It's built with Next.js and React (common tools for building web apps).E12E13
In your browser it saves small bits of data in your browser.E19
It has sections such as /ecosystem, /network, /dashboards, /blog, /faqs and /usdtb.E32E33
While loading, it called 8 endpoints on its own servers, such as /monitoring, /api/yields/protocol-and-staking-yield, /api/rewards-distributed and 5 more.E20E21E22E23
Where your data goes
Crypto & walletsConnect wallets, read blockchains or fetch token prices.1
Wallet tools in the code: WalletConnect / Reown and wagmi.E17E18
Chains named in the code: Ethereum and Arbitrum One.E39E40
How key features work
Connecting your wallet
It connects to crypto wallets using WalletConnect / Reown and wagmi. Connecting shows the site your wallet address; it doesn't move funds by itself.E17E18E8
WalletConnect / Reownwagmi
Reading the blockchain
It reads blockchain data (Ethereum, Arbitrum One and elke-ure61m-fast-mainnet.helius-rpc.com) to show balances, prices or contract state.E39E40E8
Its content loads from its own API while you browse (/monitoring, /api/yields/protocol-and-staking-yield, /api/rewards-distributed, /api/hyperliquid-usde-supply and 2 more).E20E21E22E23E24
Every sentence above points to one of these. Code references show the file, line:column and the short identifier that matched, never the site's code itself.
E1
Page title: Ethena - Digital Dollars for the Internet Economy
page title · https://ethena.fi/
E2
Page description: Ethena is a synthetic dollar protocol built on crypto rails, issuing USDe - a fully backed, dollar-denominated digital asset - alongside sUSDe, the pr
page description · https://ethena.fi/
E3
Site name: Ethena
page site_name · https://ethena.fi/
E4
Main heading: Digital Dollars
for the Internet Economy
page h1 · https://ethena.fi/
E5
1 request(s) to www.ethena.fi
types: 1 document
GET https://www.ethena.fi/ · document · network recording
E6
109 request(s) to ethena.fi
types: 55 script, 37 image, 11 fetch
GET https://ethena.fi/ · script · 109 requests · network recording
E7
1 request(s) to cdn.jsdelivr.net
types: 1 fetch
GET https://cdn.jsdelivr.net/npm/@lottiefiles/dotlottie-web@0.62.0/dist/dotlottie-player.wasm · fetch · network recording
E8
2 request(s) to elke-ure61m-fast-mainnet.helius-rpc.com
types: 2 fetch
GET https://elke-ure61m-fast-mainnet.helius-rpc.com/ · fetch · 2 requests · network recording
E9
1 request(s) to eth.drpc.org
types: 1 fetch
GET https://eth.drpc.org/ · fetch · network recording
E10
1 request(s) to api.avax.network
types: 1 fetch
GET https://api.avax.network/ext/bc/C/rpc · fetch · network recording
E11
localStorage: 1 key(s) saved in your browser
localStorage keys: wagmi.store · values not stored
E12
Next.js detected by the code reader (next-runtime)
confidence: high
ethena.fi/ · “next-runtime” · the code reader
E13
React detected by the code reader (react-runtime)
confidence: medium
ethena.fi/_next/static/chunks/9341-f9a3c7b2e79f6ea3.js · “react-runtime” · the code reader
The site says: “…ts Ecosystem Network Transparency Resources $5.4B 5.2% APY Launch App Digital Dollars for the Internet Economy Ea…”
page text · https://ethena.fi/ · …ts Ecosystem Network Transparency Resources $5.4B 5.2% APY Launch App Digital Dollars for the Internet Economy Ea…
E42
The site says: “…cosystem Network Transparency Resources $5.4B 5.2% APY Launch App Digital Dollars for the Internet Economy Earn with USD…”
page text · https://ethena.fi/ · …cosystem Network Transparency Resources $5.4B 5.2% APY Launch App Digital Dollars for the Internet Economy Earn with USD…
E43
The Internet Archive first saved ethena.fi on 2023-06-29 and has snapshots from 358 different days
page web archive · https://web.archive.org/web/20230629124236/ethena.fi
E44
Agent step 1: view
AI agent step 1 · view on /
E45
Agent step 2: click Launch App
AI agent step 2 · click on /
E46
Agent step 3: go /
AI agent step 3 · go on /restricted · page called POST ethena.fi/monitoring, GET ethena.fi/api/yields/protocol-and-staking-yield, POST elke-ure61m-fast-mainnet.helius-rpc.com/, GET ethena.fi/, GET ethena.fi/ecosystem, GET ethena.fi/network, GET ethena.fi/blog, POST eth.drpc.org/, POST api.avax.network/ext/bc/C/rpc
E47
Agent step 4: go /api/yields/protocol-and-staking-yield
AI agent step 4 · go on /api/yields/protocol-and-staking-yield
E48
Agent step 5: go /dashboards/transparency
AI agent step 5 · go on /restricted · page called POST ethena.fi/monitoring, GET ethena.fi/api/yields/protocol-and-staking-yield, POST elke-ure61m-fast-mainnet.helius-rpc.com/, GET ethena.fi/, GET ethena.fi/ecosystem, GET ethena.fi/network, GET ethena.fi/blog, POST eth.drpc.org/, POST api.avax.network/ext/bc/C/rpc
E49
Agent step 6: go /
AI agent step 6 · go on / · page called POST ethena.fi/monitoring, GET ethena.fi/api/yields/protocol-and-staking-yield, GET ethena.fi/api/rewards-distributed, GET ethena.fi/api/hyperliquid-usde-supply, GET ethena.fi/transparency/status, GET cdn.jsdelivr.net/npm/@lottiefiles/dotlottie-web@0.62.0/dist/dotlottie-player.wasm, POST elke-ure61m
E50
Agent step 7: click 5.2% APY
AI agent step 7 · click on /
Limits
We only see what your browser sees: code and requests on a first visit, without logging in or accepting cookie banners. What the servers do with data is invisible from outside.
Site code is usually minified (compressed), so names are partly lost and some code may be only partly analysed.
Some trackers only load after you accept cookies or log in, so the real list can be longer.
We visited from a server in the United States. Sites load different trackers and cookie banners in different countries (visitors in the EU usually get a consent banner first).
The tech check compares the site's own words with what its public page loads. Work done on servers, in private code or in separate apps isn't visible here, so 'nothing found' means not visible on the public page, not that it doesn't exist.
This text was written from fixed templates because no AI writer was available. It uses exactly the same evidence.
The code reader hit its size budget on parts of 68 large bundle file(s); those parts weren't fully analysed.
Facts, not judgements: this page describes what the code and traffic show, not anyone's intent. Not financial advice. Case id oqDHseDO.
Paste a coin address, a ticker, a wallet or an X post. The scan takes seconds, it's free, and there's no sign-up.
Every coin gets a green, yellow or red light with a score out of 100. Every point links to its source.
Is the tech real?90
Is the dev legit?40
Fair launch?20
2 of 4 · How to read a coin
Three questions, then the money
Tech, dev, launch: each has its own score and its top reasons, and the weakest one sets the light.
Who's behind it: the dev's linked wallets, crews that buy launches together, and who paid for the launch block.
Money taken out: what the dev and the launch-block wallets sold or pulled in the first 24 hours.
X@trenchinspector + CATelegram/s CADiscord/check CA
3 of 4 · Use it where you trade
Ask from X, Telegram or Discord
X: tag @trenchinspector with a coin address and it replies with the light and why.
Telegram and Discord: add the bot to your group and send a coin address.
Pulse: new launches appear about a second after they go live, and each one gets a light once it's scanned.
$COIN · dev sold 4.2%liquidity −40% in 10 min
4 of 4 · Stay on it
Track coins and wallets
Press Track on any coin or wallet. You'll get a browser notification when the dev sells, liquidity is pulled, the price moves hard, or a tracked wallet trades.
No account needed. Tracking is tied to this browser. See it all under Tracking.
