Empty Set Dollar PriceESD

What is Empty Set Dollar (ESD)?

Empty Set Dollar (ESD) is an algorithmic stablecoin designed to serve as the reserve currency of Decentralized Finance (DeFi). Built on the Ethereum blockchain as an ERC-20 token, ESD is a decentralized elastic-supply stablecoin created by the Empty Set Squad. The protocol expands on the pioneering work of Basis.io while incorporating ideas from 0x Staking, the Rho protocol, and Uniswap V2 oracles. ESD operates as a single-token protocol, functioning simultaneously as the stabilized dollar and as the governance token for the system. The token has a total supply of approximately 446.01 million ESD, representing 100% of the circulating supply. The project launched in 2020 and remains in an experimental phase, with its contracts unaudited and its mechanisms subject to change through DAO voting.

Key Specifications & Tokenomics

• Name: Empty Set Dollar
• Symbol / Ticker: ESD
• Blockchain / Platform: Ethereum (ERC-20)
• Token Contract Address: 0x36F3FD68E7325a35EB768F1AedaAe9EA0689d723
• Contract Name (Solidity): Dollar
• Decimals: 18
• Consensus / Architecture: ERC-20 token on Ethereum
• Category Tags: DeFi, Stablecoin, Rebase
• Total Supply: 446.01M ESD (446,012,144.97595006)
• Circulating Supply: 446.01M ESD (100% of total)
• Max Total Supply (Etherscan): 118,085,696.013201747040103821 ESD
• FDV (Fully Diluted Valuation): $149.94K
• Official Website: https://www.emptyset.finance/
• CertiK Rating: 3.6
• Token Reputation (Etherscan): Neutral
• Start Date: 2020-09-14

Who created Empty Set Dollar?

Empty Set Dollar was created by the Empty Set Squad, an anonymous team. The decision to remain anonymous was a deliberate mitigation strategy, similar to that employed by other experimental DeFi projects such as BASED. By keeping their identities private, the founding teams aim to remain free of personal pressure that could compromise the project's decentralized nature. Dan Elitzer, Co-Founder of Nascent, a crypto investment firm focused on emerging areas, has been referenced in relation to Empty Set Dollar. The project was kickstarted on August 25, 2020, by calling the advance function and supplying into the liquidity pool, with information published on Medium and Twitter to invite participation in this experimental coin.

How does Empty Set Dollar work?

ESD uses an elastic supply model to self-stabilize around a Time-Weighted Average Price (TWAP) oracle sourced from an incentivized trading pool on Uniswap. The protocol adjusts its money supply every 8 hours, a period known as an epoch. When expansion is needed, new ESD tokens are minted and granted to bonded ESD holders or used to pay off protocol debt. When contraction is necessary, ESD can be burned for a premium quantity of coupons, which can later be redeemed 1:1 for ESD once the supply expands again. This coupon system incentivizes users to voluntarily burn their ESD in return for a coupon that can be redeemed when the money supply grows, allowing them to regain their ESD along with a bonus for having bought the debt. The Uniswap pool plays a critical role in determining the price and directing the protocol to expand or contract in the next epoch. Sufficient liquidity is required for this to function properly, otherwise the price could be easily manipulated. For the first 90 epochs, the Uniswap oracle price was fixed at 1.10 USDC, meaning the supply would expand 10% every epoch.

What makes Empty Set Dollar unique and valuable?

ESD distinguishes itself through its fully self-governing DAO structure at launch and its single-token design that combines the stablecoin and governance token into one asset. The DAO allows any stakeholder with at least 1% of the current DAO stake to propose a new implementation at any time. Voters then have 7 days to approve or reject the candidate's implementation, and if a quorum of 33% is reached with more votes approving, the new implementation may be committed. This lightweight governance process ensures that even simple constant modifications require full implementation upgrades. The protocol also offers a unique coupon mechanism for supply contraction, providing users with a premium for participating in debt buybacks. Additionally, 5% of the expansion supply was initially allocated as a reward to liquidity providers, a parameter that remains experimental and subject to change based on DAO voting. The project builds on the pioneering work of Basis.io while addressing core issues in its mechanics, incorporating ideas from 0x Staking, Rho protocol, and Uniswap V2 oracles.

What is Empty Set Dollar used for?

ESD serves two primary functions within its ecosystem. First, it acts as an algorithmic stablecoin intended to function as the reserve currency of decentralized finance, maintaining a value around one US dollar through elastic supply adjustments. Second, it serves as the governance token for the protocol, allowing holders to participate in DAO voting on implementation upgrades and parameter changes. With ESDs in hand, users can directly bond ESDs or provide liquidity on Uniswap and then bond the ESD-USDC LP tokens. The bonding mechanism allows users to lock their tokens to participate in supply expansions and earn rewards. The coupon system provides another utility, enabling users to burn ESD for coupons that can be redeemed 1:1 for ESD when the supply expands again, along with a bonus. The protocol also features a UI multiplier that scales displayed token amounts based on the active multiplier, ensuring accurate representation of balances.

How Is the Empty Set Dollar ecosystem developing?

The Empty Set Dollar ecosystem remains in an experimental stage. The protocol was kickstarted in August 2020 and launched in September 2020, with an initial listing on Poloniex. The project has 11 active trading markets, with reported pairs including Uniswap v2 ESD/USDC, Bancor Network ESD/BNT, and Poloniex ESD/USDT. The ESD community maintains a presence on CoinMarketCap, X (Twitter), Github, Telegram, and Discord. As of September 2026, there are approximately 1,816 holders on Etherscan. The DAO governance structure allows for continuous evolution, with any stakeholder holding at least 1% of the DAO stake able to propose new implementations. However, trading activity has been assessed as dormant by CryptoSlate, with low volume making the displayed price sensitive to a handful of trades. The protocol's contracts remain unaudited, and the team continuously tests the system while generally trying to de-risk the design of its core mechanism.

How to mine Empty Set Dollar?

ESD is not mined through traditional proof-of-work or proof-of-stake consensus. Instead, tokens enter circulation through the protocol's elastic supply mechanism. When the protocol determines that supply expansion is necessary based on the Uniswap TWAP oracle, new ESD tokens are minted and granted to bonded ESD holders or used to pay off protocol debt. Users can acquire ESD by providing liquidity on Uniswap and bonding the ESD-USDC LP tokens, or by directly bonding ESDs. The bonding mechanism allows participants to lock their tokens and receive rewards during supply expansions. Additionally, 5% of the expansion supply was initially allocated as a reward to liquidity providers, though this parameter is experimental and subject to change based on DAO voting. The return on the LP pool changes based on the liquidity locked. Users can also participate in the coupon system by burning ESD for coupons during supply contractions, which can later be redeemed 1:1 for ESD when the supply expands again, along with a bonus.

How to keep your Empty Set Dollar Coin safe?

Given that ESD contracts are unaudited, users should exercise heightened caution when interacting with the protocol. Store your ESD tokens in a secure Ethereum wallet that supports ERC-20 tokens, and never share your private keys or seed phrases with anyone. Since the protocol requires sufficient liquidity in the Uniswap pool to function properly, be aware that low liquidity could make the price susceptible to manipulation. The coupon system and elastic supply mechanism are experimental and subject to change based on DAO voting, so stay informed about protocol updates through official channels. Verify the token contract address (0x36F3FD68E7325a35EB768F1AedaAe9EA0689d723) before making any transactions to avoid interacting with counterfeit tokens. Consider using hardware wallets for long-term storage and always double-check transaction details before confirming. The token has a neutral reputation on Etherscan, and the CertiK rating is 3.6, indicating that users should conduct their own research and remain aware of the risks associated with experimental DeFi protocols.