Market cap
$112.33K
Volume (24h)
$5.69
Circulating supply
446,012,145 ESD
Total supply
446,012,145 ESD
Empty Set Dollar (ESD)
$ 0.00
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Key data
updated $0Market cap$112.33K
Volume 24h$5.69
Circulating supply446.01M
Empty Set Dollar (ticker ESD) is a cryptocurrency that was launched as an experiment in algorithmic stablecoins — tokens that try to hold a $1 peg without any collateral or central issuer. Instead of being backed by dollars in a vault, ESD relied on code: its supply expanded and contracted automatically based on market demand. It's now mostly remembered as one of the early, ambitious attempts at this model.
Frequently asked questions
What is Empty Set Dollar and how is it different from other stablecoins?
ESD was an algorithmic stablecoin, meaning it had no collateral backing it — unlike USDC or USDT, which hold real reserves. Its peg to the dollar was supposed to be maintained purely by supply adjustments and market incentives. That made it fully decentralized but also inherently risky, since nothing tangible stood behind the token.
How does ESD work technically?
ESD ran as a DAO on Ethereum, governed by holders who locked their tokens to vote on protocol decisions. The core mechanism was elastic supply: when the token traded above its target, new tokens were minted as rewards; when it traded below, supply was contracted through coupons and debt. It was one of the first projects to popularize this seigniorage-style design.
How is the supply of ESD issued?
New ESD was minted algorithmically as rewards for participants who locked tokens in the DAO or provided liquidity, and only when the protocol was in an expansion phase. There was no fixed cap or scheduled emission — the supply responded to where the price stood relative to the dollar peg. This made the tokenomics highly cyclical by design.
How can you store and use ESD?
ESD is an ERC-20 token, so it can be stored in any Ethereum-compatible wallet such as MetaMask or a hardware wallet. Historically, users locked ESD in the DAO to earn rewards or provided it as liquidity on decentralized exchanges. Today the project is inactive, so practical use is essentially limited to holding or trading what already exists.