# On-Chain Transparency

Both ELUSD and sELUSD are implemented as ERC-20 tokens.

All mint, redeem, stake, and unstake events are recorded on the Ethereum blockchain and can be transparently audited.

Key protocol metrics—such as total supply of ELUSD and sELUSD, sELUSD yield/accrual rate, and collateral composition—are published in real time via a public dashboard.

Thanks to this on-chain design, anyone can verify ELUSD’s operating status permissionlessly, without relying on separate approvals.
