CreditDesk
A token's CREDIT DESK: the token's own props.issuer, unless that issuer is a pure instrument wrapper (Pendle, Spectra, Exponent, or any token carrying a pendle/spectra/exponent/receipt prop) — then its fewest-hop non-instrument props.issuerExposures entry, with the instrument issuer as via. Strata's srUSDe (issuer strata, exposed to Ethena) is Strata's desk; a PT-sUSDe (issuer pendle) is Ethena's, via: 'pendle'. An instrument issuer (pendle/spectra/exponent) is never returned as a desk — a PT over an unattributed asset has none. Not the money it is worth (USDe and USDC are both USD), not the venue or curator hosting it, and — for a vault — not its curator's allocation (a vault's exposure block is a disclosure about the position, not its desk). Every surface that groups or filters by desk (collateralDesk/debtDesk, earn asset.desk, issuerMatch=credit, /v1/data/earn/desks) applies this one rule.
ethenaHuman-readable display name.
Ethenaprotocol, institution, cex, … when the token list publishes it.
The INSTRUMENT issuer, when the desk was reached through a wrapper — pendle on a PT, spectra, dolomite on a receipt token. Absent when the desk is the token's own issuer.
pendle0 = the token's own issuer; ≥ 1 = reached through that many wrapper hops.
{
"id": "ethena",
"name": "Ethena",
"kind": "string",
"via": "pendle",
"hops": 0
}