YUSD, issued by Aegis Vault Ltd., is a Bitcoin-backed synthetic U.S. dollar (USD) stablecoin that maintains a $1 peg by holding spot Bitcoin hedged with Bitcoin-margined perpetual futures in a delta-neutral position [S1][S2][S3].

YUSD is backed at a 1:1 ratio by Bitcoin spot positions hedged with COIN-M (Bitcoin-margined) perpetual contracts, and tokenholders receive yield generated from Bitcoin perpetual funding-rate capture and basis trading [S3][S2][S1]. Base YUSD holders claim new YUSD rewards every seven days with no lockups, while sYUSD, an auto-compounding staked variant, appreciates in exchange rate as rewards accrue every eight hours [S4][S5]. Reward claims bear only network gas, with no additional Aegis commission [S4].

Aegis Vault Ltd. is incorporated under the laws of the British Virgin Islands with registration number 2163500 and issues the tokens, while a separate Cayman Islands entity, Aegis DAO Foundation, handles governance with no direct user relationship [S6][S7][S8][S1]. The British Virgin Islands Financial Services Commission (FSC) addresses Aegis Vault Ltd. and the Cayman Islands Monetary Authority (CIMA) addresses the foundation [S9][S10]. YUSD is a collateral-backed, USD-pegged stablecoin, with direct minting requiring KYC verification [S1][S3][S11]. YUSD is minted and redeemed against USDT, USDC, or DAI through the Aegis Mint smart contract, with deposits held offchain by institutional custodians Fireblocks, Copper, and CEFFU under segregated, off-exchange settlement [S3][S2][S12].

YUSD is an ERC-20 token and sYUSD is an ERC-4626 vault token, with published contracts on Ethereum and BNB Chain and broader availability across Avalanche and additional supported networks [S5][S13][S1]. Minting deposits USDT, USDC, or DAI into the Aegis Mint smart contract, converting collateral to Bitcoin via OTC desks; reserves and positions publish in real time through a proof-of-reserves dashboard and API [S3][S11][S12][S1].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://aegis.im/" },
    { id: "S2", url: "https://docs.aegis.im/get-started/aegis-solution" },
    { id: "S3", url: "https://docs.aegis.im/aegis-faq/how-does-yusd-work" },
    { id: "S4", url: "https://docs.aegis.im/overview/profit-distribution-mechanism" },
    { id: "S5", url: "https://docs.aegis.im/tokens/syusd-yield-bearing-token" },
    { id: "S6", url: "https://docs.aegis.im/legal/know-your-customer-kyc-and-anti-money-laundering-aml-policy" },
    { id: "S7", url: "https://legal.aegis.im/knowledge-base/anti-fraud-policy-and-monitoring-of-aegis-dao-foundation/" },
    { id: "S8", url: "https://legal.aegis.im/knowledge-base/terms-of-service-of-aegis-dao-foundation/" },
    { id: "S9", url: "https://legal.aegis.im/" },
    { id: "S10", url: "https://legal.aegis.im/article-categories/cima/" },
    { id: "S11", url: "https://docs.aegis.im/aegis-faq/how-can-i-buy-yusd" },
    { id: "S12", url: "https://docs.aegis.im/overview/real-time-proof-of-reserves" },
    { id: "S13", url: "https://docs.aegis.im/smart-contracts" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Stablecoins

Aegis issues YUSD, a Bitcoin-backed synthetic dollar that earns yield from BTC perpetual funding rates by holding spot positions hedged with COIN-M futures, distributing rewards weekly to holders.

Aegis is a decentralized stablecoin platform issuing Bitcoin-backed YUSD that generates yield through delta-neutral trading strategies. The protocol distributes funding-rate payments from Bitcoin perpetual markets to stablecoin holders, with sYUSD as an auto-compounding staked variant.

Aegis was founded by a team of financial industry veterans and backed by Dewhales Capital and Profluent Ventures.

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Stablecoin issuers

Aegis

Aegis YUSD (YUSD) is a U.S. dollar stablecoin issued by Aegis through Aegis Vault Ltd.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Retail investors and institutions can mint and redeem directly with Aegis in USDC, USDT, and DAI after completing KYC.

Aegis Vault Ltd. is incorporated in the British Virgin Islands and operates without a specific regulatory regime.

Holder terms are governed by the law of the British Virgin Islands.

YUSD has been issued on public blockchains since January 2025 and is native to Ethereum, BNB Chain, and Avalanche.

Aegis YUSDYUSD