deUSD, issued by the Elixir Network Protocol smart contracts under the governance of ELX tokenholders, is a fully collateralized synthetic dollar that references the U.S. dollar (USD) without holding a 1:1 fiat reserve or relying on a centralized issuer. [S1][S2]

deUSD references the U.S. dollar (USD) and was fully collateralized, with total backing equal to or exceeding outstanding deUSD. [S1] Backing combined a delta-neutral Ethereum funding trade using stETH/wstETH collateral shorting an equivalent notional of ETH perpetual futures, plus U.S. Treasury exposure via MakerDAO sUSDS. [S1] Holders earned native yield from both sources by staking deUSD into sdeUSD, with yield accruing continuously to stakers. [S3]

deUSD is not issued by a single corporate entity; it is issued by Elixir Network smart contracts, governed by ELX tokenholders, with the Elixir Foundation referenced for governance and validator delegation. [S1][S2] It is characterized as a synthetic dollar, explicitly not a fiat-backed 1:1 reserve token and without a centralized issuer holding USD or real-world assets. [S1] Primary minting and redemption were permissioned to whitelisted market makers redeeming for underlying collateral. [S1][S3] deUSD has been sunset and holds no value; the protocol now effectuates 1:1 USDC claims for deUSD and sdeUSD holders. [S4]

The deUSD contracts are EVM smart contracts with native issuance on Ethereum and bridged availability to other ecosystems, including Sei's fastUSD wrapped deUSD backed 1:1 by deUSD. [S1][S3] Whitelisted market makers minted and redeemed through Elixir's API against underlying collateral, with backing composition monitorable onchain via the issuer dashboard. [S1]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.elixir.xyz/deusd" },
    { id: "S2", url: "https://docs.elixir.xyz/llms-full.txt" },
    { id: "S3", url: "https://docs.elixir.xyz/faq" },
    { id: "S4", url: "https://docs.elixir.xyz/deusd-deprecated.md" },
  ]}
/>


# 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

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Blockchains (L1)

Elixir Protocol

Elixir deUSD (deUSD) is a U.S. dollar stablecoin issued by Elixir Protocol.

Holders can mint and redeem directly with Elixir Protocol.

deUSD has been issued on public blockchains since July 2024 and is native to Ethereum and Avalanche.

Elixir deUSDdeUSD