sdeUSD, issued by the Elixir Protocol smart contracts under the governance of ELX tokenholders, is a tokenized yield-bearing position representing staked deUSD, a fully collateralized synthetic dollar that is not backed by a 1:1 U.S. dollar (USD) reserve. [S1][S2]

Holders stake the underlying deUSD synthetic dollar into sdeUSD to receive the dollar's native yield, which accrues continuously through price appreciation of sdeUSD against deUSD. [S3] Yield is generated from a delta-neutral Ethereum funding trade using stETH and wstETH collateral shorting an equivalent notional of ETH perpetual futures, and from treasury-backed collateral held through MakerDAO's USDS and sUSDS protocol. [S1][S3] deUSD is fully collateralized, with backing equal to or exceeding outstanding supply. [S1]

deUSD is issued by Elixir Network smart contracts with no centralized issuer holding USD or real-world assets to support its value, governed by ELX tokenholders, with the Elixir Foundation operating a validator delegation program. [S1][S2] The holder's claim is characterized as a synthetic dollar rather than a fiat-reserve token. [S1] Primary minting and redemption against underlying collateral were permissioned to whitelisted market makers through Elixir's API. [S1][S3] The asset has been sunset, and Elixir is effectuating 1:1 USDC claims for deUSD and sdeUSD holders through its claims portal. [S4]

deUSD and sdeUSD are issued onchain as smart contracts natively on Ethereum, with transferable availability extended to other ecosystems through Elixir's bridge. [S1] Some bridges output alternative wrapped assets, including Sei's fastUSD, backed 1:1 by deUSD. [S1][S3] Backing composition was monitorable via the Elixir dashboard. [S1] Settlement to holders now occurs through the 1:1 USDC claims process. [S4]

<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

Tokenized funds

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Blockchains (L1)

Elixir Protocol

Elixir Staked deUSD (sdeUSD) is a tokenized fund share issued by Elixir Protocol.

The fund is closed-ended and invests in U.S. multi-asset.

Holders have a right to redeem at net asset value.

sdeUSD has been issued on Ethereum as an ERC-4626 token since July 2024.

Elixir Staked deUSDsdeUSD