fxSAVE, issued by the f(x) Protocol smart contracts under the governance of vote-escrowed FXN (veFXN) tokenholders, is a tokenized yield-bearing stablecoin vault that automatically compounds Stability Pool rewards into the decentralized stablecoin fxUSD and USD Coin (USDC) [S1][S2].

Holders gain economic exposure to the f(x) Protocol Stability Pool, which earns wstETH and WBTC rewards from xPOSITION fees, reserve yield, and Aave yields [S1]. fxSAVE is an ERC-4626 vault that auto-compounds those wstETH and WBTC rewards into more fxUSD and USDC, so token value accrues as yields accumulate [S1]. Protocol revenue derives from collateral yield, minting and redemption fees, position fees, and rebalancing and liquidation fees [S2].

f(x) Protocol is a decentralized autonomous organization and has no legal entity, so the token is not issued by any single corporate entity and no jurisdiction of formation exists [S3]. No regulator or license is claimed, and the protocol acknowledges regulators may view it as an unregistered exchange [S3]. The holder's claim is a decentralized, crypto-collateralized position backed by overcollateralized wstETH and WBTC held in smart contracts, with no corporate custodian [S4][S5]. Users must be at least 18, and the United States, Canada, Mainland China, and OFAC, UN, or EU sanctioned jurisdictions are excluded [S3]. Redemption from the pool requires a cooldown period before fxUSD and USDC are returned [S1].

All f(x) tokens are ERC-20, natively issued on Ethereum, with cross-chain availability on Arbitrum, BSC, Optimism, and Polygon via LayerZero bridging [S6]. fxUSD mints onchain when leveraged positions open and is maintained near the U.S. dollar (USD) peg through automatic USDC swaps executed at Chainlink oracle prices, with settlement atomic except for the pool redeem cooldown [S1][S7].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.aladdin.club/f-x-protocol/stability-pool" },
    { id: "S2", url: "https://docs.aladdin.club/f-x-protocol-new/f-x-2.0/fees-and-revenue" },
    { id: "S3", url: "https://fx.aladdin.club/terms-of-use" },
    { id: "S4", url: "https://fx.aladdin.club/" },
    { id: "S5", url: "https://docs.aladdin.club/f-x-protocol/introduction-of-fxusd/fxusd-reserve-and-risk-management" },
    { id: "S6", url: "https://docs.aladdin.club/f-x-protocol/contracts" },
    { id: "S7", url: "https://docs.aladdin.club/f-x-protocol/stability-mode" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

Tokenized funds

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Stablecoin issuers

f(x) Protocol

f(x) USD Saving (fxSAVE) is a tokenized fund share issued by f(x) Protocol.

The fund is open-ended and invests in crypto assets.

Retail investors can subscribe and redeem in USDC.

fxSAVE has been issued on Ethereum as an ERC-4626 token since April 2025.

f(x) USD SavingfxSAVE