gtUSDC, issued by Gauntlet Networks, Inc., is a tokenized yield-bearing vault interest that represents a depositor's claim on supplied U.S. dollar coin (USDC) plus earnings accrued through risk-optimized allocation across onchain lending markets. [S1][S2]

Holders deposit USDC, which Gauntlet allocates across underlying lending markets, primarily Morpho, with yield sourced from native onchain lending returns and incentives. [S3][S2] Rewards are regularly claimed, converted to USDC, and reinvested automatically, with value accruing through a share-price conversion rather than balance rebasing. [S1][S2] Gauntlet-curated Morpho v1 vaults charge no management fee and a performance fee capped at 50% of native onchain yield; v2 vaults add an annual management fee capped at 5% of deposited assets. [S2]

The operating entity is Gauntlet Networks, Inc., governed by the laws of the State of Delaware, United States. [S4] Gauntlet states it is not registered with the U.S. Securities and Exchange Commission as a national securities exchange, broker-dealer, or investment adviser, and does not act as a fiduciary, custodian, or asset manager. [S4][S5] The holder's claim is an ERC-20 vault token representing supplied assets plus earnings, not guaranteed by Gauntlet. [S1][S5] Users must have authority to contract, must not appear on sanctions lists including OFAC SDN, and must not reside in comprehensively sanctioned jurisdictions. [S4] Vaults are non-custodial, with assets held in smart contracts under user control. [S5]

Vault tokens are ERC-20 tokens, explicitly not ERC-4626, transferable across Base, Arbitrum, Optimism, and Ethereum Mainnet. [S1][S2] Depositors approve USDC to the provisioner contract and call requestDeposit(), receiving units after asynchronous settlement within approximately 6 to 12 hours. [S1][S2] Redemption uses requestRedeem(), returning USDC subject to lock and queue periods. [S1][S2] Unit value is published onchain via convertUnitsToTokens. [S1]

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://www.gauntlet.xyz/gauntlet-strategies/gtusda" },
    { id: "S2", url: "https://vaultbook.gauntlet.xyz/introduction/readme.md" },
    { id: "S3", url: "https://www.gauntlet.xyz/vaults/lending" },
    { id: "S4", url: "https://www.gauntlet.xyz/tos" },
    { id: "S5", url: "https://vaultbook.gauntlet.xyz/introduction/readme.md?ask=eligibility-and-legal" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

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

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Tokenized funds

Gauntlet operates through an automated risk platform that continuously monitors market conditions and executes algorithmic trading strategies to optimize risk-adjusted returns. The platform supports over $42 billion in DeFi TVL through its risk models, manages $2+ billion in vault strategies across multiple chains, and generates revenue by providing institutional-grade vault curation, risk analysis services, and applied research to DeFi protocols, DAOs, and capital allocators.

The platform offers risk-optimized DeFi vaults, automated yield strategies, and comprehensive risk management services across multiple blockchain protocols. Gauntlet provides institutional investors with self-custodial vault strategies spanning yield lending, restaking, perpetual futures, and real-world asset exposure while maintaining sophisticated risk controls and monitoring systems.

Gauntlet is an institutional-grade DeFi risk management and yield optimization platform that provides quantitative analysis and vault strategies for decentralized finance protocols and capital allocators.

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Gauntlet

Gauntlet USDC Prime Morpho Vault (gtUSDC) is a tokenized fund share issued by Gauntlet.

The fund is closed-ended, invests in crypto assets, and charges a 0% annual management fee.

Investors can subscribe and redeem in USDC and instant subscription settlement, and holders have a right to redeem at net asset value with instant settlement.

gtUSDC has been issued on Ethereum as an ERC-4626 token since March 2024.

Gauntlet USDC Prime Morpho VaultgtUSDC