nBASIS, issued by the Nest Protocol smart contracts under the governance of Nest DAO LLC, is tokenized-fund vault interest that gives holders total-return exposure to a diversified portfolio of tokenized real-world assets sourced from regulated institutional originators [S1][S2].

Each nBASIS token is an ERC-20 receipt representing a share of a non-custodial vault that holds and allocates capital to yield-generating positions, with disclosed backing including crypto-basis delta-neutral strategies and diversified real-world assets curated from institutional partners such as BlackRock, Superstate, Centrifuge and WisdomTree [S1][S3][S4][S5]. Returns accrue through rising NAV rather than distributions, and no management, minting, or subscription fees apply on deposit, while instant redemptions incur a 0.1% to 0.5% liquidity fee [S3][S6][S7].

The vault is issued through Nest DAO LLC, a Republic of the Marshall Islands non-profit DAO LLC formed under the Marshall Islands Decentralized Autonomous Organization Act of 2022, governed by Marshall Islands law with arbitration seated in Road Town, British Virgin Islands [S2]. The asset is not issued by a single corporate entity; the permissionless, non-custodial protocol makes no representation regarding securities classification [S8][S2]. Holders receive a Vault Token representing deposited assets, redeemable in pUSD [S2][S7]. Access is gated by onchain AML screening with no KYC, excluding the United States and extensive FATF jurisdictions [S9][S10]. Assets and cash are held by third-party custodians such as BNY Mellon, never Nest [S5].

Vault tokens follow the ERC-20 standard, issued natively on Solana and distributed across Plume Network and other EVM chains via LayerZero Omnichain Fungible Token messaging [S3][S11]. Users deposit pUSD to mint nBASIS and burn it to redeem pUSD plus accrued yield, settling instantly or through a yield-accruing queue [S7][S6]. NAV is published hourly with bounded price limits [S12].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.nest.credit/about/asset-selection" },
    { id: "S2", url: "https://docs.nest.credit/security-and-compliance/terms-and-conditions" },
    { id: "S3", url: "https://docs.nest.credit/support/glossary" },
    { id: "S4", url: "https://docs.nest.credit/about/asset-classes" },
    { id: "S5", url: "https://docs.nest.credit/security-and-compliance/flow-of-funds" },
    { id: "S6", url: "https://docs.nest.credit/about/liquidity-and-redemptions" },
    { id: "S7", url: "https://docs.nest.credit/introduction/how-to-use-nest" },
    { id: "S8", url: "https://docs.nest.credit/" },
    { id: "S9", url: "https://docs.nest.credit/security-and-compliance/aml" },
    { id: "S10", url: "https://docs.nest.credit/security-and-compliance/geographic-restrictions" },
    { id: "S11", url: "https://docs.nest.credit/about/cross-chain" },
    { id: "S12", url: "https://docs.nest.credit/about/vaults" },
  ]}
/>


# Asset transfer volume methodology

## 1. Overview

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, Tron, Starknet, zkSync Era, and others)
- **Solana instructions**: SPL token transfers, mints, and burns
- **Aptos events**: Token withdraw events
- **Near events**: Token transfer events
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet
- **Cardano UTXO transactions**: Token deposits, withdrawals, and mint/burn events
- **Stellar operations**: Classic token withdrawals and Soroban SEP-41 token transfers
- **Sui transactions**: Token withdrawals and `TreasuryCap` supply changes
- **Algorand transactions**: Asset transfer transactions
- **Injective events**: Token transfer, mint, and burn events
- **Stacks transactions**: Token transfer events
- **Asset metadata**: Token contract addresses and decimal precision
- **External data**: End-of-day price feeds and fiat exchange rates

## 3. Step-by-step calculation

### Component A: Raw transfer volume extraction

- **Purpose**: Extract raw token transfer quantities from onchain events and transactions
- **Logic**: On EVM-compatible chains, token transfer quantities are extracted from ERC-20 `Transfer` events. On Solana, quantities are extracted from SPL token transfers, mints, and burns. On Aptos, Near, Algorand, Injective, and Stacks, transfer volumes are parsed from native token transfer and withdrawal events. On Polkadot Asset Hub, volumes are extracted from `Transferred` events emitted by the `assets` pallet. On Cardano, UTXO withdrawals and mint events are aggregated to capture all token movements. On Stellar, classic token withdrawals and Soroban SEP-41 transfer, mint, and burn events are parsed. On Sui, token withdrawals are combined with mint events derived from `TreasuryCap` supply changes.
- **Key fields**: `timestamp` (the day of the transfer) `token_address` (the contract or asset identifier) `amount` (the raw transfer quantity)

### Component B: Premint and preburn correction

- **Purpose**: Exclude non-circulating token movements to isolate genuine economic transfer volume
- **Logic**: For supported chains, raw transfer volumes are corrected by subtracting premints and preburns. Premints are defined as tokens minted directly into designated project treasury or premint addresses, while preburns are represented by tokens burned directly from these non-circulating addresses. On EVM-compatible chains, Solana, Injective, Stacks, and Stellar Soroban, these flows are identified by filtering transfers where the sender or recipient matches a known treasury address. On Algorand, transfers between asset configuration addresses and treasury addresses are subtracted. On Cardano, deposits to and withdrawals from treasury addresses during mint or burn transactions are netted out.
- **Key fields**: `amount` (the corrected transfer quantity) `token_address` (the contract or asset identifier) `timestamp` (the day of the transfer)

### Component C: Decimal normalization and zero-filling

- **Purpose**: Normalize token quantities to human-readable units and ensure continuous daily time series
- **Logic**: Raw token quantities are normalized by the decimal precision retrieved from the asset metadata. For days with no recorded transfer activity, the time series is filled with zero values to maintain a continuous daily record for each asset.
- **Key fields**: `amount` (the normalized transfer quantity) `decimals` (the decimal precision of the token)

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized transfer volumes to USD and aggregate across all chains
- **Logic**: Normalized daily transfer volumes are multiplied by the end-of-day price feeds sourced from market data providers. For assets pegged to fiat currencies other than USD, daily exchange rates are applied using Chainlink FX price feeds to determine the USD-equivalent value. The final daily asset transfer volume is calculated by summing the USD-denominated transfer volumes across all active chains for each asset.
- **Key fields**: `price_usd` (the end-of-day market price of the asset in USD) `amount_usd` (the final transfer volume in USD)

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

Asset transfer volume

Tokenized funds

Users deposit stablecoins into Plume Vaults and receive ERC-20 vault tokens whose NAV appreciates as the underlying yield strategy accrues. Fund managers and institutional partners (BlackRock, Apollo, WisdomTree, Hamilton Lane, Goldfinch) curate the strategies.

Plume Vaults operates a suite of yield-bearing vault tokens (nTBILL, nALPHA, nBASIS, nCREDIT, nWISDOM, nACRDX, nOPAL, nPERENA, nLCRD, nSCOPE) backed by audited offchain assets including U.S. Treasuries, private credit, and structured DeFi strategies. The platform rebranded from Nest to Plume Vaults, and the vault tokens keep the n- prefix from the Nest era.

Plume Vaults (Nest) is Plume Network's flagship RWA-staking protocol, giving users onchain access to institutional-grade yield through structured, non-custodial vaults.

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Real-world asset (RWA) issuers

Plume Vaults

Basis Plume Vault (nBASIS) is a tokenized fund share issued by Plume Vaults through Nest DAO LLC.

The fund is open-ended and invests in U.S. crypto assets and government debt.

Retail investors can mint and redeem directly with Plume Vaults in USDC, pUSD, and USDT, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

Nest DAO LLC is incorporated in the Marshall Islands.

nBASIS has been issued on public blockchains since April 2025 and is native to Ethereum, Plasma, Solana, and Plume Network.

Basis Plume VaultnBASIS