nCREDIT, issued by the Nest Protocol smart contracts under the governance of Nest DAO tokenholders, is a tokenized-fund receipt token that provides total-return economic exposure to a curated Credit fund of payment and receivables financing positions [S1][S2].

Each nCREDIT token represents a share of a non-custodial vault that allocates capital to a Credit fund comprising payment, receivables, and working-capital advance positions sourced from institutional originators [S3][S2]. The vault is total-return and NAV-accruing: dividends and yield from the asset manager's strategy channel back into the vault, increasing token value proportionally rather than through separate distributions [S1][S4]. Holders bear a liquidity fee of 0.1% to 0.5% only on instant redemptions [S5].

nCREDIT is issued through Nest DAO LLC, a Republic of the Marshall Islands non-profit DAO LLC formed under the Marshall Islands DAO Act of 2022, with the Nest protocol developed by Kimber Labs Inc. (d/b/a Plume Network Inc.) [S6][S7]. The token is an ERC-20 receipt token representing deposited assets in protocol-generated vaults [S6]. Access is permissionless with no KYC, gated by onchain AML screening that excludes the United States and an extensive list of restricted and FATF high-risk jurisdictions [S8][S9]. Holders redeem by burning the token for underlying assets plus accrued yield; both assets and cash are held by third-party custodians such as BNY Mellon, never by Nest [S10][S4].

nCREDIT follows the ERC-20 standard and is issued on Plume Network as primary settlement layer, other EVM chains, and Solana, with shares natively minted on Solana and distributed to EVM chains via LayerZero OFT messaging [S1][S11]. Users deposit pUSD to mint and burn tokens to redeem to pUSD [S10]. Vault NAV is published hourly with bounded price limits [S12].

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


# 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

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

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

The fund is open-ended and invests in private credit in Latin America.

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

Nest DAO LLC is incorporated in the Marshall Islands.

nCREDIT has been issued on public blockchains since April 2025 and is native to Ethereum and Plume Network.

Credit Plume VaultnCREDIT