nLCRD, issued by Kimber Labs Inc. (d/b/a Plume Network Inc.) [S1], is a tokenized vault interest representing a share in a non-custodial onchain strategy that allocates stablecoin deposits to institutional credit assets and accrues yield to the holder [S1].

Holders receive an ERC-20 vault share whose value accrues through net asset value (NAV) pricing rather than distributions, updated by an automated hourly process [S2][S3]. The vault is described as an asset-backed loan overcollateralised by receivables into a ring-fenced special purpose vehicle, with liquidity used to provide short-term financing for cross-border payments, carrying a target APY of 20 percent [S4]. Queued redemptions continue to accrue yield until settlement; instant redemptions incur a fee typically between 0.1 percent and 0.5 percent [S5].

The protocol is developed and operated by Kimber Labs Inc. (d/b/a Plume Network Inc.) [S1], with the holder's claim taking the form of an onchain vault share recorded by smart contracts that hold assets non-custodially [S1][S3]. Underlying assets and cash are held by third-party custodians such as BNY Mellon, and certain structures use bankruptcy-remote vehicles and predefined payment waterfalls prioritizing investor claims [S6]. Access is restricted in sanctioned jurisdictions and is enforced through onchain AML screening using Plume's system, without traditional KYC or personal information collection [S7].

Vault shares are ERC-20 tokens using six decimals, deployed across Plume, Ethereum, and Solana via omnichain fungible token contracts [S3][S8]. Deposits and redemptions settle in stablecoins, accepting USDC and pUSD on Plume and USDC on Ethereum [S8]. NAV is calculated from total asset value across operating chains and republished hourly with safeguards against pricing errors [S2].

<Sources
  retrievedAt="2026-06-30"
  items={[
    { id: "S1", url: "https://docs.nest.credit/" },
    { id: "S2", url: "https://docs.nest.credit/about/vaults" },
    { id: "S3", url: "https://docs.nest.credit/developers/smart-contracts" },
    { id: "S4", url: "https://nest.credit/" },
    { id: "S5", url: "https://docs.nest.credit/about/liquidity-and-redemptions" },
    { id: "S6", url: "https://docs.nest.credit/about/asset-selection" },
    { id: "S7", url: "https://docs.nest.credit/support/faq" },
    { id: "S8", url: "https://docs.nest.credit/developers/integration-guides/ntbill/" },
  ]}
/>


# 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

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

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

The fund is open-ended and invests in U.S. private credit.

Retail investors can mint and redeem directly with Plume Vaults in USDC and pUSD, and holders have a right to redeem at net asset value with monthly settlement.

Nest DAO LLC is incorporated in the Marshall Islands.

nLCRD has been issued on public blockchains since January 2026 and is native to Solana, Ethereum, and Plume Network.

Liquid Credit Plume VaultnLCRD