The protocol operates through a three-step process where users deposit stablecoins for NUSD, stake NUSD to mint yield-bearing sNUSD, and commit protocol assets for enhanced returns. Neutrl maintains stability through delta-neutral hedging using derivatives and perpetual futures, OTC asset purchases at discounts, overcollateralization, and transparent on-chain proof systems including ZK-proofs and third-party audits.

The protocol creates NUSD, an institutional-grade synthetic dollar backed by delta-neutral strategies and OTC crypto assets, along with sNUSD, a liquid staking version that generates enhanced yields. Neutrl focuses on delivering stable, transferable, yield-generating assets by harnessing exclusive OTC market strategies and maintaining full DeFi composability.

Neutrl is a DeFi protocol that develops crypto-native yield products built around synthetic stablecoins backed by market-neutral strategies.

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Neutrl

# Neutrl Circulating asset market cap Methodology

## 1. Overview

The Neutrl asset market cap circulating metric measures the total market capitalization of circulating tokens for Neutrl's stablecoin products. This metric answers the business question: "What is the total USD value of all circulating tokens for each Neutrl stablecoin product on each blockchain network?"

The calculation leverages pre-computed asset-level market cap circulating data from Token Terminal's broader metrics infrastructure and maps it to specific Neutrl products using metadata from the project datahub. The metric is essentially the outstanding supply value expressed as market capitalization for Neutrl's stablecoin offerings.

## 2. Data sources

- **Pre-computed asset metrics**: Daily asset market cap circulating values from Token Terminal's metrics infrastructure, containing USD-denominated market capitalizations for blockchain assets
- **Project metadata**: Neutrl product and asset mapping data from the datahub, linking Neutrl product IDs to specific asset IDs and token symbols
- **Token metadata**: Asset identifiers, token addresses, and blockchain network information
- **Chain data**: Blockchain network identifiers and availability information for filtering supported networks

## 3. Step-by-step calculation

### Component A: Product-asset mapping
- **Purpose**: Establish the relationship between Neutrl products and their underlying blockchain assets
- **Logic**: Query the datahub project metadata to retrieve mappings between Neutrl product identifiers and their corresponding asset IDs and token symbols. Filter specifically for Neutrl data using the `data_id` field set to 'neutrl', ensuring only assets with valid `asset_id` values are included
- **Key fields**: `data_id`, `product_id`, `asset_id`, and `symbol` (token symbol)

### Component B: Asset market cap data retrieval  
- **Purpose**: Obtain pre-computed asset market cap circulating values for the relevant assets
- **Logic**: Extract daily asset market cap circulating metrics from Token Terminal's metrics infrastructure. Filter the data to include only records where the `metric_id` equals 'asset_market_cap_circulating', ensuring we get the correct market capitalization values. Include timestamp, chain network information, token addresses, and asset identifiers
- **Key fields**: `timestamp`, `chain_id`, `token_address`, `asset_id`, and `value` (market cap circulating amount)

### Component C: Data integration and categorization
- **Purpose**: Combine asset metrics with Neutrl-specific product information and apply business categorizations
- **Logic**: Perform an inner join between the asset market cap data and the Neutrl product mapping using `asset_id` as the join key. Add business line categorization by setting all products to 'stablecoins' for the business line, market sector, and business segment fields, reflecting Neutrl's focus on stablecoin products. Set timestamp grain to 'day' for daily aggregation
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `token_address`, `token_symbol`, and `asset_market_cap_circulating`

### Component D: Daily aggregation
- **Purpose**: Aggregate data by day to handle potential duplicate records and ensure one value per product per day per chain
- **Logic**: Group data by timestamp, timestamp grain, chain ID, business categorization fields, product ID, token address, and token symbol. Sum the `outstanding_supply` values (which represent market cap circulating) to combine any multiple records that may exist for the same day
- **Key fields**: All grouping fields plus the summed `outstanding_supply` value

### Final aggregation
- **Combining components**: The outstanding supply values from the aggregation step are passed through as the final metric values
- **Currency conversion**: Values are already in USD from the pre-computed asset metrics source
- **Time aggregation**: Data is aggregated at daily boundaries using the timestamp field
- **Final calculation**: The outstanding supply value is renamed to `asset_market_cap_circulating` to represent the final metric. The calculation applies a fill-zeros strategy for missing data points and includes chain availability filtering to ensure data consistency across supported blockchain networks

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Neutrl

Circulating asset market cap

Circulating asset market cap

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