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 Outstanding supply Methodology

## 1. Overview

Outstanding supply for Neutrl measures the total circulating supply of Neutrl stablecoin products. This metric represents the amount of stablecoins currently in circulation and available for trading or use. The calculation leverages pre-calculated asset market capitalization data from Token Terminal's metrics system, treating the circulating market cap values as outstanding supply amounts for Neutrl's stablecoin products.

## 2. Data sources

The methodology uses the following data sources:
- **Product metadata**: Neutrl product definitions and asset mappings from Token Terminal's datahub
- **Asset metrics**: Pre-calculated asset market capitalization circulating values from Token Terminal's metrics system
- **Token metadata**: Token symbols, addresses, and chain information
- **Chain data**: Multi-chain token information across supported networks

The asset market cap circulating values used as the foundation for this metric are themselves derived from:
- **Blockchain token events**: Token transfer events, minting/burning transactions
- **External price feeds**: End-of-day token price data
- **Token supply data**: Circulating supply information from various blockchain networks

## 3. Step-by-step calculation

### Component A: Product asset mapping
- **Purpose**: Establishes the relationship between Neutrl products and their underlying assets
- **Logic**: Retrieves all Neutrl product definitions from the datahub where `data_id` equals 'neutrl' and filters for records with valid `asset_id` values. This mapping connects Neutrl product identifiers to the corresponding assets in Token Terminal's metrics system.
- **Key fields**: `product_id`, `asset_id`, and `symbol` (token symbol)

### Component B: Asset market cap retrieval
- **Purpose**: Fetches the circulating market capitalization for relevant assets
- **Logic**: Queries the metrics system for `asset_market_cap_circulating` values, which represent the total value of tokens in circulation. Data is retrieved with daily timestamp grain and includes chain-specific information and token addresses.
- **Key fields**: `timestamp`, `chain_id`, `token_address`, `asset_id`, and `asset_market_cap_circulating` value

### Component C: Product-asset joining
- **Purpose**: Connects Neutrl products to their corresponding asset metrics
- **Logic**: Joins the product mapping with asset metrics on `asset_id` to establish the connection between Neutrl products and their market cap data. All products are classified under the 'stablecoins' business line, market sector, and business segment.
- **Key fields**: Combined data including `product_id`, `token_address`, `token_symbol`, and market cap values

### Final aggregation
- **Combining components**: The asset market cap circulating values are treated directly as outstanding supply amounts for Neutrl stablecoin products
- **Currency conversion**: No additional currency conversion is needed as the asset market cap values are already in USD terms
- **Time aggregation**: Daily aggregation is performed using SUM function to handle any potential duplicate records per day per product
- **Final calculation**: The outstanding supply equals the sum of asset market cap circulating values for each Neutrl product, aggregated by day, chain, and product. The finalization process applies zero-filling for missing time periods and applies chain availability filtering to ensure data is only included for supported chains and time periods.

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

Circulating supply of stablecoins issued by the project.

Neutrl

Outstanding supply

Outstanding supply

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