SUSP, issued by the Pareto Protocol smart contracts under the governance of DAO and multisig participants, is a tokenized private-credit yield instrument that represents a staked, yield-bearing claim on the credit-backed synthetic dollar USP [S1][S2].

SUSP holders earn yield from Pareto Credit Vaults, onchain lending facilities that pool deposited stablecoins and lend to whitelisted institutional borrowers under fixed or variable rates [S3][S4]. Interest accrues by a rising USP/sUSP exchange rate rather than rebasing or distribution [S2]. SUSP stakers also receive yield redirected from non-staked USP backing [S4]. A 5% fee on generated interest funds a Stability Fund loss buffer, and live vaults disclose a 10% performance fee [S2][S5][S6].

The Terms of Service for the Pareto interface are entered into between Idle DAO LLC, trading as Pareto, and the user [S7]. SUSP is an ERC-4626 staked savings token whose exchange rate to USP rises as credit yield accrues [S2]. Verified users access mint and redeem via onchain KYC and KYB through Keyring after signing the Terms of Service [S2][S8]. Users are excluded if resident in New York, Cuba, Iran, Syria, North Korea, the Crimea region, or Venezuela [S7]. SUSP redemption entails a 7-day cooldown then a 1 to 30 day wait by vault maturity [S2]. Staked USP is not rehypothecated, and sUSP holders absorb losses protecting senior USP [S4][S5].

SUSP is an ERC-4626 vault token and USP an ERC-20 token, with both contracts deployed on Ethereum [S4][S2][S9]. The broader Credit Vaults protocol operates across Ethereum, Polygon, Arbitrum, and Optimism [S6]. Verified users mint USP 1:1 by depositing USDC or USDS, then stake into SUSP; Credit Vaults settle on fixed 1-to-4-week cycles with weekly keeper rebalancing [S4][S10][S3].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.pareto.credit/" },
    { id: "S2", url: "https://docs.pareto.credit/product/usp/faqs.md" },
    { id: "S3", url: "https://docs.pareto.credit/product/credit-vaults.md" },
    { id: "S4", url: "https://docs.pareto.credit/product/usp" },
    { id: "S5", url: "https://docs.pareto.credit/product/usp/risks.md" },
    { id: "S6", url: "https://docs.pareto.credit/product/credit-vaults/live-vaults.md" },
    { id: "S7", url: "https://pareto.credit/terms-of-service/" },
    { id: "S8", url: "https://docs.pareto.credit/product/users/lenders/verification.md" },
    { id: "S9", url: "https://docs.pareto.credit/developers/addresses/product/usp.md" },
    { id: "S10", url: "https://docs.pareto.credit/product/usp/allocation.md" },
  ]}
/>


# 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

The platform operates through a modular system where institutional borrowers configure custom credit vaults with specific parameters, lenders deploy capital through compliant KYC processes using zero-knowledge proofs, and curators provide underwriting expertise to structure credit products. Revenue is generated through interest spreads on credit facilities, with automated smart contract infrastructure handling accounting, interest distribution, and risk management across diversified institutional counterparties.

The platform facilitates on-chain credit markets by offering structured lending products to institutional borrowers like prime brokers, trading firms, and hedge funds, while enabling lenders to access yield opportunities through diversified credit vaults. Pareto also operates USP, a synthetic dollar protocol backed by real-world private credit, and sUSP, its yield-generating staking derivative that provides exposure to institutional credit lines.

Pareto is a blockchain-based platform that operates an institutional-grade private credit marketplace connecting traditional finance with decentralized finance infrastructure.

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Stablecoin issuers

Pareto

Pareto Staked USP (SUSP) is a tokenized fund share issued by Pareto.

The fund is open-ended, invests in private credit, and locks up subscriptions for 0 months.

Retail investors can mint and redeem directly with Pareto in USP after completing KYC, and holders have a right to redeem at net asset value with quarterly settlement.

SUSP has been issued on Ethereum as an ERC-4626 token since May 2025.

Pareto Staked USPSUSP