ANDURIL, issued by PreStocks, is a tokenized-stock instrument providing economic exposure to the implied private-market valuation of Anduril Industries, Inc., mediated through a Special Purpose Vehicle (SPV) that holds exposure to the underlying shares [S1].

Each ANDURIL token is stated to be 1:1 backed by SPV exposure to Anduril Industries, Inc. shares, with the token price tracking the company's implied valuation [S1]. The token confers no dividend or other economic rights beyond price tracking [S1][S2]. PreStocks advertises no management or performance fees and no minimum investment, while a one-time fee applies to mint and redeem operations [S3]. Price alignment with secondary-market value is maintained through mint and redeem arbitrage [S3].

PreStocks identifies itself only as PreStocks and expressly disclaims regulated status, stating it is not a broker-dealer, investment advisor, exchange operator, transfer agent, custodian, virtual asset service provider, or similar regulated entity [S1][S2]. The token represents economic exposure only and confers no ownership, voting, dividend, information, or other legal rights, and is not affiliated with or endorsed by the referenced company [S1][S2]. Tokens are not available in the U.S., to U.S. persons, or to other ineligible persons [S1][S2]. Holders may sell on Solana DEXs at any time, while mint and redeem are gated by KYC [S1][S3].

ANDURIL is issued on Solana using the SPL token standard and is tradable on Solana DEXs such as Jupiter [S1][S3]. PreStocks, via the SPV, acquires share exposure and wraps it into the token; minting and redemption are KYC-gated, with redemption settling the underlying economic value into USDC [S4][S3]. The issuer advertises instant onchain settlement for trades [S3].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://prestocks.com/" },
    { id: "S2", url: "https://prestocks.com/openai" },
    { id: "S3", url: "https://newsletter.prestocks.com/p/prestocks-are-live-trade-spacex-openai" },
    { id: "S4", url: "https://prestocks.com/spacex" },
  ]}
/>


# 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 stocks

PreStocks operates through SPVs that acquire actual shares in private companies on secondary markets. SPL tokens are minted on Solana representing proportional non-voting economic interest in each SPV. Tokens trade 24/7 on DEXes like Jupiter, Raydium, and Meteora. Pricing is maintained via arbitrage: when token price drifts from NAV, traders mint or redeem tokens to close the gap. Minting and redemption require KYC; secondary trading does not. The platform is regulated under Regulation S and is not available in the US.

PreStocks tokenizes pre-IPO company stocks through SPV-backed Solana tokens, giving users 24/7 access to private companies like SpaceX, OpenAI, and Anthropic with no minimums and no management fees. Each token represents economic exposure to a private company via a Special Purpose Vehicle (SPV) that holds actual equity. The platform rebranded from PrePO and migrated to Solana in August 2025.

PreStocks was founded by Xavier Ekkel, a former software engineer at Canva. The platform is backed by Alliance DAO and funded by Republic Capital.

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Real-world asset (RWA) issuers

PreStocks

Anduril PreStocks (ANDURIL) is a tokenized exposure to Anduril.

Each token carries no dividend entitlement and carries no voting rights.

Holders worldwide can mint and redeem directly with PreStocks in USDC after completing KYC.

Residents of Afghanistan, Albania, Belarus and other jurisdictions the issuer restricts cannot mint or redeem with PreStocks.

Holder terms are governed by the law of the British Virgin Islands, with disputes heard in the United Kingdom.

ANDURIL has been issued on Solana as a SPL Token-2022 token since September 2025.

PreStocks AndurilANDURIL