BUILDOUT, issued by ABC Labs, LLC, is a tokenized-equity basket token, a Decentralized Token Folio that provides onchain economic exposure to a weighted portfolio of publicly listed U.S. semiconductor and AI hardware companies [S1].

The token holds the 25 largest U.S.-listed companies across the AI hardware stack, weighted by market capitalization with a 10% per-constituent cap and rebalanced quarterly [S1]. Its constituents are Ondo Global Markets tokenized stocks, each representing an actual share held in a regulated U.S. brokerage account [S1]. Holders receive price exposure to the underlying basket. ABC Labs charges a TVL fee and a mint fee, set by governance and collected in the DTF token itself [S2].

ABC Labs, LLC operates under Delaware law and states that it is not a bank, broker-dealer, investment adviser, commodity trading adviser, futures commission merchant, or other regulated financial intermediary, and is not registered with the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, or any other financial authority [S3]. The DTF and RSR tokens are not deposits, are not legal tender, and are not insured by the FDIC or SIPC [S3]. The folio is governed by smart contracts and vote-locked governance tokens rather than a corporate fund issuer [S4]. Access is barred to sanctioned persons and jurisdictions including Cuba, Iran, North Korea, Syria, and Venezuela [S3].

The DTF is an ERC-20 token deployed on Ethereum, Base, and Binance Smart Chain, with each folio backed entirely by assets on the same blockchain [S1] [S4]. Minting and redeeming are permissionless and atomic, converting directly between the DTF token and its underlying basket constituents within a single transaction and without authorized participants [S5]. Basket ratios are computed and enforced onchain, so core settlement requires no oracle [S5].

<Sources
  retrievedAt="2026-06-30"
  items={[
    { id: "S1", url: "https://app.reserve.org/" },
    { id: "S2", url: "https://docs.reserve.org/core-components/index-dtfs/fees" },
    { id: "S3", url: "https://reserve.org/terms_and_conditions" },
    { id: "S4", url: "https://docs.reserve.org/core-components/index-dtfs/overview" },
    { id: "S5", url: "https://docs.reserve.org/core-components/index-dtfs/minting-and-redeeming" },
  ]}
/>


# 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

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Asset management

Reserve

Reserve AI Infrastructure DTF (BUILDOUT) is a token tracking Portfolio shares, backed by dedicated collateral.

The underlying security is listed in the multi-asset sector.

Each token carries an annual fee of 0.6%.

Retail investors, professional investors, and accredited investors worldwide can mint and redeem directly with Reserve in underlying shares, and holders have a right to redeem at net asset value with instant settlement.

Residents of the United States, Canada, Brazil and other jurisdictions the issuer restricts cannot mint or redeem with Reserve.

BUILDOUT has been issued on BNB Chain as an ERC-20 token since June 2026.

Reserve AI Infrastructure DTFBUILDOUT