wsrUSD, issued by the Reservoir Protocol smart contracts under the governance of Protocol Governance Tokenholders, is a tokenized yield-bearing savings token that represents staked srUSD in transferable ERC-20 form and accrues yield from the protocol balance sheet [S1][S2].

Holders receive economic exposure to the underlying srUSD savings position, whose yield is generated through onchain allocation of the multicollateral protocol balance sheet into real-world assets, crypto-backed lending markets and other DeFi protocols, then distributed to wsrUSD holders [S3][S4]. wsrUSD accrues interest each block as a value-accruing token whose share count remains constant while per-token purchasing power increases, at a governance-maintained rate, and it carries no fees [S2].

wsrUSD is issued by the Reservoir Protocol smart contracts and is not issued by a single corporate entity, with no incorporated issuing entity or DAO legal wrapper disclosed for the token issuance [S5][S6]; the Terms of Service are governed by the laws of the Cayman Islands [S7]. Holders have no secured claim against underlying funds and tokens carry no deposit insurance [S5]. The tokens are available to non-U.S. users in non-sanctioned countries, are not offered to United States persons or to the EEA public, and exclude Prohibited Persons [S7][S1]. Redemptions are fulfilled immediately when the Peg Stability Module has available liquidity, with no lock-up [S2].

wsrUSD is an ERC-20 token with native issuance on Ethereum and bridged availability via an Omnichain Fungible Token adapter across networks including Base, Arbitrum, Berachain, Plume, Sonic, BNB, Avalanche, Solana and Linea [S1][S8]. Settlement is onchain via the Peg Stability Module at parity, subject to available USDC liquidity, with adapters reporting net asset value to track solvency [S9][S4].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.reservoir.xyz/products/stablecoin-rusd" },
    { id: "S2", url: "https://docs.reservoir.xyz/products/savings-srusd-and-wsrusd" },
    { id: "S3", url: "https://docs.reservoir.xyz/products/proof-of-reserves" },
    { id: "S4", url: "https://docs.reservoir.xyz/security-and-compliance/faq" },
    { id: "S5", url: "https://docs.reservoir.xyz/security-and-compliance/risk-factors" },
    { id: "S6", url: "https://docs.reservoir.xyz/llms-full.txt" },
    { id: "S7", url: "https://docs.reservoir.xyz/security-and-compliance/terms-of-service" },
    { id: "S8", url: "https://docs.reservoir.xyz/security-and-compliance/smart-contract-addresses" },
    { id: "S9", url: "https://docs.reservoir.xyz/protocol-architecture/asset-adapters" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

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

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Tokenized funds

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Stablecoin issuers

Reservoir.xyz

Reservoir wsrUSD (wsrUSD) is a tokenized fund share issued by Reservoir.xyz.

The fund is open-ended, invests in multi-asset, locks up subscriptions for 0 months, and charges a 0% annual management fee.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Reservoir.xyz in rUSD, and holders have a right to redeem at net asset value with instant settlement.

wsrUSD has been issued on Ethereum as an ERC-20, ERC-4626, and SPL Token token since April 2025, with bridged versions on eleven more.

Reservoir wsrUSDwsrUSD