stUSR, issued by Resolv Digital Assets Ltd. (RDAL), is a tokenized yield-bearing claim that represents staked USR, the protocol's overcollateralized U.S. dollar (USD) denominated stablecoin, accruing returns from a delta-neutral collateral strategy. [S1][S2][S3]

Holders receive yield generated by an ETH and BTC delta-neutral basis-trade strategy, in which RDAL opens short perpetual-futures positions against ETH, staked ETH, BTC and USD-neutral collateral such as USDC and USDT, capturing funding-rate yield. [S4][S2][S5] stUSR accrues through a rebasing mechanism whereby token quantity increases while one stUSR remains equal to one USR. [S6] Approximately 76.5% of profit is distributed pro rata to stUSR and RLP holders, with 10% retained as a protocol fee, applied only on days with positive yield. [S6][S7]

RDAL is incorporated in the British Virgin Islands (BVI), with its Terms of Service governed by BVI law and exclusive jurisdiction in BVI courts. [S1] The Terms state that Resolv Tokens are not legal tender, are not backed by any government, and are not subject to FDIC or SIPC protection. [S1] The holder's claim is contractual rather than segregated, reflected only in the books and records of RDAL. [S1] Direct issuance and redemption require verified KYC customer status; non-accredited U.S. persons, Canadian persons, sanctioned persons, and residents of Cuba, North Korea, Iran, Syria and Crimea are excluded. [S1] USR functions as a senior tranche, with RLP absorbing losses first. [S8]

stUSR operates across multiple blockchain networks via LayerZero bridging, with live deployments on Ethereum, Base, BNB Chain and HyperEVM. [S8][S9] USR is minted and redeemed for collateral on a one-to-one basis with RDAL, then staked into stUSR; USR redemptions settle within 24 hours, with instant redemption available in select cases. [S3][S1]

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.resolv.xyz/litepaper/legal/terms-of-service" },
    { id: "S2", url: "https://docs.resolv.xyz/litepaper" },
    { id: "S3", url: "https://docs.resolv.xyz/litepaper/overview/usr" },
    { id: "S4", url: "https://docs.resolv.xyz/litepaper/protocol-mechanics/collateral-pool" },
    { id: "S5", url: "https://docs.resolv.xyz/litepaper/protocol-mechanics/faq" },
    { id: "S6", url: "https://docs.resolv.xyz/litepaper/protocol-mechanics/profit-distribution" },
    { id: "S7", url: "https://docs.resolv.xyz/litepaper/protocol-mechanics/fees" },
    { id: "S8", url: "https://docs.resolv.xyz/litepaper/overview/rlp" },
    { id: "S9", url: "https://resolv.xyz/journey" },
  ]}
/>


# 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

Users deposit collateral to mint USR, a yield-bearing stablecoin pegged to USD. The protocol generates yield by deploying backing across ETH staking, futures markets, lending protocols, and tokenized real-world assets. RLP holders provide a leveraged risk buffer, absorbing volatility and earning higher yields in return. stUSR allows USR holders to accrue protocol yield automatically.

Resolv is a stablecoin issuer and yield protocol built on Ethereum and multiple EVM chains. It issues USR, a crypto-native yield-bearing stablecoin backed by a delta-neutral strategy, along with RLP (the liquidity provider token) and stUSR (the staked, yield-accruing variant of USR).

Resolv is operated by Resolv Labs. The protocol is governed by its community, with RLP holders acting as the risk-absorbing liquidity layer that protects USR holders.

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Stablecoin issuers

Resolv

Resolv Staked USR (stUSR) is a tokenized fund share issued by Resolv through Resolv Digital Assets Ltd.

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

Retail investors and accredited investors can mint and redeem directly with Resolv in USR, and holders have a right to redeem at net asset value.

Resolv Digital Assets Ltd. is incorporated in the British Virgin Islands.

Holder terms are governed by the law of the British Virgin Islands.

stUSR has been issued on Ethereum as an ERC-20 token since June 2024.

Resolv Staked USRstUSR