EMPW-AF-SR-AG, issued by Textile, is a tokenized-funds debt instrument that gives tokenholders a proportional onchain claim on the lending pool underlying Empowa AF Senior Agriculture.

The token tracks Empowa AF Senior Agriculture (EMPW-AF-SR-AG), a private-credit reference asset, and represents a lender position in an onchain debt pool [S1][S2]. Holders earn interest paid by the borrower on deployed capital only; idle staked capital earns nothing [S3]. Interest accrues continuously and by default auto-compounds into the share price, with tokenholders able to disable compounding and reserve interest for manual claiming [S4][S5]. Holders bear protocol deposit and interest fees paid to the treasury, plus separate underwriter deposit and interest fees [S4][S5].

Textile is a decentralized protocol with no named issuing legal entity, jurisdiction, or regulator; the license page identifies only the brand holding commercial-use rights [S1][S6]. The tokenholder claim is an ERC-20 debt token representing a share in the pool, governed per pool by a borrower-uploaded contract between borrower and lenders [S2][S3]. Participation is open globally without geographic restriction, gated only by each pool's minimum stake [S1][S5]. Redemption is not instant: lenders submit a Withdraw Principal request, queued and fulfilled on the pool's next redemption date subject to available reserve liquidity, optionally requiring underwriter approval [S3][S7]. Capital is held in an immutable per-tranche Reserve custody contract [S8].

Pool tranches implement the ERC-4626 vault standard and issue ERC-20 debt tokens onchain across Ethereum, Base, an Ethereum Layer 2, and Celo [S1][S4]. Lenders deposit a stablecoin and mint shares, the first deposit minted one to one and later shares priced from totalAssets; redeem burns shares for the pool's borrow token [S4][S5]. Valuation is derived onchain from totalAssets, with no external NAV or price oracle [S4][S5].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.textilecredit.com/" },
    { id: "S2", url: "https://app.textilecredit.com/" },
    { id: "S3", url: "https://docs.textilecredit.com/guides/how-to-become-a-borrower.html" },
    { id: "S4", url: "https://docs.textilecredit.com/protocol/developer-guide.html" },
    { id: "S5", url: "https://docs.textilecredit.com/guides/how-to-stake-capital.html" },
    { id: "S6", url: "https://docs.textilecredit.com/license.html" },
    { id: "S7", url: "https://docs.textilecredit.com/guides/how-to-withdraw-principal.html" },
    { id: "S8", url: "https://docs.textilecredit.com/protocol/auditor-intro.html" },
  ]}
/>


# APY methodology

## 1. Overview

APY measures the annualized yield accrued by holding a yield-bearing token. On-chain state is standardized into a yield index that captures yield accrual regardless of mechanism — whether the token grows in value against its underlying (e.g. ERC-4626 vaults) or rebases in quantity (e.g. stETH). A 7-day trailing window is used to annualize the growth of this index over time.

## 2. Data sources

- **EVM chain state reads**: `convertToAssets` functions from ERC-4626 contracts, `getReserveNormalizedIncome` functions from Aave contracts, `pricePerShare` functions from ERC-7540 contracts, and NAV feeds from oracle contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Asset metadata**: Token addresses and decimal precision.
- **External data**: End-of-day price feeds.

## 3. Step-by-step calculation

### Component A: Yield index extraction

- **Purpose**: Retrieve daily cumulative yield indices from on-chain sources.
- **Logic**: Daily yield indices are aggregated from contract state reads across supported chains. These indices represent the current exchange rate or internal value of a yield-bearing token in terms of its underlying asset. On EVM-compatible chains, data is retrieved from standard interfaces including ERC-4626 vaults, lending market reserve indices, and specialized share-price functions. Amounts are normalized by decimal precision.
- **Key fields**: `yield_index_normalized` (cumulative yield index), `token_address` (asset contract), `timestamp` (record time)

### Component B: Trailing yield annualization

- **Purpose**: Compute the annualized growth rate of the yield index.
- **Logic**: A 7-day trailing window is applied by comparing the current yield index to the index recorded seven days prior. The ratio of change between these two points is annualized to produce the APY.
- **Key fields**: `asset_apy` (calculated annualized yield)

### Component C: Cross-chain deduplication and final aggregation

- **Purpose**: Consolidate yield data into a single daily value per asset.
- **Logic**: Data is combined across all supported chains. For assets deployed on multiple networks, a representative APY is selected by identifying the value closest to the cross-chain median for that specific timestamp. This process ensures that deployment-specific spikes or stale data from less active chains are mitigated. The resulting value is mapped to the global asset identifier and recorded as the daily APY.
- **Key fields**: `asset_id` (unique asset identifier), `asset_apy` (final annualized yield)

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

Annualized yield that holding the token accrues relative to its underlying asset.

Asset APY

Tokenized funds

Capital providers deposit stablecoins into debt pools and receive ERC-20 debt tokens representing their proportional claim. Interest from borrowers auto-compounds, increasing token value.

Textile is a decentralized private credit protocol that transforms traditional private credit markets into an open, programmable capital graph. It supports revolving credit lines with continuous compounding, tokenized debt positions tradeable on secondary markets, and underwriter-based risk assessment across Celo, Ethereum, and Base.

Credit companies, borrowers, and capital providers worldwide participate in Textile's decentralized lending markets.

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Lending

Textile

Textile Credit Empowa AF Senior Agriculture (EMPW-AF-SR-AG) is a tokenized fund share issued by Textile.

EMPW-AF-SR-AG has been issued on Base as an ERC-4626 token since January 2026.

Textile Credit Empowa AF Senior AgricultureEMPW-AF-SR-AG