ZYNK-KY-SR-GEN, issued by Textile, is a tokenized-funds debt instrument that gives tokenholders a proportional onchain claim on the lending pool underlying Zynk KY Senior Other.

The token tracks Zynk KY Senior Other (ZYNK-KY-SR-GEN), 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" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

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 Zynk KY Senior Other (ZYNK-KY-SR-GEN) is a tokenized fund share issued by Textile.

Each token is a direct claim on the issuer and has being wound down issuance.

The fund is closed-ended and invests in U.S. private credit.

Investors can subscribe and redeem in USDC, with a USDC 1,000 minimum, and holders have a right to redeem at net asset value with monthly settlement.

ZYNK-KY-SR-GEN has been issued on Ethereum as an ERC-4626 token since March 2026.

Textile Credit Zynk KY Senior OtherZYNK-KY-SR-GEN