The protocol utilizes the CALIBER system (Collateralized Asset Ledger: Insurance, Bailout, Evaluation, and Redemption) to tokenize physical hardware collateral into verifiable on-chain assets with enforceable property rights. It operates through bankruptcy-remote SPVs, equity down payments, and FiLo vaults that create multiple lines of defense for token holders, while managing illiquid collateral through market-driven mechanisms like QEV (Queue Extractable Value) rather than first-come-first-served redemptions.

The project operates an overcollateralized stablecoin (USDai) that generates yield by providing liquidity to emerging AI companies with real-world hardware collateral. Users can stake USDai to earn sUSDai, which provides real yield backed by AI infrastructure investments and can be used across DeFi protocols for additional returns.

USDai is a decentralized stablecoin protocol developed by Permian Labs that bridges traditional finance with AI infrastructure lending.

twitter

website

github

telegram

Real-world asset (RWA) issuers

USDai

# USDai Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets under the protocol's control, representing the full balance sheet of the USDai Stablecoin ecosystem. This includes the idle reserves backing the USDai Stablecoin and the active principal deployed in off-chain loans to GPU operators. TVL is used as a primary indicator of the protocol's scale, as assets are shifted between liquid reserves and interest-bearing loan positions while maintaining the total value within the protocol.

## 2. Data sources

- **Blockchain events**: `LoanOriginated`, `LoanRepaid`, and `LoanLiquidated` events from `LoanRouter` contracts, covering Arbitrum
- **Upstream metrics**: Circulating market cap for USDai Stablecoin, covering Ethereum, Arbitrum, and 3 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Loan principal tracking

- **Purpose**: Capture all changes to the outstanding principal of active loans.
- **Logic**: `LoanOriginated` events are parsed to identify new loan principal. `LoanRepaid` events are parsed to extract both scheduled principal installments and early prepayments, both of which reduce the outstanding balance. For `LoanLiquidated` events, the residual principal is calculated by subtracting the sum of all prior repayments from the original originated amount. These events are combined to determine the net daily change in principal per loan.
- **Key fields**: `loan_terms_hash` (loan identification), `principal_amount` (scheduled repayment), `prepayment_raw` (early repayment), `amount` (origination principal).

### Component B: Active loans aggregation

- **Purpose**: Calculate the total USD value of all outstanding loan positions.
- **Logic**: Daily net changes in principal are aggregated per loan and a running balance is maintained. These balances are forward-filled to ensure continuity between event dates. The total outstanding principal is then aggregated by chain and asset, normalized by decimal precision, and converted to USD using end-of-day price feeds.
- **Key fields**: `token_address` (asset identification), `active_loans` (principal balance).

### Component C: Stablecoin market cap integration

- **Purpose**: Capture the value of idle reserves backing the circulating stablecoin supply.
- **Logic**: The circulating market cap of the USDai Stablecoin is retrieved from the asset metric pipeline. This value represents the portion of the protocol's assets that are held in liquid reserves (such as PYUSD) rather than being deployed into active loan positions.
- **Key fields**: `market_cap` (circulating supply in USD).

### Component D: Final TVL aggregation

- **Purpose**: Combine all protocol-controlled value into a single metric.
- **Logic**: The USD-denominated active loan balance and the USDai Stablecoin market cap are summed at the protocol level. This calculation accounts for the movement of assets where funding a loan reduces the stablecoin supply while increasing the active loan book, thereby conserving the total value locked. The final values are forward-filled to ensure a continuous daily time series.
- **Key fields**: `tvl` (total value locked).

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

USDaiCHIP

Total value locked

Total value locked

Competitive landscape

Chain breakdown