Users deposit US Treasury Bills and receive USD0, Usual's USD stablecoin. With USD0, users can purchase the enhanced T-Bill (USD0++), allowing them to earn rewards in USUAL tokens.

Usual is a decentralized Fiat Stablecoin issuer built on Ethereum and it was launched in 2024.

USUAL tokenholders own and govern the protocol. They currently collect all of the RWA collateral interest (revenue). Usual's investors include Bing Ventures, StarkWare, Kima Ventures, etc.

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Usual

# Usual Total value locked Methodology

## 1. Overview

The Usual TVL (Total Value Locked) metric measures the total USD value of assets under management by the Usual protocol, a stablecoin issuer. This metric tracks the circulating supply of three protocol tokens (USYC, USUALM, and ETH0) by monitoring minting, burning, and treasury movements. The calculation treats net deposits as TVL, representing the total value of assets that users have deposited into or withdrawn from the protocol.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events for three specific ERC20 tokens (USYC, USUALM, and ETH0)
- **On-chain price data**: `BalanceReported` events from the USYC SDYCAggregator contract providing protocol-specific pricing
- **External data**: End-of-day token price feeds for generic price information
- **Token metadata**: Token decimal information for proper amount normalization

## 3. Step-by-step calculation

### Component A: Token transfer extraction
- **Purpose**: Extract all Transfer events for the three Usual protocol tokens
- **Logic**: Collects Transfer events from Ethereum for USYC token (`0x136471a34f6ef19fe571effc1ca711fdb8e49f2b`), USUALM token (`0x4cbc25559dbbd1272ec5b64c7b5f48a2405e6470`), and ETH0 token (`0x734eec7930bc84ec5732022b9eb949a81fb89abe`). Filters out removed or invalid transactions and standardizes the data with protocol classification fields including market sector and business segment identifiers.
- **Key fields**: `block_timestamp`, `transaction_hash`, `to_address`, `from_address`, `token_address`, `amount`

### Component B: Supply tracking logic
- **Purpose**: Calculate net token supply changes by monitoring key addresses
- **Logic**: Tracks supply changes using different address monitoring strategies for each token type. For USYC and USUALM tokens, monitors the treasury address (`0xdd82875f0840aad58a455a70b88eed9f59cec7c7`) where outflows represent supply decreases (negative amounts) and inflows represent supply increases (positive amounts). For ETH0 tokens, monitors the zero address (`0x0000000000000000000000000000000000000000`) where transfers to the zero address represent burns (negative amounts) and transfers from the zero address represent mints (positive amounts).
- **Key fields**: `amount` (with appropriate signs), `token_address`, `block_timestamp`

### Component C: Daily aggregation and cumulative calculation
- **Purpose**: Convert transaction-level data to daily supply metrics
- **Logic**: Aggregates all transfer amounts by day for each token, applying decimal corrections using token metadata. Calculates cumulative supply using running sum window functions partitioned by chain and token address, ordered by timestamp. Implements fill-forward logic to ensure continuous daily coverage without gaps.
- **Key fields**: `timestamp` (daily), `tvl` (cumulative supply), `token_address`

### Component D: USD conversion
- **Purpose**: Convert token amounts to USD values using appropriate price sources
- **Logic**: Applies USD conversion using two price sources. For USYC tokens, uses protocol-specific prices from the SDYCAggregator contract's `BalanceReported` events, with prices normalized by dividing by 10^8. For other tokens, uses generic end-of-day price feeds. Joins supply data with price data on timestamp and token address, using coalesce logic to prioritize protocol-specific prices where available.
- **Key fields**: `net_deposits` (USD-denominated), `price` (from various sources)

### Final aggregation
- **Combining components**: The final TVL metric directly uses the USD-denominated net deposits calculated in the previous step
- **Currency conversion**: USD conversion occurs at the daily supply level using protocol-specific USYC prices and generic price feeds for other tokens
- **Time aggregation**: Daily time boundaries are used throughout, with fill-forward logic ensuring continuous coverage
- **Final calculation**: The TVL equals the sum of USD-denominated circulating supply across all three protocol tokens (USYC, USUALM, and ETH0), calculated as cumulative net supply changes from treasury and minting/burning activities

*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.

UsualUSUAL

Total value locked

Total value locked

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