# USYC (Collateral) Total value locked Methodology

## 1. Overview

Total value locked (TVL) for USYC (Collateral) measures the total value of the USYC assets held within the protocol treasury. This metric represents the collateralized base used by the protocol to back its stablecoin ecosystem. USYC (Collateral) is valued in USD using on-chain price data provided by the protocol's internal price aggregators.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events and `BalanceReported` events from `SDYCAggregator` contracts, covering Ethereum
- **External data**: Asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: USYC (Collateral) treasury tracking

- **Purpose**: To calculate the total quantity of USYC assets held in the protocol's collateral treasury.
- **Logic**: ERC-20 `Transfer` events for the USYC asset are parsed to identify movements involving the designated treasury address. Transfers sent to the treasury address are categorized as inflows, while transfers originating from the treasury address are categorized as outflows. A cumulative running balance is calculated by summing all historical inflows and subtracting all historical outflows.
- **Key fields**: `to_address`, `from_address`, `value`

### Component B: USYC (Collateral) price discovery

- **Purpose**: To retrieve the on-chain valuation of the USYC asset.
- **Logic**: Price data is extracted from `BalanceReported` events emitted by `SDYCAggregator` contracts. The raw price values are normalized by the decimal precision specified in the contract logic. These values are used to establish a daily price series for the collateral asset, with forward-filling applied to maintain continuity on days where no new price events are emitted.
- **Key fields**: `in_price`

### Component C: USD valuation and aggregation

- **Purpose**: To convert the tracked collateral quantity into a USD-denominated metric.
- **Logic**: The cumulative treasury balances are multiplied by the corresponding daily price values derived from the on-chain aggregator. All asset amounts are normalized by decimal precision to ensure accurate valuation. The final values are aggregated at a daily granularity using UTC day boundaries.
- **Key fields**: `block_timestamp`, `amount`, `price`

*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.

Total value locked

Tokenized funds

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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