The platform operates across multiple blockchains including Ethereum, Polygon, Solana, Base, and others, allowing users to buy, sell, and transfer tokens 24/7. VNX maintains regulatory compliance through its TVTG registration as a Token Generator and Service Provider, ensures transparency through asset allocation lookups and regular reporting, and generates revenue through token issuance and platform services.

VNX creates blockchain-based tokens that represent physical assets, offering VEUR, VCHF, VGBP (fiat-referenced tokens) and VNXAU (gold-backed tokens). These multichain digital assets enable users to trade, transfer, and utilize real-world assets in DeFi protocols while maintaining regulatory compliance and full transparency through allocated physical backing.

VNX is a Liechtenstein-licensed blockchain company regulated by the Financial Market Authority (FMA) that specializes in tokenizing real-world assets including fiat currencies and precious metals.

twitter

website

Stablecoin issuers

# VNX Total value locked Methodology

## 1. Overview

VNX TVL (Total Value Locked) represents the total USD value of all outstanding tokenized assets managed by VNX across their product suite. The metric aggregates the market capitalization of individual tokenized assets (commodities, stablecoins, etc.) that comprise VNX's asset management products. This provides a comprehensive view of the total value under VNX's asset management platform.

## 2. Data sources

The VNX TVL calculation relies on several key data sources:

- **Product metadata**: VNX product definitions and configurations from the datahub, including product-to-asset mappings and market sector classifications
- **Asset market capitalization data**: Pre-calculated asset market cap circulating metrics that represent the USD value of outstanding supply for tokenized assets
- **Token metadata**: Token addresses, symbols, and asset identifiers for proper mapping between VNX products and their underlying assets
- **Market sector classifications**: Product tags that categorize VNX offerings into sectors like tokenized commodities and stablecoins
- **Chain availability data**: Supported blockchain networks and filtering rules

## 3. Step-by-step calculation

### Component A: VNX product and asset mapping
- **Purpose**: Establishes the relationship between VNX products and their underlying tokenized assets
- **Logic**: Retrieves VNX product metadata from the datahub where `data_id` equals 'vnx' and filters for products that have valid asset mappings. Extracts the market sector classification from the product tags array, prioritizing 'tokenized-commodities' and 'stablecoins' tags, or using the first tag if neither is present. Creates a clean mapping table with `product_id`, `asset_id`, `token_symbol`, and `market_sector_id`
- **Key fields**: `product_id` (VNX product identifier), `asset_id` (underlying asset identifier), `token_symbol` (token symbol), `market_sector_id` (sector classification)

### Component B: Asset market cap retrieval
- **Purpose**: Obtains the USD value of outstanding supply for each tokenized asset
- **Logic**: Pulls asset market cap circulating metrics from the metrics system, filtering for the `asset_market_cap_circulating` metric. This metric represents the total USD value of an asset's circulating supply and serves as a proxy for outstanding supply value. Data is retrieved with daily timestamp granularity and includes `chain_id`, `token_address`, and `asset_id` for proper joining
- **Key fields**: `timestamp` (daily date), `chain_id` (blockchain network), `token_address` (token contract address), `asset_id` (asset identifier), `asset_market_cap_circulating` (USD value)

### Component C: Product-asset value linking
- **Purpose**: Combines VNX product mappings with asset market cap data to calculate outstanding supply per product
- **Logic**: Performs an inner join between asset market cap data and VNX product mappings using `asset_id` as the key. Assigns business categorization fields including 'asset_management' as `business_line`, market sector as both `market_sector_id` and `business_segment_id`, and 'v1' as version. The `asset_market_cap_circulating` value becomes the `outstanding_supply` for each product-asset combination
- **Key fields**: `outstanding_supply` (USD value from asset market cap), `product_id`, `market_sector_id`, `business_segment_id`, `chain`, `token_address`

### Component D: Daily aggregation and finalization
- **Purpose**: Ensures data quality and handles potential duplicates or gaps
- **Logic**: Aggregates outstanding supply values by day using sum aggregation in case multiple records exist for the same product on the same day. Applies the standard `finalize_metric_outstanding_supply` macro which validates schema, ensures proper data types, fills gaps with zeros for missing dates, and applies forward-filling logic where appropriate. Chain availability filtering excludes unsupported networks
- **Key fields**: `outstanding_supply` (aggregated daily values), `timestamp`, `product_id`, `chain_id`

### Final aggregation
- **Combining components**: The TVL calculation sums all outstanding supply values across all VNX products using a simple sum aggregation grouped by `timestamp`, `timestamp_grain`, `chain_id`, and `product_id`
- **Currency conversion**: No additional currency conversion is required as asset market cap circulating values are already denominated in USD
- **Time aggregation**: Daily boundary logic is maintained throughout, with the `timestamp_grain` set to 'day' for all calculations
- **Final calculation**: TVL equals the sum of all outstanding supply values across all VNX products for each day. The `finalize_metric_tvl` macro applies final schema validation, gap filling with zeros, and ensures data completeness. Chain filtering excludes TON network from the final results

*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.

VNXVNX

Total value locked

Total value locked

Competitive landscape

Chain breakdown