Theo network v2

[joshhchun]

This is a new product for the existing protocol "Theo".

The current adapter tracks the TVL of our straddle vaults, while this new adapter is for tracking the TVL of a new product "thBill". We would like these to be under the same parent listing "Theo", with the current adapter under "Straddle Vaults" and this new adapter under "thBill".

New Category: We would also like to be under category "RWA" instead of "Basis Trading"

[llamabutler]

The adapter at projects/theo-network-thbill exports TVL:

hyperliquid               28.20 M
ethereum                  2.01 M
arbitrum                  199.65 k
base                      625

total                    30.41 M 

[waynebruce0x]

How can we verify total supply is equal to the TVL collateral off chain?

[gyousuf]

We use a 1:1 backing structure where tULTRA tokens only get minted after USDC is sent to our RWA issuer (Libeara/SC Ventures). The tULTRA contract tracks "pending assets" during settlement to prevent over-issuance, and once the issuer settles with the contract, those assets get marked as confirmed. thBILL is then an index token that wraps tULTRA (and potentially other T-bill products in the future) - so each thBILL is fully backed by the underlying tULTRA tokens, which are themselves backed 1:1 by ULTRA fund shares (all of this can be tracked onchain).

For off-chain verification, the ULTRA fund is regulated by MAS and held at Standard Chartered Bank, with Wellington Management handling the actual T-bills, while on-chain oracles feed us the real NAV based on actual T-bill holdings.

Check out https://docs.theo.xyz/thbill & https://docs.theo.xyz/audits for more details.

[waynebruce0x]

Can we track the balance of owner ULTRA instead?

[llamabutler]

The adapter at projects/theo-network-thbill exports TVL:

ethereum                  50.91 M

total                    50.91 M