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Add USP TVL calculation for Ethereum (#1) #16907

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Add USP TVL calculation for Ethereum (#1) #16907

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32 changes: 32 additions & 0 deletions projects/piku-dao/index.js
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const ADDRESSES = require('../helper/coreAssets.json')

const USP_TOKEN = '0x098697bA3Fee4eA76294C5d6A466a4e3b3E95FE6'
const ORACLE = '0x433471901bA1A8BDE764E8421790C7D9bAB33552'

async function tvl(api) {
// Get USP total supply and oracle price in parallel
const [totalSupply, decimals, pricePerToken] = await Promise.all([
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@waynebruce0x waynebruce0x Nov 4, 2025

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is it possible for us to count underlying asset deposits rather than receipt token total supply?

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@goktug-piku goktug-piku Nov 4, 2025

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Hi! We use a dynamic mint and redeem mechanism for USP, which is why using the total supply is accurate in this case.
You can verify this on Etherscan (writeProxyContract - buy function)
— specifically the buy (0xd6febde8) function.

Here are example transactions for reference:
• Mint: 0x7defc233f2f62780664446503b3f58786714e5dbbb785be16ab94b4c3e4abaea

• Redeem: 0x0220adc3e42cb0ab2ab1f1a9047b0d2c1f2ea6e46d4f922ea9a804891ac5ec7c#eventlog

If that’s not convincing enough, I can walk you through the contract architecture in more detail.

api.call({ target: USP_TOKEN, abi: 'erc20:totalSupply' }),
api.call({ target: USP_TOKEN, abi: 'uint256:decimals' }),
api.call({ target: ORACLE, abi: 'function getPriceForIssuance() view returns (uint256)' })
])

// Calculate TVL in USDC
// totalSupply is in 18 decimals, pricePerToken is in 6 decimals (USDC format)
// Result should be in USDC's 6 decimals
// Formula: (totalSupply * price) / 10^18 = TVL in USDC (6 decimals)
const tvlInUsdc = (totalSupply * pricePerToken) / (10 ** decimals)

// Report as USDC for proper USD valuation
api.add(ADDRESSES.ethereum.USDC, tvlInUsdc)
}

module.exports = {
methodology: "TVL is calculated by multiplying USP stablecoin's total supply with its oracle price (getPriceForIssuance). The oracle price is manually updated and reflects the yield-bearing value of USP backed by USDC.",
start: 23081800,
timetravel: true,
misrepresentedTokens: false,
ethereum: {
tvl,
}
}
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