Dashboards
How to read protocol-level metrics, prices and ratios.
Total Value Locked
- Cumulative TVL over time
- TVL = USDest reserve (USDC + T-bill fund, at value) + bond positions at carrying value − USDest held inside the vault (to avoid double counting)
sUSDest APY
- Current and historical yield on sUSDest, net of fees
- Split into Bond yield (coupons) and Base yield (T-bill yield harvested from the reserve)
- Lookback windows: 7d, 30d, 90d. Coupons are lumpy, so short windows vary a lot
Share Prices
- Deposit share price: includes accrued-but-unpaid coupon
- Redemption share price: settled value only
- Spread: accrued coupon plus unharvested base yield per share
Proof of Reserves
- A summary of the reserves and bond positions behind USDest and sUSDest. See Proof of Reserves
Key Ratios
- USDest Reserve Ratio: reserve value ÷ USDest supply (≥ 100%)
- USDC Buffer: USDC ÷ USDest reserve, against
USDC_BUFFER_BPS - Staking Ratio: USDest-equivalent value of sUSDest ÷ USDest supply
- Vault Liquidity Ratio: unallocated vault USDest ÷ vault NAV, measured against the reserve floor (
RESERVE_FLOOR_BPS). Distinct from the USDest Reserve Ratio above, which measures the USDC + T-bill backing of USDest itself - Bond Allocation: bond positions ÷ vault NAV, including pending subscriptions and allowlisted-but-unfunded bonds
- Largest Issuer Exposure: largest issuer group ÷ vault NAV, against the per-issuer cap
Redemptions
- Next epoch close and cutoff
- Queued requests (USDest-equivalent) vs available USDest
- Scheduled inflows before next close: coupons, maturities, redemption windows
Secondary Market
- sUSDest DEX price vs redemption share price (premium/discount)
- USDest DEX price vs 1.00