Verified Network / adding tokenized RWA TVL to Defillama

[kallolborah]

NOTE

Please enable "Allow edits by maintainers" while putting up the PR.

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• If you would like to add a volume adapter please submit the PR here.
• If you would like to add a liquidations adapter, please refer to this readme document for details.

1. Once your adapter has been merged, it takes time to show on the UI. If more than 24 hours have passed, please let us know in Discord.
2. Sorry, We no longer accept fetch adapter for new projects, we prefer the tvl to computed from blockchain data, if you have trouble with creating a the adapter, please hop onto our discord, we are happy to assist you.
3. Please fill the form below only if the PR is for listing a new protocol else it can be ignored/replaced with reason/details about the PR
4. For updating listing info It is a different repo, you can find your listing in this file: https://github.com/DefiLlama/defillama-server/blob/master/defi/src/protocols/data2.ts, you can edit it there and put up a PR
5. Do not edit/push package-lock.json file as part of your changes, we use lockfileVersion 2, and most use v1 and using that messes up our CI
6. No need to go to our discord and announce that you've created a PR, we monitor all PRs and will review it asap

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Name (to be shown on DefiLlama):

VERIFIED NETWORK

Twitter Link:

www.twitter.com/veridefi

Website Link:

www.verified.network

Logo (High resolution, will be shown with rounded borders):

Current TVL:

Right now, only Polygon is showing with test TVL. We expect TVL of $5 million by June 2024 as project goes live.

Treasury Addresses (if the protocol has treasury)

None

Chain:

Polygon

Coingecko ID (so your TVL can appear on Coingecko, leave empty if not listed): (https://api.coingecko.com/api/v3/coins/list)

None

Coinmarketcap ID (so your TVL can appear on Coinmarketcap, leave empty if not listed): (https://api.coinmarketcap.com/data-api/v3/map/all?listing_status=active,inactive,untracked&start=1&limit=10000)

None

Short Description (to be shown on DefiLlama):

The Verified Network is decentralized financial infrastructure for issuing, trading and servicing tokenized Real World Assets (RWAs).

Token address and ticker if any:

None

Category (full list at https://defillama.com/categories) *Please choose only one:

RWA

Oracle Provider(s): Specify the oracle(s) used (e.g., Chainlink, Band, API3, TWAP, etc.):

Implementation Details: Briefly describe how the oracle is integrated into your project:

Documentation/Proof: Provide links to documentation or any other resources that verify the oracle's usage:

forkedFrom (Does your project originate from another project):

Verified liquidity pools for primary issues (to raise new capital), secondary issues (for trading existing RWAs) and margin issues (for trading derivatives) are implemented using the Balancer protocol's framework. However, Verified liquidity pools are not a fork of any protocol.

methodology (what is being counted as tvl, how is tvl being calculated):

Cash swapped in to Verified liquidity pools is counted as TVL, and is calculated as follows for

• Primary pool : cash swapped in for subscribing to RWA tokens
• Secondary pool : cash swapped in for trading RWA tokens (price of RWA token * amount traded)
• Margin pool : cash swapped in for trading RWA derivatives ((amount of currency/amount of RWA tokens) * amount traded)

Github org/user (Optional, if your code is open source, we can track activity):

https://github.com/verified-network

[g1nt0ki]

hi @kallolborah
I would recommend putting up a new PR when protocol is live, sorry we dont list protocols not yet live.

regarding tvl calculation, not sure if the current method is sustainable since, we will essentially be caching all the swap logs and it grows over time.

Other issue is, what happens when cash is swapped for rwa token in the primary pool?, i.e where does the USDC tokens go? Idelly we would like to count only the non protocol tokens (including the minted rwa tokens) as your tvl, is there an easy way to look up this on chain?

[kallolborah]

hi @kallolborah I would recommend putting up a new PR when protocol is live, sorry we dont list protocols not yet live.

@g1nt0ki sure, we are going live this month. The pool addresses in this PR were all production liquidity pools. I will recreate the PR then. Please see my responses below.

regarding tvl calculation, not sure if the current method is sustainable since, we will essentially be caching all the swap logs and it grows over time.

The current method adds cash swap ins and deducts cash swap outs. So, they won't accumulate over time. I am not sure if you meant something else ?

Other issue is, what happens when cash is swapped for rwa token in the primary pool?, i.e where does the USDC tokens go? Idelly we would like to count only the non protocol tokens (including the minted rwa tokens) as your tvl, is there an easy way to look up this on chain?

In the primary pool, the cash (eg, USDC) swapped in can be withdrawn by the issuer. If you want only minted RWA tokens to reflect, that can be easily done. That way, we will have around $90 million of RWA tokens on day 1 as we have several projects, However, what we did was only take cash subscriptions/traded as TVL. Based on what you think, we can remove cash and count minted RWAs. Let us know.