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feat: add metastable meth tvl adapter #13244

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NOTE

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


  • 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

Name (to be shown on DefiLlama):

Metastable mETH

(FYI this is a product released by the same team behind mUSD. As such, we would like to list the tvl for both mUSD and mETH separately, underneath the same protocol of "Metastable".

Twitter Link:

https://x.com/MetaStables

List of audit links if any:
Website Link:

https://mstable.io/

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

https://mstable.io/coins/meth.svg

And here is the Metastable logo for the shared protocol:

https://mstable.io/general/logo.png

And here is the mUSD logo which should be updated from what it is now:

https://mstable.io/coins/musd.svg

Current TVL:

37.57

Treasury Addresses (if the protocol has treasury)
Chain:

Sui

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

A single meta-ETH coin backed by the numerous bridged ETH coins on Sui.

Token address and ticker if any:

mETH - 0xccd628c2334c5ed33e6c47d6c21bb664f8b6307b2ac32c2462a61f69a31ebcee::meth::METH

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

CDP

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

Pyth

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

The oracle is used to obtain a price feed for each supported bridged ETH coin that is used to mint mETH and thus provide slipageless mints and trades between underlying assets.

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

https://docs.mstable.io/developers/contracts

forkedFrom (Does your project originate from another project):
methodology (what is being counted as tvl, how is tvl being calculated):

We are counting the assets backing mETH as the tvl, since mETH is backed 1:1 with each bridged ETH coin on Sui, in direct relation to the price of these assets at the time of minting.

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

@llamabutler
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The adapter at projects/metastable-meth exports TVL:

sui                       38

total                    37.6157249133 

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@g1nt0ki g1nt0ki left a comment

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hi @collin-aftermath
your description makes it sound like a bridge, for bridges, we count tokens locked in contract at the source chain, can you update adapter to fetch pxETH locked in ethereum and show it under ethereum?

g1nt0ki added a commit that referenced this pull request Jan 25, 2025
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g1nt0ki commented Jan 25, 2025

sorry, I misunderstood, the token is already bridged but not priced by us.

But, we cant create a new listing for this, adding it to our existing metastable listing, we will rename "Metastable mUSD" to just "Metastable"

@g1nt0ki g1nt0ki closed this Jan 25, 2025
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hi @collin-aftermath your description makes it sound like a bridge, for bridges, we count tokens locked in contract at the source chain, can you update adapter to fetch pxETH locked in ethereum and show it under ethereum?

This is not a bridge. This is a CDP backed by different ETH tokens as collateral. These ETH tokens are of course not native to SUI, as they are bridged over. So these tokens are on Sui, locked within our protocol, NOT on Ethereum.

@collin-aftermath
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sorry, I misunderstood, the token is already bridged but not priced by us.

But, we cant create a new listing for this, adding it to our existing metastable listing, we will rename "Metastable mUSD" to just "Metastable"

Sorry, but I'm confused why this cant be listed separately underneath the Metastable heading? Since we are launching this as a separate product from mUSD, but it still uses our Metastable protocol. We want people to be able to see the TVL for mUSD separately from mETH.

@g1nt0ki
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g1nt0ki commented Jan 26, 2025

sorry, I misunderstood, the token is already bridged but not priced by us.
But, we cant create a new listing for this, adding it to our existing metastable listing, we will rename "Metastable mUSD" to just "Metastable"

Sorry, but I'm confused why this cant be listed separately underneath the Metastable heading? Since we are launching this as a separate product from mUSD, but it still uses our Metastable protocol. We want people to be able to see the TVL for mUSD separately from mETH.

because it is the same product, for example, yearn has yETH, yUSDC, yUSDT but we show them together as a single listing.

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3 participants