Add USD1 To CoreAssets.json: Boost DeFi Integration & TVL

Hey DeFi enthusiasts! Let's dive into a crucial update that can significantly improve how we track Total Value Locked (TVL) across various decentralized finance (DeFi) protocols. This article discusses the importance of adding USD1 to DefiLlama's coreAssets.json file, which is essential for accurately monitoring the growth and adoption of this stablecoin within the DeFi ecosystem. By integrating USD1 into our core asset configurations, we're not just making a minor tweak; we're paving the way for more precise DeFi analytics and a clearer understanding of market dynamics.

Background: The Growing Importance of USD1 in DeFi

In the dynamic world of DeFi, stablecoins play a pivotal role. They provide a stable medium of exchange, a safe haven during market volatility, and a foundational asset for numerous DeFi applications. Among the myriad of stablecoins available, USD1 has been gaining traction, especially on launchpads and other DeFi platforms. Many new projects now feature trading pairs with USD1, underscoring its increasing relevance. For those unfamiliar, stablecoins are cryptocurrencies designed to minimize price volatility by being pegged to a stable asset, such as the U.S. dollar. They enable traders and investors to engage in cryptocurrency transactions without the turbulence of price swings often associated with digital assets like Bitcoin or Ethereum. Therefore, the inclusion of USD1 in the core assets configuration is more than just an update; it’s a necessity for keeping pace with the evolving DeFi landscape.

Why USD1 Matters for TVL Tracking

The significance of USD1’s integration into DeFi protocols extends beyond its mere existence as a stablecoin. Tracking Total Value Locked (TVL) is a crucial metric for assessing the health and growth of DeFi platforms. TVL represents the total value of assets locked within a protocol, and it’s a key indicator of user confidence and platform success. When a stablecoin like USD1 is not included in the core assets configuration, the TVL of protocols that utilize it may not be accurately reflected. This omission can lead to skewed data and misinterpretations of a platform's actual performance. For instance, if a launchpad heavily uses USD1 trading pairs but USD1 isn't recognized in the TVL calculation, the reported TVL would be significantly lower than the true value. Accurate TVL tracking is vital for investors, developers, and analysts alike, as it informs strategic decisions and provides a reliable snapshot of market activity. By incorporating USD1, we ensure a more holistic and precise view of the DeFi ecosystem.

The Current State: USD1's Absence in coreAssets.json

Currently, DefiLlama's coreAssets.json file includes several major stablecoins such as USDC, USDT, DAI, and BUSD. These assets are well-established and widely used across various DeFi platforms, making their inclusion a given. However, USD1 is notably missing from this configuration. This omission presents a challenge for protocols that have embraced USD1, as they cannot easily reference it in their adapters using the standard naming conventions like ADDRESSES.{chain}.USD1. The absence of USD1 means that developers have to resort to workarounds or custom solutions to track TVL, which can be time-consuming and less efficient. It also creates inconsistencies in data reporting, as different protocols might adopt different methods for accounting for USD1's value. To maintain data integrity and streamline the development process, it’s essential to add USD1 to the coreAssets.json file, bringing it in line with other major stablecoins.

Proposed Change: Adding USD1 to Ethereum and BSC Chain Configurations

To address the current gap, the proposed solution is straightforward yet impactful: add USD1 token addresses to both the Ethereum and Binance Smart Chain (BSC) configurations within the projects/helper/coreAssets.json file. This inclusion will allow DeFiLlama adapters to seamlessly recognize and track USD1, ensuring that protocols using this stablecoin can accurately report their TVL. Specifically, the update involves adding the following code snippets to the respective chain configurations:

"ethereum": {
  // ... existing tokens
  "USD1": "0x8d0d000ee44948fc98c9b98a4fa4921476f08b0d"
},
"bsc": {
  // ... existing tokens
  "USD1": "0x8d0d000ee44948fc98c9b98a4fa4921476f08b0d"
}

Implementing the Change: A Step-by-Step Guide

For those who are hands-on and eager to contribute, implementing this change is a straightforward process. First, you'll need to locate the coreAssets.json file within the DefiLlama repository. This file is typically found under the projects/helper/ directory. Once you've located the file, open it in a text editor or IDE. Next, navigate to the `