Logo of Drakewell SPYdw

Drakewell SPYdw

Total Value Locked$561,506

TVL by Chain

Ethereum$561,506

Protocol Information

SPYdw is a principal-protected S&P 500 note from Drakewell. Each deposit's principal is held as USDdw; the premium buys S&P 500 call options.

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Part of Drakewell

Category:Indexes

Methodology

TVL: TVL is what the SPYdw contract holds on-chain: its USDdw shares (the principal floor of each note, deposited into the Drakewell USDdw vault on Ethereum and valued with convertToAssets()) plus USDC waiting in the contract for deposit requests. The S&P 500 call options bought with each deposit's premium are held off-chain and are not counted. The USDdw shares are subtracted from the Drakewell USDdw listing, so they are counted once within Drakewell. The USDdw vault is also part of Accountable, so this listing is marked as double counted.View code on GitHub

Competitors

SoSoValue Indexes ($83.78m)Enzyme Finance ($78.56m)Reserve Protocol ($43.11m)Chamber Vaults ($21.34m)Index Coop ($10.14m)Set Protocol ($9.91m)Asymmetry Finance ($1.08m)Alongside ($383,295)SHPRD ($382,021)PieDAO ($302,904)

Closest by TVL

LOCKON ($980,749)DiversiFi ($756,680)Arbitrove ($502,699)

Drakewell SPYdw history

TVL is the default DefiLlama definition. Daily values are UTC snapshots from Nov 14, 2026 to Nov 14, 2026.

All-time high TVL: $561,456 on Nov 14, 2026. All-time low TVL: $561,456 on Nov 14, 2026.

Daily TVL, Nov 14, 2026 to Nov 14, 2026

DateTVL
Nov 14, 2026$561,456

TVL at each month end, Nov 2026 to Nov 2026

DateTVL
Nov 14, 2026 (latest)$561,456

The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/drakewell-spydw

Frequently asked questions

What is Drakewell SPYdw's TVL?

As of Nov 14, 2026, Drakewell SPYdw has $561,506 in total value locked.

What chains does Drakewell SPYdw operate on?

Drakewell SPYdw operates on Ethereum. Ethereum holds the largest share at 100%.

How does Drakewell SPYdw's TVL compare to similar protocols?

Among Indexes protocols tracked by DefiLlama, Drakewell SPYdw ranks #10 by TVL. The category holds $253.69m across 80 protocols, and Drakewell SPYdw accounts for 0.2% of that total. Similar protocols include SoSoValue Indexes, Enzyme Finance, Reserve Protocol, Chamber Vaults, Index Coop, Set Protocol, Asymmetry Finance, Alongside, SHPRD, and PieDAO.