Logo of Drakewell USDdw

Drakewell USDdw

Total Value Locked$28.24m

TVL by Chain

Arbitrum$11.64m

Ethereum$11.5m

ALEO$5.1m

Protocol Information

JDrakewell is an issuer of onchain structured products, incubated by JPEG Trading, a high-frequency trading firm active across global crypto and DeFi markets. Its products are USDdw, a fixed yield token, and SPYdw, a hedged SPY portfolio. Drakewell brings institutional trading discipline and risk management onchain, with live proof of reserves.

WebsiteX/Twitter

Part of Drakewell

Category:Basis Trading

Methodology

TVL: TVL is the USDC value of USDdw on each chain it is issued on: the Accountable vault on Ethereum and the Venzo vault on Arbitrum (share supply valued with convertToAssets(), covering idle USDC and capital allocated to strategies, principally delta-neutral funding trades plus lending), and jusd_vault_arc_production.aleo on Aleo. Aleo deposits are bridged to Ethereum and held as Ethereum USDdw by the vault's adapter; that position is counted on Aleo, where the deposits were made, and subtracted from Ethereum, so nothing is counted twice. USDdw held by Drakewell SPYdw as its principal floor is counted under that listing and subtracted here. The Ethereum vault is also part of Accountable, so this listing is marked as double counted.View code on GitHub

Yields

Pools Tracked2

Average Supply APY11.96%

Largest Pools by TVL

JUSDEthereum$17.16m

JUSDArbitrum$11.64m

View all Yields

Competitors

Solv Basis Trading ($170.09m)ZEROBASE CeDeFi ($59.99m)Theo Straddle Vaults ($944,716)Ethena USDe ($4.909b)Falcon Finance ($1.558b)BitFi Basis ($211.79m)Tori Finance ($77.41m)Axis ($70.14m)Aegis YUSD ($34.46m)Piku Finance ($23.46m)

Closest by TVL

Bitway Earn ($33.42m)Manta CeDeFi ($26.52m)Liminal Basis ($25.64m)

Drakewell USDdw history

TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 1, 2026 to Nov 14, 2026.

All-time high TVL: $28.79m on Nov 13, 2026. All-time low TVL: $22.78m on Oct 1, 2026.

Daily TVL, Oct 16, 2026 to Nov 14, 2026

DateTVL
Oct 16, 2026$22.91m
Oct 17, 2026$23.94m
Oct 18, 2026$23.94m
Oct 19, 2026$23.95m
Oct 20, 2026$23.96m
Oct 21, 2026$23.96m
Oct 22, 2026$24.97m
Oct 23, 2026$24.99m
Oct 24, 2026$25m
Oct 25, 2026$25.02m
Oct 26, 2026$25.06m
Oct 27, 2026$25.09m
Oct 28, 2026$25.11m
Oct 29, 2026$25.12m
Oct 30, 2026$26.11m
Oct 31, 2026$26.13m
Nov 1, 2026$26.14m
Nov 2, 2026$26.14m
Nov 3, 2026$26.15m
Nov 4, 2026$26.42m
Nov 5, 2026$26.32m
Nov 6, 2026$26.34m
Nov 7, 2026$27.34m
Nov 8, 2026$27.45m
Nov 9, 2026$27.48m
Nov 10, 2026$27.49m
Nov 11, 2026$27.78m
Nov 12, 2026$27.78m
Nov 13, 2026$28.79m
Nov 14, 2026$28.24m

TVL at each month end, Oct 2026 to Nov 2026

DateTVL
Oct 31, 2026$26.13m
Nov 14, 2026 (latest)$28.24m

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-usddw

Frequently asked questions

What is Drakewell USDdw's TVL?

As of Nov 14, 2026, Drakewell USDdw has $28.24m in total value locked. TVL has increased 23.4% over the past 30 days.

What chains does Drakewell USDdw operate on?

Drakewell USDdw operates on 3 chains: Arbitrum, Ethereum, and ALEO. Arbitrum holds the largest share at 41.2%.

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

Among Basis Trading protocols tracked by DefiLlama, Drakewell USDdw ranks #14 by TVL. The category holds $7.681b across 42 protocols, and Drakewell USDdw accounts for 0.4% of that total. Similar protocols include Solv Basis Trading, ZEROBASE CeDeFi, Theo Straddle Vaults, Ethena USDe, Falcon Finance, BitFi Basis, Tori Finance, Axis, Aegis YUSD, and Piku Finance.

How many yield pools does Drakewell USDdw have?

DefiLlama tracks 2 Drakewell USDdw yield pools with an average APY of 12%.