Add YREC adapter for Plume network (on-chain TVL, DeFiLlama compliant)

[ariworks-online]

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): RECORD Nexus

Twitter Link: https://x.com/recordnexus

List of audit links if any:N/A

Website Link:https://record.nexus/

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

Current TVL: 0 USD (pre-launch)

Treasury Addresses (if the protocol has treasury): N/A (no protocol treasury)

Chain: Plume Mainnet (Plume Network — a modular EVM Layer-2 purpose-built for real-world-asset finance, chainId 98866)

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):

Yield-indexed IP Rights Exposure Certificate (YREC) tokenises the off-chain value of intellectual-property (IP) embedded in public-equity portfolios and curated private-IP pools, creating a verifiable RWA data oracle and the first investable “innovation factor” index.

Token address and ticker if any:

Token Address: 0x9b88F393928c7B5C6434bDDc7f6649a1a0e02FaE
Token Ticker: YREC

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:

Position Paper Record Nexus (Date: 14 July 2025): https://documentation.record.nexus/products/record-ip-portal
YREC Paper Record Nexus (Date: 14 July 2025): https://documentation.record.nexus/record-yrec

forkedFrom (Does your project originate from another project): Not a fork

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

TVL = Σ(verified IP value) represented by outstanding YREC mapping tokens. Each token is backed 1-for-1 by a legally enforceable attestation of the holder’s real-world asset (public-equity IP component or securitised private IP). The off-chain valuation engine updates daily; on-chain TVL is the latest aggregated USD valuation signed by the oracle publisher key.

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

https://github.com/Music-Protocol/record-yrec

[llamabutler]

The adapter at projects/yrec exports TVL:

plume                     0

total                    0 

[waynebruce0x]

what does total IP value mean? How is this valued? What backs it?

[ariworks-online]

what does total IP value mean?
Total IP Value represents the aggregate USD value of intellectual property (IP) assets that back YREC tokens.

How is this valued?
The IP value is calculated using a market cap-based methodology:
IP Exposure Calculation: Each S&P 500 company's IP value is calculated as a percentage of their total market capitalization, representing the portion of their value attributable to intellectual property (patents, trademarks, copyrights, trade secrets, etc.)
Portfolio Aggregation: The system maintains a portfolio of IP exposure values across multiple S&P 500 companies, with each company having a specific dollar amount of IP value assigned.
Real-time Updates: IP values are updated weekly using Friday closing prices from Financial Modeling Prep (FMP) API to ensure consistency and reduce volatility. (https://site.financialmodelingprep.com/)

What backs it?
YREC tokens are backed 1:1 by USD value of IP assets:
Each YREC token represents exactly $1 USD worth of intellectual property exposure
The backing comes from the calculated IP values of S&P 500 companies in the portfolio
Only minted tokens are counted in TVL (no over-counting of unminted assets)
The system maintains transparency through regular reconciliation and audit trails

[waynebruce0x]

How is the IP value calculated? This sounds like a measure of mcap and not tvl

[ariworks-online]

You have identified an important distinction that I need to clarify:

IP Value vs TVL: Two different concepts
IP Value (Analytical Metric):

• this is calculated as a percentage of market cap for analytical purposes
• it represents an estimate of what portion of a company's value comes from intellectual property
• this is used for portfolio analysis and reporting, but is NOT the token backing

TVL (Token Backing):

• YREC tokens are actually backed 1:1 by portfolio values (shares × stock price)
• each YREC token represents $1 USD worth of actual stock holdings
• the getTotalIPValue() function returns the total token supply, which equals the total portfolio value

Our contract function getTotalIPValue() is actually returning the total token supply, which represents the total USD value of stock positions held. The function name is misleading - it should be called getTotalPortfolioValue().

Corrected Understanding
What backs YREC tokens: actual stock portfolio values (shares × price)
What IP calculations represent: analytical metrics for portfolio analysis
What the contract function returns: total portfolio value (via total supply)
The IP value calculations you referenced are separate analytical tools used for portfolio management, not the actual collateral backing the tokens. The real TVL is the total value of stock positions held.

[waynebruce0x]

Thanks for the clarification - how can we each YREC is backed by at least 1 USD work of stock? Have you got documentation or something?

[ariworks-online]

Thanks for your message! Assuming you're asking how to verify each YREC token is backed by at least $1 USD worth of underlying stock (and if we have docs), we're happy to clarify for TVL integration.

Backing Mechanism
YREC tokens represent IP value in public equity portfolios without custody. Each is minted 1:1 against verified stock holdings (min. $1/token) via our process:

• Verification: Legally binding attestations from direct investors or validated SEC filings (e.g., 13F) confirm ownership.
• Attestation: On-chain minting locks verified value, enabling auditable TVL tied to real stocks.
  Audit minting events against attestations for proof; it's designed for DeFi trust.

Documentation

• Position Paper Record Nexus (Date: 14 July 2025): https://documentation.record.nexus/products/record-ip-portal
• YREC Paper Record Nexus (Date: 14 July 2025): https://documentation.record.nexus/record-yrec. Our YREC Paper ("RECORD YREC Paper.pdf")—see Section 1.1 for Lens details on backing/verification.