NUSD / sNUSD · redemptions since the freeze
Neutrl froze on Aug 13.
Who has redeemed since?
Neutrl is a synthetic-dollar protocol (NUSD, staked as sNUSD). It froze NUSD and sNUSD on Aug 13, 2026 after a reserve shortfall. Redemptions reopened Sep 17 at a fixed 0.51 USDC per NUSD and are expected to close Nov 14. This tracker uses onchain data, updated hourly, to show how many freeze-snapshot holders have redeemed so far. What happened ↗
Redemption window27 days left
Sep 17day 33 of 59Nov 14
141/483
sNUSD wallets
redeemed
redeemed
29.2%
redeemedfirst redeemed in last 24hnot yet
+2 wallets · 24h
Snapshot capital redeemed
29.9%
of $39.28M held by wallets at the freeze · sNUSD holders 30.5%
+0.1 pp · 24hUSDC paid out
$10.90M
780 redemptions by 717 wallets, at 0.51 USDC per NUSD
+$30.0k · 24hUSDC reserve remaining
$2.11M
in the redemption reserve contract (AssetReserve), of $13.01M deposited
−$30.0k · 24hNUSD supply
32.03M NUSD
from 53.39M NUSD at the freeze
−40.0% since the freezeSource: Ethereum mainnet onchain event logs via public RPC, as of block 26,227,580. Redemption contract 0xB3f0…3828, NUSD 0xE556…1BCE. Last redemption seen at block 26,226,950.
Strata senior vs junior (srNUSD / jrNUSD)
Strata tranches Neutrl sNUSD into a senior (srNUSD) and first-loss junior (jrNUSD). After Neutrl's 0.51 rate, onchain accounting wrote the junior claim to ~0 and left residual strategy sNUSD covering senior. Strata withdrawals settle in sNUSD/NUSD — not Neutrl portal USDC. Deposits are disabled onchain.
srNUSD exchange rate
1.239712
NUSD per srNUSD (ERC-4626 convertToAssets). At wipe: 1.239712
±0.000000 · 24hjrNUSD exchange rate
~0
Junior written down onchain (first-loss). Assets ≈ 1.00 NUSD against 275,452 shares.
Senior coverage
100.5%
Strategy sNUSD × share rate / srNUSD totalAssets (116,394 sNUSD ≈ $123.9k NUSD vs $123.2k senior assets)
+0.18 pp · 24hSenior withdrawals since wipe
122
129 Withdraw events, 1,247,833 srNUSD shares burned (settle in sNUSD/NUSD). Junior post-wipe withdrawals: 0
+3 wallets · 24hUSDC via Strata
$0
No USDC paid through Strata contracts — exits are sNUSD/NUSD. Neutrl portal USDC is separate (above).
| Tranche | Supply now | Assets (NUSD) | Rate (NUSD/share) | Supply at wipe | Supply at freeze | Status |
|---|---|---|---|---|---|---|
| Senior (srNUSD) 0x65a4…89db | 99,397.61 | 123,224.36 | 1.239712 | 1,347,230.40 | 1,347,230.40 | Withdrawals enabled; deposits disabled |
| Junior (jrNUSD) 0xfc80…e772 | 275,451.69 | 1.00 | ~0 | 275,451.69 | 275,451.69 | Written down (first-loss); deposits disabled |
Wipe accounting update at block 26,013,480 (Sep 19, 2026, 2:54 PM ET (18:54 UTC)). Strategy 0x3cef…de88; CDO 0x7b6c…dd10. Deposits disabled for both tranches (DepositsStateChanged). Junior is first-loss. After the wipe accounting update, onchain jrNUSD/NUSD is ~0; outstanding shares remain but claim essentially nothing. Not a Neutrl-portal redemption %. Coverage and rates are contract accounting values in NUSD units — not a guaranteed USDC recovery. See Strata contract docs.
Check your wallet
Snapshot holders: who has redeemed
Affected wallets
483
sNUSD holders at the freeze, protocol contracts excluded
Wallets that redeemed
141 (29.2%)
36.5% excluding 102 "dust" wallets that held under $1
Affected capital
$20.52M
value at the freeze at $1/NUSD (full position of these wallets)
Capital redeemed
$6.25M (30.5%)
counted only up to each wallet's snapshot value ($7.60M without this cap)
USDC paid to these wallets
$3.88M
all their redemptions at 0.51 USDC per NUSD, incl. tokens acquired after the freeze
Excluding the one blacklisted snapshot wallet (0xb0bf…9a9a, $13.20M in sNUSD at the snapshot, locked in AssetLock; blacklisted by Neutrl on Sep 16, so it cannot unstake or redeem): affected capital $7.32M, of which 85.4% has been redeemed.
Protocol-wide totals (all redeemers)
NUSD redeemed (burned)
21.36M
40.0% of the 53.39M NUSD supply at the freeze
USDC paid out
$10,895,819
780 redemptions
Unique redeeming wallets
717
514 held at the snapshot, 203 didn't (got tokens later)
USDC left in redemption reserve
$2.11M
$13.01M deposited so far
NUSD supply now
32.03M
sNUSD supply 17.10M (was 31.90M)
Redemptions over time
Days are calendar days in New York time (ET). "Snapshot wallets" = wallets that held a position at the freeze snapshot. "Redeemed, $" = NUSD burned by redemptions, valued at the pre-freeze $1 per NUSD.
By holder size (value at snapshot)
| Size at snapshot | Wallets | Wallets redeemed | % wallets | Affected $ | Redeemed $ (capped) | % capital | USDC paid (uncapped) |
|---|---|---|---|---|---|---|---|
| < $1k | 331 | 55 | 16.6% | $31,487 | $10,806 | 34.3% | $428,809 |
| $1k–$10k | 85 | 43 | 50.6% | $314,299 | $187,270 | 59.6% | $346,358 |
| $10k–$100k | 50 | 28 | 56.0% | $1,478,017 | $701,532 | 47.5% | $369,402 |
| $100k–$1M | 15 | 14 | 93.3% | $3,928,582 | $3,785,088 | 96.3% | $1,932,132 |
| > $1M | 2 | 1 | 50.0% | $14,767,815 | $1,565,400 | 10.6% | $798,824 |
| Total | 483 | 141 | 29.2% | $20,520,201 | $6,250,096 | 30.5% | $3,875,525 |
"Redeemed $ (capped)" counts each wallet's redemptions only up to its snapshot value. "USDC paid" is everything these wallets received, including for tokens acquired after the freeze, so it can exceed 0.51 × the capped amount.
Top holders at the snapshot (wallets)
Value = NUSD + sNUSD × share price + NUSD/sNUSD locked in Neutrl's AssetLock + NUSD pending in the sNUSD cooldown silo, at $1/NUSD. "Value now" = the same position at the latest block in this data.
| # | Wallet | Type | Value at snapshot | of which sNUSD | Redeemed $ (NUSD burned) | USDC received | Value now | Status |
|---|---|---|---|---|---|---|---|---|
| 1 | 0xb0bf…9a9a | EOA | $13,202,416 | $13,202,416 | – | – | $13,210,199 | Blacklisted: cannot redeem |
| 2 | 0x2083…e219 | EOA | $3,508,497 | $0 | – | – | $3,508,497 | Not redeemed |
| 3 | 0x37cd…eee9 | EOA | $1,933,135 | $0 | – | – | $1,933,135 | Not redeemed |
| 4 | 0x5206…5f8b | EOA | $1,565,400 | $1,565,400 | $1,566,322 | $798,824 | $0 | Redeemed |
| 5 | 0x75d4…a209 | EOA | $1,329,748 | $0 | – | – | $1,329,748 | Not redeemed |
| 6 | 0xa501…529b | EOA | $1,288,605 | $0 | $1,288,605 | $657,189 | $0 | Redeemed |
| 7 | 0x5e86…dbed | EOA | $1,145,207 | $0 | – | – | $1,149,477 | Not redeemed |
| 8 | 0xcf6f…a761 | EOA | $1,035,050 | $0 | $1,035,050 | $527,875 | $0 | Redeemed |
| 9 | 0x9371…c401 | EOA | $1,000,000 | $0 | – | – | $1,000,000 | Not redeemed |
| 10 | 0x6542…dfa8 | EOA | $998,487 | $0 | – | – | $998,487 | Not redeemed |
| 11 | 0xbf61…bbd1 | Safe multisig | $992,043 | $992,043 | $992,628 | $506,240 | $0 | Redeemed |
| 12 | 0x5c90…f23a | EOA | $850,000 | $0 | – | – | $850,000 | Not redeemed |
| 13 | 0x460e…8895 | Safe multisig | $600,000 | $0 | $600,000 | $306,000 | $0 | Redeemed |
| 14 | 0x3620…8eee | EOA | $558,583 | $0 | – | – | $558,583 | Not redeemed |
| 15 | 0x551b…7312 | EOA | $503,167 | $0 | – | – | $503,167 | Not redeemed |
| 16 | 0xb5fb…2626 | EOA | $450,000 | $0 | – | – | $450,000 | Not redeemed |
| 17 | 0x0c94…5133 | EOA | $425,619 | $425,619 | $425,869 | $217,193 | $0 | Redeemed |
| 18 | 0x9697…81d4 | EOA | $425,504 | $425,504 | $425,979 | $217,249 | $0 | Redeemed |
| 19 | 0x9fb6…6a34 | EOA | $316,933 | $316,933 | $317,120 | $161,731 | $0 | Redeemed |
| 20 | 0x22e2…eebf | EOA (EIP-7702) | $315,884 | $315,884 | $316,070 | $161,196 | $0 | Redeemed |
| 21 | 0x996b…aa75 | EOA | $299,619 | $0 | $299,619 | $152,806 | $0 | Redeemed |
| 22 | 0xaa02…39b2 | EOA | $251,530 | $0 | – | – | $251,430 | Not redeemed |
| 23 | 0x90f3…3a8b | EOA | $212,835 | $212,835 | $212,960 | $108,610 | $0 | Redeemed |
| 24 | 0x73e4…14bc | EOA | $206,291 | $106,376 | $206,354 | $105,240 | $0 | Redeemed |
| 25 | 0x14cf…deee | EOA | $205,600 | $0 | $205,600 | $104,856 | $0 | Redeemed |
| 26 | 0x3253…f6ee | EOA | $200,358 | $0 | $200,358 | $102,182 | $0 | Redeemed |
| 27 | 0xe917…4f4f | EOA | $200,356 | $133,615 | $157,433 | $80,291 | $0 | Redeemed |
| 28 | 0x9267…4a2f | EOA | $200,000 | $0 | $200,000 | $102,000 | $0 | Redeemed |
| 29 | 0xfbba…9349 | EOA (EIP-7702) | $176,497 | $0 | $176,497 | $90,013 | $0 | Redeemed |
| 30 | 0xcbcc…f15f | EOA | $147,863 | $147,863 | $147,950 | $75,454 | $0 | Redeemed |
| 31 | 0x686f…2fce | EOA | $146,126 | $0 | – | – | $146,126 | Not redeemed |
| 32 | 0x2158…f9ef | Safe multisig | $136,157 | $136,157 | $136,237 | $69,481 | $0 | Redeemed |
| 33 | 0x1f62…9514 | EOA | $133,146 | $133,146 | $134,327 | $68,507 | $0 | Redeemed |
| 34 | 0xa112…7d4d | Safe multisig | $112,732 | $0 | – | – | $0 | Not redeemed (tokens moved out) |
| 35 | 0x3eac…f169 | EOA | $108,480 | $0 | $108,480 | $55,325 | $0 | Redeemed |
| 36 | 0x606b…2f27 | EOA | $106,420 | $106,420 | $106,483 | $54,306 | $0 | Redeemed |
| 37 | 0x4fc9…306d | Safe multisig | $104,646 | $104,646 | $104,707 | $53,401 | $0 | Redeemed |
| 38 | 0xaec3…9c4b | EOA | $104,315 | $104,315 | $104,377 | $53,232 | $0 | Redeemed |
| 39 | 0x907b…bd1b | EOA | $100,571 | $50,466 | – | – | $100,600 | Not redeemed |
| 40 | 0x51da…1586 | EOA (EIP-7702) | $100,021 | $0 | – | – | $100,021 | Not redeemed |
| 41 | 0x7fb0…c931 | EOA | $100,000 | $0 | $100,000 | $51,000 | $0 | Redeemed |
| 42 | 0x4127…6bdc | EOA | $100,000 | $0 | – | – | $100,000 | Not redeemed |
| 43 | 0x0f32…0c13 | EOA | $97,123 | $0 | $97,123 | $49,533 | $0 | Redeemed |
| 44 | 0x5c67…714a | EOA | $93,132 | $93,132 | $93,186 | $47,525 | $0 | Redeemed |
| 45 | 0x4a73…4f58 | EOA | $88,514 | $88,514 | – | – | $88,566 | Not redeemed |
| 46 | 0x6ede…3d4c | EOA (EIP-7702) | $88,294 | $88,294 | – | – | $88,346 | Not redeemed |
| 47 | 0xeec4…2a5f | EOA | $77,895 | $0 | – | – | $77,895 | Not redeemed |
| 48 | 0x9ed8…0c19 | EOA (EIP-7702) | $70,554 | $0 | $70,554 | $35,983 | $0 | Redeemed |
| 49 | 0x2df4…b19e | EOA | $66,001 | $0 | $66,001 | $33,661 | $0 | Redeemed |
| 50 | 0x2572…5ea2 | EOA | $56,346 | $0 | $56,346 | $28,736 | $0 | Redeemed |
Held through protocols at the snapshot (not counted as wallets)
These contracts hold NUSD/sNUSD on behalf of their own users (Pendle PT/YT/LP, Strata srNUSD/jrNUSD, Morpho/Euler lenders, DEX pools, bridges). Those end users are affected, but this tracker does not break these contracts down to individual users. The exception is Neutrl's AssetLock: each locker is counted as a wallet instead. The table lists contracts that held at least $100 at the snapshot; the CSV has all of them.
| Contract | Label | Value at snapshot | Value now |
|---|---|---|---|
| 0x10c5…6409 | Pendle SY-sNUSD | $10,865,776 | $1,328,721 |
| 0x3cef…de88 | Strata sNUSDStrategy (srNUSD/jrNUSD tranches) | $1,702,314 | $123,888 |
| 0xbbbb…ffcb | Morpho Blue | $1,204,478 | $4,649 |
| 0x29ac…b347 | Pendle SY-NUSD | $185,358 | $1,137 |
| 0x3330…d21c | Pendle Merkle distributor | $55,882 | $21,315 |
| 0x7e19…3b09 | Curve NUSD/USDC pool | $14,877 | $14,877 |
| 0xaeeb…6ca1 | TokenizedVault | $13,660 | $1 |
| 0x9fd0…5dc7 | Strata sNUSD cooldown request (per-user proxy) | $10,215 | $0 |
| 0x0ae0…d3c6 | Royco tranche kernel | $8,819 | $3,625 |
| 0x1407…e702 | RewardDistributor | $7,580 | $7,255 |
| 0xbdf2…993a | Royco tranche kernel | $3,668 | $3,670 |
| 0xe11d…8216 | Strata sNUSD cooldown request (per-user proxy) | $2,421 | $2,421 |
| 0x4bb8…a0f6 | InstantUnstaking | $2,064 | $2,064 |
| 0x6c4e…a345 | Strata sNUSD cooldown request (per-user proxy) | $1,704 | $0 |
| 0xba7a…8fd1 | Strata sNUSD cooldown request (per-user proxy) | $1,611 | $0 |
| 0x0000…8a90 | Uniswap v4 PoolManager | $1,577 | $4,162 |
| 0xff30…ec0d | Strata sNUSD cooldown request (per-user proxy) | $1,008 | $0 |
| 0xfe4c…1eeb | Strata sNUSD cooldown request (per-user proxy) | $1,001 | $0 |
| 0x212b…dee8 | Pendle SY-sNUSD (2) | $641 | $642 |
| 0xc0fc…4f8b | CowSwapBurner | $632 | $646 |
| 0x1b79…36e5 | Strata sNUSD cooldown request (per-user proxy) | $587 | $0 |
| 0xb178…eb2a | Strata sNUSD cooldown request (per-user proxy) | $506 | $506 |
| 0xcf54…0ca0 | Strata sNUSD cooldown request (per-user proxy) | $221 | $0 |
| 0x9008…ab41 | CoW Protocol settlement | $172 | $212 |
| 0x115f…d11a | Strata sNUSD cooldown request (per-user proxy) | $112 | $0 |
| All 125 contracts | $14,087,394 | $1,520,509 |
Redeemers who did not hold at the snapshot
203 wallets redeemed $7,989,140 of NUSD (for $4,074,462 in USDC) without holding NUSD/sNUSD directly at the snapshot. Most received their tokens after the freeze, either from protocols that were unwinding (e.g. Pendle SY redemptions, Strata senior-tranche withdrawals settling in sNUSD) or from other wallets. NUSD/sNUSD these wallets received after the snapshot, by sender (top 12; sNUSD valued at the current share price; the Senders CSV has all):
| Sender | Value received |
|---|---|
| Pendle SY-sNUSD | $4,697,229 |
| Morpho Blue | $1,923,095 |
| Strata sNUSDStrategy (srNUSD/jrNUSD tranches) | $864,964 |
| Other wallets (transfers/OTC) | $293,262 |
| Pendle SY-NUSD | $156,103 |
| Euler EVault (esNUSD-3) | $55,940 |
| Uniswap v4 PoolManager | $18,284 |
| Unverified contract | $16,519 |
| Pendle Merkle distributor | $11,527 |
| TokenizedVault | $9,390 |
| AggregationRouterV6 | $320 |
| DiamondCutFacet | $21 |
The snapshot-wallet totals above are capped at each wallet's snapshot value, so tokens acquired after the freeze are not counted in "Capital redeemed".
Blacklisted / denylisted addresses
Neutrl can blacklist addresses on sNUSD (FULL_RESTRICTED_STAKER_ROLE: no unstake or transfer) and denylist them on NUSD (no transfer, which blocks redemption). Current list, from RoleGranted / AddedToDenylist events:
| Address | Label | Restriction | Since (UTC) | Block | Tx | Value at snapshot |
|---|---|---|---|---|---|---|
| 0xbe8d…5bf4 | Holder wallet | sNUSD full-restricted (blacklisted) | 2025-12-05 | 23,947,364 | 0xb7aa49…1552 | $0 |
| 0xafb2…723e | Mar 19 website-hijack drainer | sNUSD full-restricted (blacklisted) | 2026-03-19 | 24,689,942 | 0xbf0cb3…a77c | $0 |
| NUSD denylisted | 2026-03-19 | 24,689,956 | 0xe5e024…9517 | |||
| 0xf1a5…fd2b | Mar 19 website-hijack drainer | sNUSD full-restricted (blacklisted) | 2026-03-19 | 24,689,942 | 0xaf4b74…40ad | $0 |
| NUSD denylisted | 2026-03-19 | 24,689,953 | 0x256a70…57a8 | |||
| 0xfd58…543e | Mar 19 website-hijack drainer | sNUSD full-restricted (blacklisted) | 2026-03-19 | 24,689,953 | 0xfcbe34…97a3 | $0 |
| NUSD denylisted | 2026-03-19 | 24,689,953 | 0x7d6d53…697b | |||
| 0x350f…0054 | Neutrl bridge adapter v1 (NUSD) | NUSD denylisted | 2026-04-18 | 24,909,289 | 0xa09dd6…e512 | $4 |
| 0xe27e…3fb6 | Neutrl bridge adapter v1 (sNUSD) | sNUSD full-restricted (blacklisted) | 2026-04-18 | 24,909,313 | 0x22c701…67a5 | $13 |
| 0x7e19…3b09 | Curve NUSD/USDC pool | NUSD denylisted | 2026-08-13 | 25,745,727 | 0x8c5bb6…0eab | $14,877 |
| 0x0000…8a90 | Uniswap v4 PoolManager | NUSD denylisted | 2026-08-14 | 25,753,169 | 0x94f290…58ee | $1,577 |
| 0xba12…f2c8 | Balancer V2 Vault | NUSD denylisted | 2026-08-14 | 25,753,226 | 0x1e8182…824c | $0 |
| 0x8e14…476b | Neutrl bridge adapter v2 (NUSD) | NUSD denylisted | 2026-08-14 | 25,753,385 | 0x0396c0…dfa5 | $4 |
| 0x6924…0ca8 | Holder wallet | sNUSD full-restricted (blacklisted) | 2026-09-04 | 25,902,888 | 0x2784ef…254c | $0 |
| 0xb0bf…9a9a | Holder wallet | sNUSD full-restricted (blacklisted) | 2026-09-16 | 25,991,471 | 0x40da16…0574 | $13,202,416 |
All restrictions were set by Neutrl's operator wallet 0xde72…1504. None has been lifted, and Neutrl has published no reasons.
The largest snapshot holder, 0xb0bf…9a9a, received ~13.0M NUSD directly from a mint in April 2026, staked it, and locked the resulting sNUSD in AssetLock. It was blacklisted on sNUSD on Sep 16, 2026, the day before redemptions reopened. Onchain data does not show why.
FAQ
Short answers to the questions people ask most about Neutrl redemptions and this tracker. Deeper caveats live in Methodology.
What froze on Aug 13?
Neutrl paused sNUSD (and related transfers / AssetLock) on Aug 13, 2026 after a reserve shortfall. This tracker’s “snapshot” is the onchain state at the end of the block before that pause. NUSD and sNUSD could not move freely until redemptions reopened on Sep 17.
What does 51¢ (0.51 USDC per NUSD) mean?
When redemptions reopened, Neutrl’s onchain redemption contract pays a fixed 0.51 USDC per NUSD burned — not $1. Holders unstake sNUSD to NUSD if needed, then redeem; USDC comes from the protocol’s AssetReserve. The rate has been 0.51 since the contract was set.
Can every wallet redeem? (blacklist / denylist)
No. Neutrl can blacklist addresses on sNUSD (blocking unstake/transfer) and denylist them on NUSD (blocking transfers, which blocks redemption). Restricted addresses are listed under Blacklisted / denylisted. Onchain data does not publish Neutrl’s reasons.
Do wallet counts equal people?
No. Counts are addresses (EOAs, some smart wallets, and AssetLock lockers), not unique humans. One person can control several wallets; tokens can move after the snapshot. Protocol contracts (Pendle, Strata, Morpho, etc.) are excluded from wallet totals and shown separately.
What about the reserve shortfall?
Neutrl froze after reporting that liquid reserves were far below book value of NUSD/sNUSD. Redemptions later reopened at 51¢ rather than par. This site tracks onchain redemption progress and reserve USDC left in the contract; it does not appraise off-chain assets or give recovery advice. See the hero USDC reserve figures.
Where does the data come from?
Public Ethereum mainnet event logs (NUSD/sNUSD transfers, Redeemed events, reserve USDC flows, Strata tranche state), pulled via keyless RPC and recomputed hourly. Expected close date (~end of Nov 14 / ~Nov 14–15, 2026) is Neutrl’s stated schedule, not an onchain deadline. Pipeline and definitions: GitHub README.
Methodology, sources and caveats
Contracts (Ethereum mainnet, all verified on Etherscan/Blockscout)
- NUSD (Neutrl USD, 18 decimals): 0xE556…1BCE
- sNUSD (Staked NUSD, an ERC-4626 vault with an unstaking cooldown): 0x08EF…E313. Cooldown silo 0x6cdF…bb9B
- NusdRedemption (redemption contract, rate 0.51e18 = 0.51 USDC per NUSD): 0xB3f0…3828. USDC AssetReserve 0xfEE6…C1Ed
- Neutrl AssetLock (locked NUSD/sNUSD; each locker is counted as a wallet): 0x9916…F9A6
- Strata sNUSDStrategy (srNUSD/jrNUSD collateral): 0x3cef…de88
- Strata srNUSD (senior tranche, ERC-4626): 0x65a4…89dB
- Strata jrNUSD (junior / first-loss tranche, ERC-4626): 0xFC80…E772
- Strata NeutrlCDO: 0x7b6c…Dd10
Timeline (onchain)
- Freeze: sNUSD Paused() at block 25,745,732, Aug 13, 2026, 7:14 AM ET (11:14 UTC). The Curve NUSD/USDC pool was denylisted 5 blocks earlier; the Uniswap v4 PoolManager, Balancer V2 Vault and a LayerZero adapter were denylisted on Aug 14. AssetLock was paused at block 25,745,747.
- Snapshot = state at the end of block 25,745,731 (the block before the sNUSD pause), Aug 13, 2026, 7:14 AM ET (11:14 UTC).
- Reopening: sNUSD cooldown set to 1 second at block 25,997,006, Sep 17, 2026, 7:47 AM ET (11:47 UTC); sNUSD and AssetLock unpaused and AssetLock lock enforcement switched off; NusdRedemption unpaused at block 25,997,438, Sep 17, 2026, 9:14 AM ET (13:14 UTC). First redemption at block 25,997,444, Sep 17, 2026, 9:15 AM ET (13:15 UTC).
How redemption works
The holder signs a message onchain through Neutrl's redemption portal (signMessage()), then calls redeem(), which burns the caller's entire NUSD balance and pays balance × 0.51 USDC from the AssetReserve, emitting Redeemed(user, nusdAmount, usdcAmount). sNUSD holders first unstake (cooldownShares then unstake; the cooldown is now 1 second) and AssetLock users first unlock. Since reopening, 14,815,415 sNUSD has been unstaked into 15,769,338 NUSD by 46 addresses. Every redemption is attributed to the wallet named in its Redeemed event.
Definitions and assumptions
- Position at snapshot = NUSD balance + sNUSD balance × sNUSD share price (1.063760 NUSD per sNUSD at the snapshot) + NUSD/sNUSD locked in AssetLock + NUSD pending in the sNUSD cooldown silo. Rebuilt from every Transfer, AssetLocked/Unlocked and UnstakeRequested/Unstaked event since deployment. Checks: the rebuilt NUSD supply (53,390,061.79) matches onchain totalSupply() at the snapshot, AssetLock and silo balances match the per-user sums, and top balances match historical (archive-node) balanceOf calls.
- Pre-freeze USD value: 1 NUSD = $1.00, NUSD's target (par) value before the freeze. sNUSD is valued through its share price. "Capital redeemed" = NUSD burned by redeem(), i.e. the pre-freeze value given up. "USDC paid" = the actual USDC from the Redeemed events.
- Wallets = EOAs, i.e. regular key-controlled wallets (1,278), EIP-7702 delegated EOAs (302) and Safe multisigs (19), with each AssetLock locker counted as its own wallet. 125 other contracts (Pendle, Strata, Morpho, Euler, Royco, DEX pools, bridges, routers, Strata cooldown proxies) are excluded from wallet counts. Raw direct holders including contracts at the snapshot: 434 sNUSD and 627 NUSD addresses.
- "sNUSD holders" = wallets with any sNUSD exposure (direct or locked) at the snapshot. Their full position, including any plain NUSD, counts as affected capital, because redemption burns NUSD and can't tell where it came from.
- Capped redeemed capital: a wallet's redeemed amount counts toward "% of affected capital" only up to its snapshot value. Extra NUSD it acquired later shows up only in the uncapped figures.
- Status: "Redeemed" = has a Redeemed event and now holds less than 1% of its snapshot position; "Redeemed (still holds some)" = redeemed but kept a remainder; "Not redeemed" = no redemption from this address; "Not redeemed (tokens moved out)" = no redemption and now holds less than 5% (sold or moved; it may have redeemed from another address, which can't be linked onchain).
Caveats and unknowns
- Ethereum mainnet only. NUSD bridged elsewhere through the LayerZero OFT adapters is excluded (the adapters held about $70 of NUSD/sNUSD combined at the snapshot, so this is negligible).
- Holders behind protocols are not broken out individually (Pendle PT/YT/LP holders, Strata srNUSD/jrNUSD holders, Morpho/Euler lenders). About $14.09M sat in such contracts at the snapshot. Their users show up under "Redeemers who did not hold at the snapshot" once they withdraw and redeem.
- Strata holder list: individual srNUSD/jrNUSD holders are still not broken out in the Neutrl wallet tables (the strategy contract is one row there). The dedicated Strata section above reports tranche-level onchain state instead.
- One person can control several wallets, and tokens can move between wallets after the snapshot, so wallet counts are not person counts.
- The redemption contract takes the rate as an admin parameter; it has been 0.51 since deployment (one RedemptionRateSet event). Neutrl says the program is expected to run until Nov 14, 2026. 1 wallet has signed the message but not redeemed.
- Wallet type is read from each address's current onchain code (EOA / 7702 / Safe). A few unverified contracts may be smart-contract wallets and are excluded as contracts.
Strata senior / junior metrics
- What is measured: outstanding srNUSD and jrNUSD supply (totalSupply), claim in NUSD units (totalAssets), exchange rate (convertToAssets(1e18)), strategy sNUSD balance vs senior assets (coverage), post-wipe ERC-4626 Withdraw activity (events, shares burned, unique owners), and deposit/withdrawal enable flags from the NeutrlCDO.
- Wipe block: 26,013,480 — onchain jrNUSD totalAssets fell to 1 NUSD and srNUSD/NUSD rate moved to ~1.239711522681 (matches the value Strata scheduled / Defiant reported). Junior rate ~0 is shown as a write-down, not as a fake Neutrl redemption percentage.
- Settlement: Strata docs and onchain flows show tranche exits in sNUSD/NUSD. There is no USDC paid through Strata strategy/CDO/tranche contracts (USDC Transfer count to/from those addresses since the Neutrl redemption reopen is zero). Neutrl portal USDC at 0.51 is a separate path.
- Deposits: both tranches show deposits disabled via DepositsStateChanged (and maxDeposit reads as 0), consistent with Sep 2026 reporting.
- Limitations: rates and coverage are contract accounting values in NUSD units, not guaranteed cash recovery at the Neutrl 0.51 USDC rate. Junior outstanding supply can remain after the write-down. Day-over-day Strata deltas appear once hourly history includes a prior strata snapshot.
Sources
- neutrl.finance; Neutrl on X: pause announcement, Aug 13, 2026; redemption announcement, Sep 17, 2026
- The Defiant, Sep 18, 2026; The Crypto Times, Sep 18, 2026; crypto.news, Sep 18, 2026; The Crypto Times, Aug 29, 2026 (pause, $27M liquid)
- Verified contract source code on Blockscout / Etherscan.
- Strata: Neutrl NUSD market docs; contract addresses; srNUSD; jrNUSD.
Page generated Oct 19, 2026, 11:41 AM ET (15:41 UTC). Refreshed hourly by a GitHub Actions workflow (pull_logs.py → compute.py → build.py; code and data on the tracker branch).