Anvil

Anvil is a DeFi application built on Ethereum that uses smart contracts to manage collateral and issue fully secured credit instruments. Its primary product is a letter of credit, a digital equivalent of a bank cheque that guarantees payment by verifying and locking underlying funds on-chain. The protocol targets users and businesses who need to reduce counterparty risk in payments, exchange deposits, or cross-platform asset transfers.

Anvil operates through a set of Ethereum-based smart contracts that lock collateral and mint letters of credit against it, allowing recipients to trust that funds are verifiably reserved without relying on a central intermediary. The ANVL token is the native asset of this system, with a maximum supply of 100,000,000,000 tokens, of which approximately 88.08 percent — roughly 88,081,193,770 tokens — are currently in circulation. The protocol lives entirely within the Ethereum ecosystem; no separate consensus algorithm is recorded for it because it inherits Ethereum's own settlement layer.

The data stored for Anvil does not include a fee stream — there are no recorded figures for fees collected, distributed, or retained by the protocol. This means that standard fee-based valuation measures are not applicable here. What the data does show is a total value locked of approximately $10,256,205 at the point of measurement, which had moved 1.37 percent over the trailing seven days, and a market-cap-to-TVL ratio of 6.53, meaning the market capitalization is roughly 6.5 times the collateral the protocol currently holds.