Tradable NA Third Party Online Merchant SSTN

This asset is a tokenized representation of senior secured term notes issued by Victory Park Capital Advisors under a deal called the North America Third Party Online Merchant Senior Secured Term Notes. The notes are backed by a portfolio of retail assets operated through technology-enabled platforms, and the token gives holders on-chain exposure to the cash flows generated by that underlying private credit structure. It is designed to make a segment of the private credit market, which has historically been difficult for many participants to access, reachable through blockchain infrastructure.

The token is issued and managed by Tradable.xyz on the ZKsync Era network, which is a layer-two blockchain using zero-knowledge proof technology to process transactions with lower costs and faster settlement than a base layer. Smart contracts embedded in the system handle anti-money-laundering and know-your-customer compliance checks, meaning regulatory gatekeeping is enforced programmatically rather than through a separate manual process. The token itself represents a claim on the underlying notes and carries no independent consensus algorithm, as it relies entirely on ZKsync Era's infrastructure for settlement.

The data provided does not include a fee stream, revenue figures, or information about what the protocol itself retains from note cash flows, so no fee-based analysis can be performed with what is stored here. The token trades at a price of 1.0 USD and has a circulating supply of 105,971,759.52 tokens against a maximum supply of 350,000,000, placing circulating supply at approximately 30.28 percent of the maximum at this point in time. The fully diluted valuation equals the market capitalization at this point in time, reflected in an fdv-to-mcap ratio of 1.0, because the entire circulating supply has already been issued and no additional supply is pending.