Capital deployed

Overview

Capital deployed measures the value of user deposits that are allocated into investments by an asset manager. Since this capital is typically invested to earn yield for clients, it tends to correlate with the manager’s ability to generate revenue.

Data sources

• Smart contract events and program instructions capturing token supply changes
• On-chain vault state data including exchange rates and share balances
• Token price feeds for USD conversion
• Asset metadata for decimal precision and contract mapping

Common calculation approaches

Tokenized asset supply tracking

Outstanding supply is calculated from ERC-20 Transfer events emitted by issuers such as BitGo, Securitize, and Ondo Finance. Mint events (transfers from the zero address) and burn events (transfers to the zero address) are aggregated to determine the net circulating supply of tokenized investment products. On Solana, supply is determined from program instructions and token account balance snapshots.

Yield-generating strategy allocation

Capital deployed into specific investment strategies is tracked through deposit token activities in lending and liquidity protocols. For example, assets are monitored from Mint and Burn events from spToken and AToken contracts associated with Spark. This approach focuses on capital actively allocated to yield-generating positions rather than idle reserves.

Vault-based valuation

For projects such as Ether.fi, capital is determined from vault exchange rates and total share supply. Data is aggregated from liquid vault accountant contracts to value the underlying assets deployed across staking and yield products. This methodology ensures that the valuation reflects the current market value of the assets held within the managed vaults.

Note: The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.