# Slipstream Total value locked Methodology

## 1. Overview

Total value locked (TVL) is calculated to measure the total value of assets deposited in Aerodrome's Slipstream pools. This metric is utilized as a primary indicator of the liquidity available for concentrated liquidity trading, by which trading volume and fee generation are directly influenced. Only assets deposited within the Slipstream product are captured in this methodology. Deposited assets are tracked through on-chain events, aggregated daily, and converted to USD.

## 2. Data sources

- **Blockchain events**: `PoolCreated` events from `CLPoolFactory` contracts, and `Mint`, `Collect`, `CollectFees`, `Swap`, and `Flash` events from `CLPool` contracts, covering Base and Arc
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Slipstream pool identification

- **Purpose**: Active Slipstream trading pairs and their associated assets are identified.
- **Logic**: Pool addresses, asset addresses, and asset decimals are extracted from `PoolCreated` events emitted by `CLPoolFactory` contracts. A denylist is applied to exclude specific outlier pools, such as those containing the superOETHb asset.
- **Key fields**: `pool_address`, `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`

### Component B: Slipstream asset flow extraction

- **Purpose**: On-chain actions that modify the asset balances of Slipstream pools are captured.
- **Logic**: Asset inflows and outflows are extracted from multiple event types emitted by `CLPool` contracts. Deposits are captured from `Mint` events as positive flows. Withdrawals, representing both position principal and collected fees, are captured from `Collect` and `CollectFees` events as negative flows. Trade-induced balance changes are captured from `Swap` events. Retained flash loan fees are captured from `Flash` events.
- **Key fields**: `amount0`, `amount1`, `paid0`, `paid1`, `block_timestamp`

### Component C: Daily flow aggregation and decimal normalization

- **Purpose**: Raw asset flows are normalized by decimal precision and aggregated to a daily granularity.
- **Logic**: Raw asset amounts from the extracted flows are divided by their respective asset decimal precisions using metadata retrieved during pool identification. The normalized flows are then aggregated by day, pool, and asset to produce a net daily delta for each asset in each pool.
- **Key fields**: `timestamp`, `delta_tvl`, `token_address`

### Component D: Cumulative TVL calculation and zero-floor guard

- **Purpose**: The running balance of assets in each pool is computed and negative balances are prevented.
- **Logic**: Net daily deltas are summed cumulatively over time for each asset within each pool. A zero-floor guard is applied to ensure that the cumulative asset balance never drops below zero. Missing days in the time series are filled forward to maintain a continuous daily record of asset balances.
- **Key fields**: `timestamp`, `tvl`

### Component E: USD conversion and final aggregation

- **Purpose**: Asset balances are converted to USD and aggregated to the product level.
- **Logic**: Daily asset balances are multiplied by end-of-day asset prices sourced from price feeds. The USD-denominated values are then aggregated across all pools and assets to calculate the total value locked for the Slipstream product on a daily basis.
- **Key fields**: `timestamp`, `tvl`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Total value locked

Exchanges (DEX)

Liquidity providers deposit funds into Aerodrome and stake their LP tokens to receive AERO tokens in proportion to their share of the votes (token incentives).

Aerodrome is a non-custodial exchange protocol built on Base. Aerodrome was launched by the Velodrome team in 2023.

AERO tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue), while the pools' unstaked liquidity providers earn the remainder of the trading fees (supply-side fees).

Slipstream

Total value locked

Total value locked

Chain breakdown