Liquidity providers deposit funds into Aperture and receive trading fees from traders (supply-side fees).

Aperture is a non-custodial DeFi exchange protocol built on Manta Pacific (originally a fork of Uniswap). Aperture was founded by Gao Han, Lian Zhu, and Peiqian Li in 2021.

Aperture team & investors own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Aperture's investors include ParaFi Capital, Arrington XRP Capital, Costanoa Ventures and Divergence Ventures.

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Aperture

# Aperture Total value locked Methodology

## 1. Overview

Aperture TVL (Total Value Locked) measures the total USD value of assets deposited into Aperture's automated market maker (AMM) liquidity pools. The metric represents the cumulative net deposits across all trading pairs, calculated by tracking all asset flows into and out of pool contracts and converting the resulting balances to USD using end-of-day price feeds. This metric answers the question: "What is the total value of assets currently locked in Aperture's AMM pools?"

## 2. Data sources

The calculation uses the following raw blockchain data and external sources:

- **Pool creation events**: Parsed Manta blockchain `Factory_PoolCreated_event` logs that establish which contracts are valid Aperture AMM pools
- **Liquidity events**: Parsed Manta blockchain `Pool_Mint_event` logs for liquidity additions and `Pool_Collect_event` plus `Pool_CollectProtocol_event` logs for liquidity withdrawals
- **Trading events**: Parsed Manta blockchain `Pool_Swap_event` logs that capture trading activity affecting pool reserves
- **Flash loan events**: Parsed Manta blockchain `Pool_Flash_event` logs that track temporary asset borrows from pools
- **Transaction records**: Manta blockchain transaction data providing user addresses and context
- **Price feeds**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token reference data including decimal places and symbols for proper amount calculations

## 3. Step-by-step calculation

### Component A: Pool registry creation
- **Purpose**: Establish the complete registry of Aperture AMM pool contracts and their characteristics
- **Logic**: Parse `Factory_PoolCreated_event` logs from Manta blockchain to extract pool contract addresses, underlying token pairs, and fee tier information. Join with token metadata to obtain decimal places and symbols for each token in the pair. Create trading pair names by concatenating token symbols
- **Key fields**: Pool contract `address`, `token0_address`, `token1_address`, `fee_tier`, `token0_decimals`, `token1_decimals`, and constructed `account_name`

### Component B: Asset flow event collection
- **Purpose**: Capture all events that affect the asset balances within Aperture pools
- **Logic**: Collect four types of blockchain events from identified pool contracts. Liquidity additions from `Pool_Mint_event` logs with `amount0` and `amount1` fields. Liquidity withdrawals from `Pool_Collect_event` and `Pool_CollectProtocol_event` logs with amounts converted to negative values. Trading activity from `Pool_Swap_event` logs capturing reserve changes. Flash loan activity from `Pool_Flash_event` logs joined with transaction data to identify users
- **Key fields**: `block_timestamp`, `transaction_hash`, pool `address`, `token0_amount`, `token1_amount`, and event-specific identifiers

### Component C: Asset flow processing and aggregation
- **Purpose**: Normalize and combine all asset flows with proper accounting treatment
- **Logic**: Apply different accounting treatments to each event type. Withdrawals are converted to negative amounts by multiplying by -1. Flash loan amounts are multiplied by the pool's `fee_tier` to calculate fee revenue. All amounts are corrected for token decimals by dividing raw amounts by 10 raised to the power of token decimal places. Aggregate all flows daily by truncating `block_timestamp` to day level and grouping by pool contract
- **Key fields**: Daily `timestamp`, pool `account_address`, decimal-corrected `token0_amount` and `token1_amount`

### Component D: Net deposits calculation
- **Purpose**: Calculate the cumulative net value deposited into each pool
- **Logic**: Use the `calculate_dex_net_deposits` macro to process aggregated asset flows. This computes net deposits as the sum of all positive and negative flows for each token in each pool over time. The calculation maintains running totals that represent the net amount of each token currently held in pool reserves
- **Key fields**: `net_deposits` in token units for each token pair, aggregated by pool and date

### Component E: USD conversion and aggregation
- **Purpose**: Convert token amounts to USD and aggregate across all pools
- **Logic**: Join net deposit amounts with end-of-day price feeds matching on `timestamp`, `token_address`, and `chain`. Calculate USD value for each token by multiplying `token0_amount` by `token0_price_usd` and `token1_amount` by `token1_price_usd`. Sum both token values to get total pool value in USD. Handle missing prices by defaulting to zero value
- **Key fields**: `price_usd` from price feeds, calculated USD `net_deposits` per pool

### Final aggregation
- **Combining components**: Sum USD-denominated net deposits across all Aperture pools to get protocol-level TVL
- **Currency conversion**: Uses end-of-day price feeds matched on date and token address, with missing prices treated as zero value
- **Time aggregation**: Daily boundaries determined by truncating blockchain timestamps to day level
- **Final calculation**: Total protocol TVL equals the sum of net deposits (in USD) across all AMM pool contracts, where net deposits represent cumulative inflows minus outflows plus trading fees and flash loan fees

*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.

Aperture

Total value locked

Total value locked

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