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

Bancor is a non-custodial exchange protocol built on Ethereum. Bancor was founded by Galia Benartzi, Guy Benartzi, Eyal Hertzog, & Yudi Levi and launched in 2016.

BNT tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Bancor's investors include DeFiance Capital, ParaFi Capital, Mechanism Capital, etc.

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Exchanges (DEX)

Bancor

# Bancor Total value locked Methodology

## 1. Overview

Bancor's Total Value Locked (TVL) represents the total USD value of tokens deposited and held within the Bancor protocol ecosystem. The metric directly equals net deposits, calculated by tracking token balance changes across all Bancor protocol contracts on Ethereum. This approach captures the actual token holdings within the protocol's liquidity pools and smart contracts.

## 2. Data sources

- **Ethereum ERC20 Transfer events**: Parsed `Transfer` events from Ethereum blockchain showing token movements to and from Bancor protocol addresses
- **End-of-day token price feeds**: Daily USD price data for tokens held within the protocol
- **Token metadata**: Token symbols, decimal places, and contract addresses for proper identification and calculation
- **Ethereum transaction logs**: Additional context for token transfers and contract interactions

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Track token movements across all Bancor protocol contracts to determine net balance changes
- **Logic**: The calculation uses over 400 hardcoded Ethereum contract addresses representing various Bancor protocol components (liquidity pools, converters, network contracts, etc.). For each address, the system processes ERC20 `Transfer` events to identify when tokens flow into or out of these contracts. Inbound transfers increase balances while outbound transfers decrease them. Balance changes are calculated on a daily basis for each combination of contract address and token.
- **Key fields**: `account_address` (Bancor contract addresses), `token_address`, `balance` (net change), `timestamp`

### Component B: Cumulative balance calculation  
- **Purpose**: Convert daily balance changes into running cumulative balances for each token in each contract
- **Logic**: Daily balance changes are accumulated over time using window functions partitioned by contract address and token. This creates a running total showing the actual token holdings in each Bancor contract at each point in time. Missing data points are forward-filled to ensure continuous time series data.
- **Key fields**: `balance` (cumulative amount), partitioned by `account_address`, `token_address`, and ordered by `timestamp`

### Component C: USD conversion and filtering
- **Purpose**: Convert token balances to USD values and filter for valid holdings
- **Logic**: Cumulative token balances are joined with end-of-day price feeds to convert each token holding to its USD equivalent. The calculation multiplies token amounts by their corresponding USD prices, accounting for token decimals. Only positive balances are included, effectively filtering out any addresses or tokens with zero or negative holdings.
- **Key fields**: `amount` (USD value), using daily `price_usd` from price feeds

### Final aggregation
- **Combining components**: All USD-denominated token holdings across all Bancor protocol addresses are summed together
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds matched by timestamp, chain, and token address
- **Time aggregation**: Data is aggregated daily with forward-filling applied to maintain continuity
- **Final calculation**: TVL equals the total net deposits, which is the sum of all positive USD-valued token balances held across the entire Bancor protocol ecosystem

*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.

BancorBNT

Total value locked

Total value locked

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