Liquidity providers deposit funds into Beethoven X and receive trading fees from traders (supply-side fees). In addition, Beethoven X provides liquidity providers with additional yield using boosted pools.

Beethoven X is a non-custodial exchange protocol built on Fantom and Optimism. It was founded by an anonymous team and launched in 2021.

BEETS tokenholders own and govern the protocol. They currently take a cut of the total trading and yield fees (revenue). Beethoven X shares 50% of the Optimism revenues with Balancer (Beethoven X is an official friendly fork of Balancer).

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# Beets Total value locked Methodology

## 1. Overview

Beethoven's Total Value Locked (TVL) represents the total USD value of assets deposited across all liquidity pools in the Beethoven protocol. This metric answers the business question: "How much value is currently locked in Beethoven's AMM pools?" The calculation aggregates token reserves across all pool types on both Fantom (Beethoven v1) and Optimism (Balancer v2 co-managed deployment), converting to USD and excluding LP tokens to avoid double-counting.

## 2. Data sources

The calculation uses several key data sources:
- **Pool creation events**: Parsed `PoolCreated` events from multiple factory contracts on Fantom and Optimism, covering various pool types including WeightedPool, ComposableStablePool, LinearPool variants, LiquidityBootstrappingPool, and ManagedPool factories across different versions
- **Pool reserve snapshots**: Hourly balance snapshots tracking token reserves held in each pool address
- **Token metadata**: Token symbol and address information for asset identification and labeling
- **End-of-day price feeds**: USD price data for converting token reserves to dollar values
- **Chain availability data**: Information about which chains and time periods have reliable data coverage

## 3. Step-by-step calculation

### Component A: Pool registry creation
- **Purpose**: Identify all valid pool addresses across the Beethoven ecosystem
- **Logic**: Parse `PoolCreated` events from numerous factory contracts on both Fantom (Beethoven v1) and Optimism (Balancer v2). The registry includes multiple pool types such as WeightedPool factories, ComposableStablePool factories, various LinearPool factories (Yearn, ERC4626, Aave, Reaper, Tarot, Boo, UnbuttonAave), StablePool factories, MetaStablePool factories, LiquidityBootstrappingPool factories, and ManagedPool factories. Each factory may have multiple versions (V2, V3, V4, V5). Events are deduplicated by pool address to create a comprehensive registry of valid pools.
- **Key fields**: Block timestamp, transaction hash, log index, chain identifier, factory version, and `pool` address from the event

### Component B: Pool reserve aggregation
- **Purpose**: Calculate daily token balances held in each pool
- **Logic**: Start with hourly reserve snapshots from both Beethoven v1 (Fantom) and Balancer v2 (Optimism) sources. Filter for records where the hour equals 0 (midnight) to get daily snapshots, then subtract 1 day from the timestamp to represent end-of-previous-day balances. Only include non-negative reserve values to filter out invalid data. Join with token metadata to add symbol information for each token held in pools.
- **Key fields**: Timestamp (adjusted to previous day), pool address (`account_address`), token address, token `symbol`, and `reserve` amount

### Component C: LP token exclusion
- **Purpose**: Remove LP tokens from TVL calculation to prevent double-counting
- **Logic**: Cross-reference the pool reserves with the pool registry to identify cases where the token address matches a known pool address (indicating an LP token). Use a left join with the pool registry and filter out records where the join succeeds (meaning the token is actually an LP token). Also exclude cases where the pool address equals the token address. This ensures only underlying assets are counted in TVL, not the pool tokens themselves.
- **Key fields**: Pool address (`account_address`), token address, with exclusion logic based on registry matches

### Final aggregation
- **Combining components**: Sum all filtered token reserves across all pools, chains, and tokens. The reserves are already validated and LP tokens have been excluded.
- **Currency conversion**: Convert each token reserve to USD using end-of-day token price feeds. The conversion applies appropriate decimal normalization based on each token's decimal places.
- **Time aggregation**: Data is aggregated at daily boundaries, using end-of-day balances (represented by midnight snapshots adjusted back one day).
- **Final calculation**: The TVL equals the sum of all USD-converted token reserves held across all valid pools, excluding LP tokens, with gaps filled using a zero-fill strategy to ensure complete time series coverage. Chain availability filters are applied to only include periods where reliable data exists for each chain.

*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.

BeetsBEETS

Total value locked

Total value locked

Competitive landscape

Chain breakdown