# Bifrost Liquid Staking Total value locked Methodology

## 1. Overview

Total value locked for Bifrost Liquid Staking measures the total market value of all assets deposited into the protocol's liquid staking pallets. This includes underlying assets such as DOT, GLMR, ASTR, FIL, MANTA, and BNC that are locked to mint interest-bearing liquid staking vouchers (vTokens). The metric serves as a key indicator of the collateral base and liquidity available within the liquid staking ecosystem on Bifrost Substrate.

## 2. Data sources

- **Blockchain events**: `Minted` events and `token_pools` state data from the `vtokenMinting` pallet, covering Bifrost Substrate
- **External data**: End-of-day price feeds for underlying assets including DOT, GLMR, ASTR, FIL, MANTA, and BNC

## 3. Step-by-step calculation

### Component A: vToken exchange rate derivation

- **Purpose**: To determine the value of liquid staking vouchers relative to their underlying collateral assets
- **Logic**: `Minted` events are parsed from the `vtokenMinting` pallet to extract the quantities of underlying assets and corresponding vTokens minted. A price ratio is calculated by dividing the underlying asset amount by the vToken amount. These ratios are averaged daily and filled forward to maintain a continuous exchange rate for each liquid staking asset pair.
- **Key fields**: `token_amount`, `v_token_amount`, `currency_key`, `currency_index`

### Component B: Liquid staking pool balance extraction

- **Purpose**: To identify the total quantity of assets held within the staking pools
- **Logic**: Total staking quantities are retrieved from the `token_pools` storage data associated with the `vtokenMinting` pallet. These balances are mapped to specific assets using hardcoded token definitions that specify the decimal precision and asset identity for each token index.
- **Key fields**: `pool_amount`, `currency_id`, `index`, `decimals`

### Component C: Normalization and USD conversion

- **Purpose**: To standardize asset balances and convert them into a canonical USD value
- **Logic**: The raw staking balances are adjusted by the derived vToken price ratios to account for accrued staking rewards. These values are normalized by decimal precision and multiplied by end-of-day asset price feeds. Results are aggregated by day to produce the final metric.
- **Key fields**: `total_staking`, `vtoken_price_ratio`, `decimals`, `price_usd`

*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

Liquid staking

Collators aggregate parachain transactions block candidates and producing state transition proofs for validators based on those blocks.

Bifrost is the Staking Yield Layer app-chain for stablecoins, RWAs, and DeFi, powered by the Polkadot Relay chain.

BNC holders own and govern the protocol. Bifrost’s investors include OKX Ventures, Long Hash Ventures, etc.

Bifrost Liquid Staking

Archived

Total value locked

Total value locked

Chain breakdown