Investors deposit funds into the funds managed by BlackRock, and BlackRock charges management fees. We currently track the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), launched in 2024.

BlackRock is the world's largest investment manager, with $10 trillion in assets under management. It was founded in 1988. Note that the data shown for BlackRock covers only its tokenized onchain products, such as the BUIDL money market fund.

BLK shareholders own and govern the company. They currently take a cut of the total return on investment and total assets under management (revenue).

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BlackRock

# BlackRock Total value locked Methodology

## 1. Overview

BlackRock TVL measures the total value locked in BlackRock's tokenized fund products, specifically tracking the outstanding supply of BUIDL tokens across multiple blockchain networks. The metric represents the aggregate capital deployed in BlackRock's yield-generating products by summing the circulating supply of BUIDL tokens from all supported chains. This provides a comprehensive view of assets under management in BlackRock's on-chain investment vehicles.

## 2. Data sources

The calculation relies on several types of blockchain data:

- **EVM chain token transfers**: Parsed `Transfer` events from Ethereum, Avalanche, Arbitrum, Optimism, and Polygon networks for BUIDL token contracts
- **Aptos native events**: `BuidlToken_Issue_event` and `BuidlToken_Burn_event` from BlackRock's Aptos deployment
- **Solana token balances**: Daily token balance snapshots for all BUIDL token holder accounts
- **Token metadata**: Decimal precision information for proper amount normalization
- **Chain availability data**: Configuration defining which chains are active for consistent cross-chain reporting

## 3. Step-by-step calculation

### Component A: EVM chain mint and burn tracking
- **Purpose**: Calculate net BUIDL token supply changes on EVM-compatible chains
- **Logic**: Token `Transfer` events are filtered to identify mints (transfers from zero address to non-zero address) and burns (transfers from non-zero address to zero address). Each chain has specific BUIDL token contract addresses that are monitored. Mint amounts are recorded as positive values while burn amounts are converted to negative values to represent supply decreases. Daily aggregation sums all mint and burn activities within each 24-hour period.
- **Key fields**: `block_timestamp` for timing, `token_address` for contract identification, `from_address` and `to_address` for mint/burn detection, `value` for transfer amounts

### Component B: Aptos native event tracking  
- **Purpose**: Capture BUIDL token issuance and burns on Aptos using native contract events
- **Logic**: Aptos uses dedicated `BuidlToken_Issue_event` and `BuidlToken_Burn_event` rather than generic transfer events. Issue events represent mints with positive amounts, while burn events represent supply reductions with amounts converted to negative values. The events contain the raw amounts that require decimal adjustment (division by 1e6) to normalize to standard precision.
- **Key fields**: `block_timestamp` for timing, `value` for raw token amounts before decimal correction

### Component C: Solana balance aggregation
- **Purpose**: Calculate total BUIDL supply on Solana by aggregating individual holder balances
- **Logic**: Unlike other chains that track mints/burns, Solana uses daily snapshots of all token account balances for the BUIDL token mint address. Each holder account's balance is captured daily, then forward-filled to ensure continuous data series. Total supply is calculated by summing all individual account balances rather than tracking supply changes through transfer events.
- **Key fields**: `token_account` for holder identification, `post_balance` for account balance amounts, `block_date` for daily snapshots

### Component D: Outstanding supply calculation
- **Purpose**: Convert mint/burn activities into cumulative outstanding supply over time
- **Logic**: Daily mint and burn amounts are combined into net supply changes per day. A running cumulative sum is calculated over time, partitioned by chain and token address, to determine outstanding supply at each point in time. Forward filling ensures that days with no activity maintain the previous day's supply level, creating continuous daily time series data.
- **Key fields**: `amount` for daily net changes, `outstanding_supply` for cumulative totals

### Component E: Decimal correction and normalization
- **Purpose**: Standardize token amounts across different chains and precision requirements
- **Logic**: Raw token amounts from blockchain events often have varying decimal places depending on the token contract implementation. Token metadata is used to identify the correct number of decimal places for each token, then amounts are divided by the appropriate power of 10 to normalize to standard precision. This ensures consistent value representation across all chains and tokens.
- **Key fields**: `token_address` for metadata lookup, normalized `amount` values

### Final aggregation
- **Combining components**: Outstanding supply values from all chains (EVM, Aptos, Solana) are combined through union operations to create a unified dataset of BUIDL token supply across all supported networks
- **Currency conversion**: No currency conversion is applied as BUIDL tokens represent tokenized USD assets with 1:1 backing
- **Time aggregation**: Daily boundaries are enforced using timestamp truncation to day level, ensuring consistent 24-hour aggregation periods
- **Final calculation**: TVL is calculated by summing all outstanding supply values across chains, products, and time periods, representing the total capital deployed in BlackRock's tokenized investment products

*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.

BlackRock

Total value locked

Total value locked

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