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

Camelot is a non-custodial exchange protocol built on Arbitrum. Camelot was founded by the pseudonymous Myrddin and launched in 2022.

GRAIL tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Exchanges (DEX)

Camelot

# Camelot Total value locked Methodology

## 1. Overview

Camelot TVL (Total Value Locked) measures the total USD value of assets deposited in Camelot's decentralized exchange liquidity pools on Arbitrum. The metric tracks net deposits across both Camelot v2 (traditional AMM pairs) and v3 (concentrated liquidity) protocols. TVL is calculated by aggregating daily net asset flows (deposits minus withdrawals plus trading impacts) and converting them to USD values using end-of-day token prices.

## 2. Data sources

- **Camelot v2 factory events**: Parsed `PairCreated` events from the Camelot v2 factory contract on Arbitrum to identify all trading pairs
- **Camelot v3 factory events**: Parsed `Pool` events from the Camelot v3 factory contract on Arbitrum to identify all liquidity pools  
- **Camelot v2 pair events**: Parsed `Sync` events from Camelot v2 pair contracts tracking reserve updates, and `Swap` events tracking trading activity
- **Camelot v3 pool events**: Parsed `Mint` events for liquidity deposits, `Collect` events for liquidity withdrawals, and `Swap` events for trading activity
- **Arbitrum transaction data**: Transaction records providing user addresses and block timestamps
- **Token metadata**: Token contract information including decimal places and symbols for proper amount normalization
- **End-of-day price feeds**: Daily token price data in USD for value conversion

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identifies all Camelot v2 trading pairs and v3 liquidity pools eligible for TVL calculation
- **Logic**: Extracts pair and pool addresses from factory `PairCreated` and `Pool` events. Joins with token metadata to get decimal places and symbols for both tokens in each pair. Creates account names by concatenating token symbols with hyphens. Filters for supported chains and versions.
- **Key fields**: `account_address` for pair/pool contracts, `token0_address` and `token1_address` for the two tokens, `token0_decimals` and `token1_decimals` for amount normalization

### Component B: v2 reserve tracking  
- **Purpose**: Tracks daily changes in Camelot v2 pair reserves to calculate net asset flows
- **Logic**: Processes `Sync` events that emit current reserve amounts for both tokens in each pair. Groups events by day and uses window functions to get the last reserve amount for each day. Calculates daily reserve changes by subtracting the previous day's reserves from current day's reserves. For the first day of each pair, uses the full reserve amount as the initial deposit.
- **Key fields**: `reserve0_amount` and `reserve1_amount` tracking token balances, `block_timestamp` for daily grouping

### Component C: v3 liquidity flows
- **Purpose**: Captures all liquidity deposits, withdrawals, and trading impacts for Camelot v3 pools
- **Logic**: Combines three event types: `Mint` events for deposits (positive amounts), `Collect` events for withdrawals (negative amounts), and `Swap` events for trading activity (can be positive or negative). Aggregates all events by day for each pool. Applies decimal corrections using token metadata.
- **Key fields**: `amount0` and `amount1` representing token flow amounts, with signs indicating direction (positive for inflows, negative for outflows)

### Component D: Asset flow combination
- **Purpose**: Merges v2 and v3 asset flows into a unified dataset for net deposit calculation
- **Logic**: Unions the processed v2 reserve changes with v3 liquidity flows. Both datasets have the same schema with daily timestamps, account addresses, and token amounts. Maintains version labels to distinguish between v2 and v3 sources.
- **Key fields**: `token0_amount` and `token1_amount` representing daily net asset flows for each token in each pair/pool

### Component E: USD conversion and aggregation
- **Purpose**: Converts token amounts to USD values and calculates final net deposits
- **Logic**: Joins asset flow data with end-of-day token prices for both tokens in each pair. Multiplies token amounts by corresponding USD prices. Sums the USD values of both tokens to get total net deposits for each pair/pool. Handles missing price data by defaulting to zero value.
- **Key fields**: `price_usd` from price feeds, `net_deposits` as the final USD-denominated value

### Final aggregation
- **Combining components**: All pair and pool net deposits are summed across the entire Camelot protocol to calculate total TVL
- **Currency conversion**: USD conversion happens at the individual token level using end-of-day prices before aggregation
- **Time aggregation**: Data is aggregated daily with timestamps truncated to day boundaries
- **Final calculation**: TVL equals the cumulative sum of all daily net deposits across all Camelot v2 pairs and v3 pools, converted to USD and aggregated by day

*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.

CamelotGRAIL

Total value locked

Total value locked

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