website

twitter

Stablecoin issuers

# Cap Total value locked Methodology

## 1. Overview

Total value locked (TVL) is measured as the total value of on-chain deposits and the tokenized value of user deposits made off-chain for Cap. For this protocol, TVL is represented by the circulating market capitalization of Cap USD, which functions as the primary liquidity source for trading activity. This metric is utilized as a leading indicator for the protocol's capacity to facilitate decentralized perpetual exchange activity. All values are denominated in USD and aggregated daily.

## 2. Data sources

- **Circulating market cap**: Derived from the Circulating market cap metric for Cap USD, covering all supported chains except TON.

## 3. Step-by-step calculation

### Component A: Cap USD liquidity tracking

- **Purpose**: The circulating supply of the protocol's native stable asset is identified as the basis for total value locked.
- **Logic**: The circulating market capitalization for Cap USD is retrieved from the asset metrics pipeline. This value represents the total tokenized value of user deposits within the protocol's ecosystem.
- **Key fields**: `tvl` (circulating market capitalization), `product_id` (identifier for Cap USD).

### Component B: Metric finalization and aggregation

- **Purpose**: Data consistency is ensured and missing values are handled across supported chains.
- **Logic**: Values are cast to bignumeric types and aggregated by timestamp, product, and chain. A zero-filling strategy is applied to account for days without recorded activity. Data is filtered to exclude specific chains such as TON and to align with established chain availability and freshness thresholds.
- **Key fields**: `timestamp` (timing), `chain_id` (chain identification), `tvl` (final value).

*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.

Cap

Total value locked

Total value locked

Competitive landscape

Chain breakdown