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Coinshift

# Coinshift Total value locked Methodology

## 1. Overview

Coinshift TVL (Total Value Locked) measures the total dollar value of assets held across Coinshift's vault products. The metric tracks the underlying token value of deposits in Coinshift vaults, with special handling for wrapped USDL (wUSDL) tokens that require conversion to their underlying USDL value. The calculation aggregates vault balances daily and converts them to USD using end-of-day price feeds.

## 2. Data sources

- **Coinshift state data**: Daily snapshots of total assets held in Coinshift vault contracts, providing the current balance of each vault
- **Ethereum wUSDL events**: Parsed `Deposit` and `Withdraw` events from the wUSDL token contract on Ethereum, used to determine exchange rates between wrapped and underlying tokens
- **Static vault configuration**: Hardcoded mapping of vault addresses to their underlying token addresses and product identifiers
- **End-of-day token price feeds**: USD pricing data for token valuation
- **Token metadata**: Decimal precision information for proper token amount normalization

## 3. Step-by-step calculation

### Component A: Vault balance extraction
- **Purpose**: Extracts daily balance snapshots from Coinshift vault contracts
- **Logic**: Reads total asset values from Coinshift state data starting from January 1, 2025 (cutoff date for idle assets to be included in AUM fees). Maps vault contract addresses to their corresponding underlying token addresses and product IDs using a static dimension table. The dimension table contains three vault configurations: two for csusdl product with different vault addresses and one for csusdc product
- **Key fields**: `timestamp` for daily snapshots, `account_address` for vault contract, `state_value` for total assets, `underlying_token_address` for the actual token held, `product_id` for vault classification

### Component B: wUSDL exchange rate calculation  
- **Purpose**: Determines the conversion rate between wrapped USDL (wUSDL) and underlying USDL tokens
- **Logic**: Combines `Deposit` and `Withdraw` events from the wUSDL contract on Ethereum. For each day, selects the most recent event to get the latest exchange rate by using row number ranking ordered by block timestamp descending. Calculates conversion rate as the ratio of wrapped shares to underlying assets
- **Key fields**: `block_timestamp` for event timing, `assets` for underlying value, `shares` for wrapped value, `conversion_rate` as the calculated ratio

### Component C: Token conversion and normalization
- **Purpose**: Converts wUSDL balances to underlying USDL and normalizes token amounts
- **Logic**: Joins vault balances with exchange rates by date and token address. For wUSDL tokens (address `0x7751e2f4b8ae93ef6b79d86419d42fe3295a4559`), converts the token address to USDL address (`0xbdc7c08592ee4aa51d06c27ee23d5087d65adbcd`) and divides the amount by the conversion rate to get underlying value. For other tokens, uses the amount as-is with conversion rate defaulting to 1.0
- **Key fields**: `amount` converted to underlying value, `token_address` standardized to underlying token, `conversion_rate` applied for unwrapping

### Final aggregation
- **Combining components**: Takes the converted token amounts and applies USD conversion using the `convert_to_usd_and_correct_decimals` macro
- **Currency conversion**: Converts token amounts to USD using end-of-day price feeds and corrects for token decimal precision
- **Time aggregation**: Groups data by daily timestamps with 'day' grain
- **Final calculation**: Sums converted USD values by timestamp, chain ID, and product ID. Applies finalization macro with zero-fill strategy to ensure consistent schema and handle data gaps, then applies chain availability filtering

*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.

Coinshift

Total value locked

Total value locked

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