On Cryptex v1, overcollateralized investors deposit funds into Cryptex and mint TCAP tokens. On Cryptex v2, traders trade leveraged perpetual contracts against liquidity pools supplied by liquidity providers.

Cryptex v1 is non-custodial asset management protocol built on Ethereum, while Cryptex v2 is an exchange for perpetual contracts on Arbitrum. Cryptex was founded by Joe Sticco, Preston Van Loon & Thomas Matzner and launched in 2021.

CTX token holders own and govern the protocol. They currently take all of the total withdrawal fees paid by investors and trading fees paid by traders (revenue).

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# Cryptex Capital deployed Methodology

## 1. Overview

Capital deployed measures the total USD value of collateral backing TCAP tokens in the Cryptex protocol at any given time. TCAP (Total Crypto Market Cap Token) is a synthetic asset that tracks the total market capitalization of cryptocurrencies, backed by various collateral types deposited by users. This metric tracks the cumulative net collateral value by monitoring all collateral inflows (when users mint TCAP) and outflows (when users burn TCAP or get liquidated), providing insight into the total capital committed to the protocol.

## 2. Data sources

The calculation relies on several key data sources:
- **Smart contract events**: Parsed Ethereum event logs from Cryptex vault handler contracts including `TokensMinted`, `TokensBurned`, and `VaultLiquidated` events
- **Vault handler contracts**: Events from multiple vault types supporting different collateral tokens (DAI, LINK, AAVE, USDC, WBTC, ETH) across two protocol versions (v1 and v2)
- **Transaction metadata**: Block timestamps, transaction hashes, and log indices for precise event tracking
- **Token price feeds**: End-of-day price feeds for USD conversion of collateral values
- **Token metadata**: Decimal precision information for accurate token amount calculations

## 3. Step-by-step calculation

### Component A: TCAP minting events
- **Purpose**: Captures collateral deposits when users mint new TCAP tokens
- **Logic**: Extracts `TokensMinted` events from all vault handler contracts across DAI, LINK, AAVE, USDC, WBTC, and ETH vaults. Each minting event represents collateral being deposited into the protocol to mint TCAP tokens. The `amount` field from these events represents positive collateral deployment.
- **Key fields**: `block_timestamp` for timing, `amount` for collateral quantity, `token_address` set to TCAP token address, vault handler contract `address` for source identification

### Component B: TCAP burning events  
- **Purpose**: Captures collateral withdrawals when users burn TCAP tokens
- **Logic**: Extracts `TokensBurned` events from all vault handler contracts. When users burn TCAP tokens, they withdraw corresponding collateral from the protocol. The `amount` field represents collateral being removed from the protocol.
- **Key fields**: `block_timestamp` for timing, `amount` for collateral quantity withdrawn, same contract sources as minting events

### Component C: TCAP liquidation events
- **Purpose**: Captures collateral seized during vault liquidations
- **Logic**: Extracts `VaultLiquidated` events from all vault handler contracts. When vaults become undercollateralized, liquidators can seize collateral, reducing the total capital deployed in the protocol. The `liquidationCollateral` field represents collateral removed through liquidation.
- **Key fields**: `block_timestamp` for timing, `liquidationCollateral` for collateral amount seized, same contract sources as other events

### Component D: Collateral change calculation
- **Purpose**: Combines all collateral flow events into net daily changes
- **Logic**: Unions minting events (positive values), burning events (negative values), and liquidation events (negative values) into a single dataset representing all collateral movements. Groups events by day using timestamp truncation and sums the net collateral changes per token and chain combination.
- **Key fields**: Daily `timestamp`, `chain` identifier, `token_address`, net `collateral` change amount

### Component E: Zero-filling and gap handling
- **Purpose**: Creates continuous time series with no missing days
- **Logic**: Applies zero-filling logic to ensure every day has a record for each token/chain combination, even if no events occurred. Days with no activity receive zero collateral changes to maintain time series continuity.
- **Key fields**: Continuous daily timestamps, zero values for days without events

### Final aggregation
- **Combining components**: All collateral changes are combined in chronological order, with mints contributing positively and burns/liquidations contributing negatively to the running total
- **Currency conversion**: Native token amounts are converted to USD using end-of-day price feeds and corrected for token decimal precision through the standard conversion macro
- **Time aggregation**: Events are aggregated to daily boundaries, with all events within a day contributing to that day's net change
- **Final calculation**: A cumulative sum is calculated over time within each token/chain partition, ordered by timestamp, to produce the running total of capital deployed. This represents the net collateral value backing TCAP tokens at any point in time, starting from zero and adjusting up for mints and down for burns and liquidations

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

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