Liquidity providers deposit funds into Dopex and receive premiums from options traders (supply-side fees).

Dopex is a non-custodial exchange for options contracts built on Arbitrum. Dopex was founded by the pseudonymous TzTok-Chad, and was launched in 2021.

DPX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Dopex’s investors include Tetranode, DefiGod, Orca Traders, Pattern Research, etc.

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Dopex

# Dopex Total value locked Methodology

## 1. Overview

Dopex TVL (Total Value Locked) measures the total USD value of tokens held across Dopex protocol contracts on Arbitrum. This metric tracks user deposits in two Dopex products: SSOV V1 (Single Staking Options Vaults) and CLAMM V2 (Concentrated Liquidity Automated Market Maker). The calculation monitors token balances across specific contract addresses and converts them to USD using daily price feeds.

## 2. Data sources

- **Arbitrum token transfer events**: Parsed ERC-20 `Transfer` events on Arbitrum for tracking token movements into and out of Dopex contracts
- **End-of-day price feeds**: Daily token price data for converting token amounts to USD values
- **Token metadata**: Token symbol and address information for proper identification and classification

## 3. Step-by-step calculation

### Component A: V1 balance tracking
- **Purpose**: Track token balances held in Dopex SSOV V1 contracts
- **Logic**: Monitor token transfer events for 10 specific Dopex V1 contract addresses on Arbitrum. For each contract address, token, and day, calculate the net change in token holdings from incoming and outgoing transfers. Apply running sum to convert daily balance changes into cumulative token balances over time. Forward-fill balances for days with no transactions to maintain continuity.
- **Key fields**: `timestamp`, `account_address` (contract address), `token_address`, `balance` (cumulative token amount)

### Component B: V2 balance tracking  
- **Purpose**: Track token balances held in Dopex CLAMM V2 contracts
- **Logic**: Monitor token transfer events for 3 specific Dopex V2 contract addresses on Arbitrum. Apply the same balance calculation logic as V1: compute daily net changes, make cumulative over time, and forward-fill missing data.
- **Key fields**: `timestamp`, `account_address` (contract address), `token_address`, `balance` (cumulative token amount)

### Component C: USD conversion
- **Purpose**: Convert token balances to USD values
- **Logic**: Join cumulative token balances from both V1 and V2 components with end-of-day price feeds. Match on timestamp, chain ID (Arbitrum), and token address. Filter to only include positive balances. Multiply token balance by USD price to get USD value for each contract-token-day combination.
- **Key fields**: `amount` (USD value), `product_id` (dopexssovv1 or dopexclammv2)

### Final aggregation
- **Combining components**: Sum USD values across all contracts within each product version (V1 and V2) for each day
- **Currency conversion**: Uses end-of-day price feeds with exact timestamp matching for consistent daily valuations
- **Time aggregation**: Aggregates to daily granularity with forward-filling to handle days without transactions
- **Final calculation**: Total TVL equals the sum of all positive USD-denominated token balances held across all tracked Dopex contract addresses, categorized by product version and classified under derivatives market sector and options business segment

*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.

DopexDPX

Total value locked

Total value locked

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