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Drift Protocol

# Drift Protocol Total value locked Methodology

## 1. Overview

Drift Protocol's Total Value Locked (TVL) measures the total USD value of assets held within the protocol's ecosystem. This metric combines two key components: assets held in the main Drift trading vault and dSOL (Drift's liquid staking token) balances across all holders. The calculation tracks daily token balances from Solana blockchain data and converts them to USD using end-of-day price feeds.

## 2. Data sources

- **Solana token balance changes**: Post-transaction token account balances from Solana blockchain state changes, capturing all token movements and balance updates
- **Drift Protocol vault contract data**: Token balances held by the main Drift vault contract (`JCNCMFXo5M5qwUPg2Utu1u6YWp3MbygxqBsBeXXJfrw`)
- **dSOL token balance data**: All holder balances for Drift's liquid staking token (`Dso1bDeDjCQxTrWHqUUi63oBvV7Mdm6WaobLbQ7gnPQ`)
- **End-of-day price feeds**: Daily closing prices for all relevant tokens to enable USD conversion
- **Token metadata**: Information about token addresses, decimals, and identifiers for proper balance calculation

## 3. Step-by-step calculation

### Component A: Drift vault balances extraction
- **Purpose**: Captures all token balances held within the main Drift Protocol trading vault
- **Logic**: Extracts token balance changes from Solana blockchain data, filtering specifically for balances owned by the Drift vault contract address. Daily timestamps are created by truncating block timestamps to day boundaries. Each balance record includes the token address (mint), account address holding the tokens, and the post-transaction balance amount. All vault balances are categorized under the product identifier 'Drift Protocol Trade'.
- **Key fields**: `timestamp` (daily), `token_address` (mint), `account_address`, `token_amount` (post-balance), `product_id` ('Drift Protocol Trade')

### Component B: dSOL token balances extraction  
- **Purpose**: Captures all balances of Drift's liquid staking token (dSOL) across all holders
- **Logic**: Extracts token balance changes from Solana blockchain data, filtering specifically for the dSOL token address regardless of the token owner. This captures dSOL holdings across all wallets and accounts. Daily timestamps are created by truncating block timestamps to day boundaries. All dSOL balances are categorized under the product identifier 'Drift Staked Solana' to distinguish from trading vault assets.
- **Key fields**: `timestamp` (daily), `token_address` (dSOL mint address), `account_address`, `token_amount` (post-balance), `product_id` ('Drift Staked Solana')

### Component C: Balance continuity and aggregation
- **Purpose**: Ensures continuous daily balance snapshots and handles gaps in balance change data
- **Logic**: Combines vault and dSOL balance data into a unified dataset. Applies fill-forward logic to maintain balance continuity - when no balance changes occur on a given day, the most recent balance is carried forward. This ensures daily TVL calculations even during periods of low activity. The fill-forward operation works across each unique combination of token address, account address, and product identifier.
- **Key fields**: `timestamp`, `token_address`, `account_address`, `product_id`, `token_amount` (filled forward)

### Component D: USD conversion
- **Purpose**: Converts token amounts to USD values for TVL calculation
- **Logic**: Joins the balance data with end-of-day price feeds, matching on both timestamp and token address to ensure accurate daily pricing. Multiplies each token balance by its corresponding USD price to calculate the USD value. Only balances with available price data are included in the final calculation.
- **Key fields**: `tvl_token` (original token amount), `tvl_usd` (USD value), `price_usd` (daily closing price)

### Final aggregation
- **Combining components**: USD values are summed across all token balances within each combination of timestamp, chain, and product identifier. This creates separate TVL values for the trading vault ('Drift Protocol Trade') and dSOL staking ('Drift Staked Solana') products.
- **Currency conversion**: USD conversion uses end-of-day closing prices matched to daily balance timestamps, ensuring consistent valuation timing across all assets.
- **Time aggregation**: All balance data is aggregated to daily granularity, with timestamps truncated to day boundaries. Fill-forward strategy maintains data continuity across all days.
- **Final calculation**: The total TVL represents the sum of USD values for all tokens held in the Drift vault plus the total USD value of all dSOL tokens in circulation. The metric is finalized using standardized formatting and includes chain availability filtering for Solana-specific data.

*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.

Drift ProtocolDRIFT

Total value locked

Total value locked

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