AVSs (Autonomous Verifiable Services) reward stakers and operators in exchange for security for third party services (supply-side fees).

EigenCloud is a marketplace connecting stakers and operators with applications that need active security. EigenCloud was founded by Sreeram Kannan and launched in 2023.

EigenCloud team and investors own and govern the protocol. They do not currently take a cut of the total rewards paid by AVSs (revenue). EigenCloud's investors include Blockchain Capital, Polychain Capital, Coinbase Ventures, etc.

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Liquid staking

EigenCloud

# EigenCloud Total value locked Methodology

## 1. Overview

EigenLayer TVL represents the total value of assets locked in the EigenLayer restaking protocol. This metric combines two distinct components: validator ETH staked through EigenPods (native restaking) and liquid staking tokens deposited into EigenLayer strategy contracts (liquid restaking). The calculation aggregates these components daily, converts values to USD, and provides a comprehensive view of capital committed to EigenLayer's restaking ecosystem.

## 2. Data sources

The calculation relies on several key data sources:
- **Ethereum beacon chain validator data**: Validator balances, status, and withdrawal address information from the Ethereum consensus layer
- **EigenLayer contract events**: `PodDeployed` events from the `EigenPodManager` contract that map withdrawal addresses to deployed EigenPods  
- **Strategy contract states**: Pre-aggregated underlying asset balances held across EigenLayer strategy contracts on multiple blockchains
- **End-of-day token price feeds**: USD price data for ETH, liquid staking tokens, and other assets held in strategies
- **Token metadata**: Decimal precision information for proper token amount calculations

## 3. Step-by-step calculation

### Component A: EigenPods TVL calculation
- **Purpose**: Calculates the TVL from native ETH staking through EigenPods by measuring validator balances
- **Logic**: Retrieves Ethereum beacon chain validator data and filters for validators with active status (`active_ongoing`, `pending_queued`, `pending_initialized`, `withdrawal_possible`). Joins this data with `EigenPodManager` deployment events to identify validators whose withdrawal addresses correspond to deployed EigenPods. Aggregates validator balances by day and converts from Gwei to ETH units by dividing by 1e9. Uses WETH token address (`0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2`) as the standard representation
- **Key fields**: `balance` (validator balance in Gwei), `withdrawal_address` (validator withdrawal destination), `eigenPod` (deployed pod address), `slot_timestamp` (beacon chain timestamp), `status` (validator state)

### Component B: Strategies TVL calculation  
- **Purpose**: Calculates the TVL from liquid staking tokens and other assets deposited into EigenLayer strategy contracts
- **Logic**: Sources pre-aggregated underlying asset data from EigenLayer strategy contracts across multiple blockchains. Extracts asset amounts from JSON-formatted underlying asset data. Applies token address mapping to standardize bEIGEN tokens to EIGEN representation. Aggregates balances by timestamp, chain, and token address
- **Key fields**: `underlying_assets` (JSON containing asset amounts), `strategy_address` (strategy contract identifier), `token_address` (asset token address), `chain` (blockchain identifier)

### Component C: Data processing and gap-filling
- **Purpose**: Ensures continuous daily data series for both TVL components
- **Logic**: Applies forward-filling logic to both EigenPods and strategies data to handle missing daily data points. For EigenPods, forward-fills validator balance data to ensure daily continuity. For strategies, the data appears to be pre-processed but may still receive gap-filling treatment
- **Key fields**: `timestamp` (daily granularity), `amount` (asset quantity), `token_address` (asset identifier)

### Component D: Currency conversion
- **Purpose**: Converts all asset amounts to USD values for standardized reporting  
- **Logic**: Applies USD conversion using end-of-day price feeds. For strategies TVL, enables decimal correction to properly handle token precision. For EigenPods TVL, disables decimal correction since validator balances are already in standard ETH units. Uses Token Terminal's standard conversion methodology to apply appropriate price and decimal adjustments
- **Key fields**: `tvl` (converted USD amount), `token_address` (for price lookup), timestamp (for price date matching)

### Final aggregation
- **Combining components**: Unions the USD-converted strategies TVL and EigenPods TVL data streams, maintaining daily granularity and preserving chain and token-level detail
- **Schema standardization**: Applies finalization processing that validates data structure, ensures consistent schema with standard TVL fields, and handles any remaining data gaps
- **Gap-filling strategy**: Uses zero-filling approach for missing data points, ensuring continuous daily series without forward-filling missing values in the final output  
- **Chain filtering**: Excludes specific blockchains (such as Blast) based on data availability or business logic requirements
- **Final calculation**: The final TVL represents the sum of all USD-denominated asset values across both EigenPods validator balances and strategy contract deposits, aggregated daily and presented with consistent schema formatting

*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.

EigenCloudEIGEN

Total value locked

Total value locked

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