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Blockchains (L1)

Elixir Protocol

# Elixir Protocol Total value locked Methodology

## 1. Overview

Total value locked (TVL) for Elixir Protocol measures the total value of assets collateralizing the protocol's synthetic dollar, Elixir deUSD. This metric is used as a leading indicator for the adoption and scale of the protocol's stablecoin issuance. TVL is calculated by tracking the total outstanding supply of Elixir deUSD on-chain, reflecting the tokenized value of user deposits.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events for Elixir deUSD on Ethereum and Avalanche
- **External data**: End-of-day price feeds for assets

## 3. Step-by-step calculation

### Component A: Elixir deUSD issuance and redemption tracking

- **Purpose**: Identify all net changes in the circulating supply of Elixir deUSD.
- **Logic**: ERC-20 `Transfer` events are parsed for specific Elixir deUSD contract addresses. Minting events are identified by transfers originating from the null address. Redemption events are identified by transfers where the recipient is either the null address or the dead address. Transaction logs marked as removed are excluded from the dataset.
- **Key fields**: `from_address`, `to_address`, `value` (amount), `block_timestamp`

### Component B: Outstanding supply calculation

- **Purpose**: Calculate the cumulative amount of assets held by the protocol across all supported chains.
- **Logic**: Daily net minting activity is determined by subtracting the total redemption volume from the total minting volume. Amounts are normalized by decimal precision. A cumulative sum of these net changes is calculated over time to determine the total outstanding supply per chain. Missing data points for days with no transfer activity are populated by filling forward the last known cumulative balance.
- **Key fields**: `amount`, `outstanding_supply`

### Component C: USD conversion and TVL aggregation

- **Purpose**: Normalize supply values to USD for cross-chain aggregation.
- **Logic**: The total outstanding supply is multiplied by the corresponding end-of-day asset price feeds. Final values are aggregated by chain and product to represent the total value locked. Results are formatted at a daily granularity with UTC day boundaries.
- **Key fields**: `outstanding_supply`, `price_usd`, `tvl`

*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.

Elixir ProtocolELX

Total value locked

Total value locked

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