Liquidity providers deposit funds into Equalizer and stake their LP tokens to receive EQUAL tokens (token incentives).

Equalizer is a non-custodial exchange protocol built on Fantom. Equalizer was founded by Blake Hooper and launched in 2022.

EQUAL tokenholders own and govern the protocol. They vote for pools where they wish to receive trading fees and external bribes from, while pools receive EQUAL emissions in respect to their share of votes.

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Equalizer Exchange

# Equalizer Exchange Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Equalizer measures the total USD value of all assets deposited in Equalizer's automated market maker (AMM) liquidity pools on Fantom. The metric tracks the cumulative net deposits into Equalizer pools by monitoring reserve changes in each trading pair and converting the token amounts to USD values. TVL represents the total value of liquidity available for trading on the Equalizer decentralized exchange.

## 2. Data sources

The TVL calculation relies on the following raw data sources:
- **Equalizer smart contract events**: Parsed `PairFactory_PairCreated` events from Equalizer v1 on Fantom that record the creation of new trading pairs
- **Pool reserve events**: Parsed `Pair_Sync` events from individual Equalizer trading pair contracts on Fantom that emit updated reserve amounts
- **Token metadata**: Token symbols and decimal configurations for proper amount normalization and display
- **Price feeds**: End-of-day token price feeds providing USD conversion rates for all tokens traded on Equalizer

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identifies all Equalizer liquidity pools and their token compositions
- **Logic**: Extracts data from `PairFactory_PairCreated` events on Fantom blockchain. Each event contains the addresses of the created pair contract, token0, and token1. The component joins with token metadata to get decimal places and symbols for both tokens in each pair. Creates a comprehensive registry of all trading pairs with their token details and generates human-readable names by concatenating token symbols.
- **Key fields**: `account_address` (pair contract), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name` (token0-token1 format)

### Component B: Reserve update tracking
- **Purpose**: Captures all changes to liquidity pool reserves from blockchain events  
- **Logic**: Processes `Pair_Sync` events emitted by individual Equalizer pair contracts on Fantom. These events are triggered whenever pool reserves change due to swaps, liquidity additions, or removals. Each event contains the updated reserve amounts for both tokens in the pool. The component extracts timestamp, transaction hash, log index, and the raw reserve amounts for token0 and token1.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `account_address` (pair contract), `reserve0_amount`, `reserve1_amount`

### Component C: Asset flow processing
- **Purpose**: Calculates daily net changes in pool reserves with proper decimal correction
- **Logic**: Joins reserve updates with trading pair metadata to apply decimal corrections. Raw reserve amounts are divided by 10^decimals for each respective token to get human-readable amounts. For each day and pool, uses window functions to identify the last reserve amounts from all events that day. Then calculates daily flows by comparing each day's final reserves to the previous day's final reserves using LAG functions. For the first day of data, uses the full reserve amount as the initial deposit.
- **Key fields**: `timestamp` (daily), `account_address`, `token0_address`, `token1_address`, `token0_amount` (daily change), `token1_amount` (daily change)

### Component D: USD conversion and net deposits
- **Purpose**: Converts token amounts to USD values and calculates total net deposits
- **Logic**: Takes daily asset flows and joins with end-of-day price feeds for both tokens in each pair. Multiplies token0 amounts by token0 prices and token1 amounts by token1 prices, then sums these USD values to get total net deposits per day per pool. Uses coalesce to handle missing prices by defaulting to zero. Applies the standard `calculate_dex_net_deposits` macro pattern and `finalize_metric_net_deposits` macro for schema validation and gap filling.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `net_deposits` (USD value)

### Final aggregation
- **Combining components**: The TVL metric directly uses the net deposits values calculated in the previous component, treating cumulative net deposits as the TVL measure
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds matched by date, token address, and chain
- **Time aggregation**: Data is aggregated at daily boundaries using timestamp truncation to day level, with the last reserve amounts of each day used for calculations
- **Final calculation**: TVL equals the sum of all historical net deposits (inflows minus outflows) into Equalizer pools, representing the total value locked in the protocol at any point in time

*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.

Equalizer ExchangeEQUAL

Total value locked

Total value locked

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