Liquidity providers deposit funds into Holdstation DeFutures and receive trading fees from traders (supply-side fees).

Holdstation DeFutures is a non-custodial perpetual exchange protocol built on zkSync Era. Holdstation DeFutures was founded by Hoai Nam and Trung Banh, and launched in 2023.

HOLD tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Holdstation's investors include ViaBTC Capital, Kryber, K300 Ventures, etc.

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Holdstation

# Holdstation Total value locked Methodology

## 1. Overview

Holdstation TVL (Total Value Locked) represents the total USD value of all tokens held in Holdstation's derivative trading contracts on zkSync Era. The metric measures user funds deposited into the protocol's perpetual futures trading platform. The calculation tracks token balance changes for the specific Holdstation contract address, maintains cumulative balances over time, converts to USD using end-of-day prices, and uses the resulting net deposits value directly as TVL.

## 2. Data sources

- **Blockchain events**: zkSync Era transaction logs and token transfer events that affect the Holdstation contract address
- **Token balance tracking**: Account balance state changes from zkSync Era blockchain data
- **External data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token symbols, addresses, and decimal precision information for proper balance calculations

## 3. Step-by-step calculation

### Component A: Token balance change tracking
- **Purpose**: Identifies and tracks all token balance changes for the Holdstation derivative trading contract
- **Logic**: Processes zkSync Era blockchain events to detect balance changes for the specific contract address `0xaf08a9d918f16332f22cf8dc9abe9d9e14ddcbc2`. The system monitors token transfer events, deposits, withdrawals, and other state changes that affect token balances held by this contract. Each balance change is recorded with timestamp, token details, and the net change amount.
- **Key fields**: `timestamp` for when the change occurred, `account_address` for the Holdstation contract, `token_address` and `token_symbol` for token identification, `balance` for the net change amount

### Component B: Cumulative balance calculation
- **Purpose**: Maintains running totals of token balances over time for each token held by the contract
- **Logic**: Applies a running sum calculation over the balance changes, partitioned by token and ordered by timestamp. This creates a continuous record of how much of each token the Holdstation contract holds at any point in time. The calculation ensures that deposits increase balances while withdrawals decrease them, maintaining accurate cumulative totals.
- **Key fields**: `balance` becomes the cumulative total for each `token_address` at each `timestamp`

### Component C: Time series completion
- **Purpose**: Ensures continuous daily data with no gaps in the time series
- **Logic**: Uses forward-fill logic to extend token balance values across missing dates. If a token balance doesn't change on a particular day, the previous day's balance is carried forward. This creates a complete daily time series for all tokens, ensuring TVL can be calculated for every day even when no balance changes occurred.
- **Key fields**: `timestamp` filled for all dates, `balance` values forward-filled where missing

### Component D: USD conversion
- **Purpose**: Converts token balances from native units to USD values for aggregation
- **Logic**: Joins the token balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Multiplies each token's balance by its USD price to get the dollar value. Only includes balances greater than zero and filters for daily price granularity to ensure consistency. This step transforms native token amounts into comparable USD values.
- **Key fields**: `amount` representing the USD value calculated as `balance` × `price_usd`

### Component E: Business classification
- **Purpose**: Applies Holdstation-specific business categorization for the metric
- **Logic**: Classifies all token holdings under the derivatives market sector, perpetual business segment, and assigns the specific product identifier 'holdstationdefuturesv1'. This categorization ensures the TVL is properly attributed to Holdstation's perpetual futures trading product in Token Terminal's taxonomy.
- **Key fields**: `market_sector_id` as 'derivatives', `business_segment_id` as 'perpetual', `product_id` as 'holdstationdefuturesv1'

### Final aggregation
- **Combining components**: Sums the USD values of all tokens held by the Holdstation contract to create total net deposits. The net deposits value represents the total user funds locked in the protocol.
- **Currency conversion**: Uses end-of-day token prices to convert all balances to USD, ensuring consistent valuation timing across different tokens
- **Time aggregation**: Maintains daily granularity with forward-filling to ensure complete time series coverage
- **Final calculation**: TVL equals the total net deposits value - the sum of all token balances held by the Holdstation contract, converted to USD and aggregated across all tokens. The methodology treats net deposits and TVL as equivalent for this derivatives protocol.

*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.

HoldstationHOLD

Total value locked

Total value locked

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