Lenders deposit assets into HyperLend and earn interest paid by borrowers (supply-side fees); the protocol keeps a share of that interest as revenue, set per reserve by the reserve factor.

HyperLend is a non-custodial lending protocol on HyperEVM. Core Pools are an Aave v3.2 friendly fork (pooled lending); Isolated Pools are a FraxLend v3 fork (isolated pair markets).

HPL tokenholders own and govern HyperLend, the credit and liquidity layer for the Hyperliquid ecosystem.

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HyperLend

# HyperLend Total value locked Methodology

## 1. Overview

Total value locked (TVL) is calculated as the total value of assets deposited within HyperLend. It is represented as the sum of idle assets remaining in the lending pools and active outstanding loans. This metric is utilized as a leading indicator for borrowing and lending activity on the platform.

## 2. Data sources

- **Blockchain events**: `ReserveInitialized` events from `LendingPoolConfigurator` contracts, `Mint` and `Burn` events from `VToken` contracts, and ERC-20 token transfers, covering HyperEVM
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Market identification

- **Purpose**: Identify active lending markets and associated contracts
- **Logic**: Active reserves are identified by parsing `ReserveInitialized` events from `LendingPoolConfigurator` contracts. Through this mapping, each underlying asset is associated with its corresponding `aToken` (deposit token) and `vToken` (variable debt token) addresses.
- **Key fields**: `underlying_token_address`, `atoken_address`, `vtoken_address`

### Component B: Idle asset tracking

- **Purpose**: Calculate the supplied but unlent asset balances
- **Logic**: ERC-20 token transfers are monitored for each market. Inflows are captured from transfers of the underlying asset to the `aToken` contract address, while outflows are captured from transfers of the underlying asset from the `aToken` contract address. The net daily flow is calculated as inflows minus outflows, which is then accumulated over time to determine the running idle balance for each asset.
- **Key fields**: `block_timestamp`, `token_address`, `amount`

### Component C: Active loan tracking

- **Purpose**: Calculate the outstanding borrowed asset balances
- **Logic**: Outstanding debt is tracked using `Mint` and `Burn` events from `VToken` contracts. For `Mint` events, the principal borrowed is calculated by subtracting the balance increase from the transaction value. For `Burn` events, the repaid amount is calculated by adding the balance increase to the transaction value. These debt changes are scaled by the liquidity index, accumulated historically, and then multiplied by the current liquidity index to express the outstanding debt in units of the underlying asset.
- **Key fields**: `block_timestamp`, `value`, `balanceIncrease`, `index`

### Component D: USD conversion and aggregation

- **Purpose**: Combine idle and borrowed balances and normalize to USD
- **Logic**: Daily deltas for both idle and borrowed balances are combined to represent the total daily change in TVL. These values are normalized by the decimal precision of each underlying asset and converted to USD using end-of-day price feeds. The daily deltas are then accumulated over time, filled forward to ensure daily continuity, and aggregated to produce the final TVL metric.
- **Key fields**: `timestamp`, `delta_tvl`, `price_usd`

*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.

HyperLendHPL

Total value locked

Total value locked

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