# Fluid Total value locked Methodology

## 1. Overview

The total value of assets deposited across the Fluid ecosystem, which includes Fluid, Fluid Lite, Fluid DEX Lite, Venus Flux, and Jupiter Lend, is measured by Total value locked (TVL). It is used as a leading indicator for the protocol's liquidity, borrowing capacity, and overall utility. TVL is calculated by aggregating the value of user deposits across multiple chains and converting them to USD. The active capital deployed within the protocol's smart contracts and programs is reflected by this metric.

## 2. Data sources

- **Blockchain events**: State calls from liquidity resolver and Fluid Lite contracts, `Operate` from the `Liquidity` program, `Deposit` from the `Lending` program, SPL token `Mint` and `Burn` instructions, and token and native asset transfers, covering Ethereum, Solana, BNB Chain, Base, and 3 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Fluid and Venus Flux liquidity layer tracking

- **Purpose**: The total supply of assets deposited in the core liquidity layer is captured.
- **Logic**: State calls from the liquidity resolver are parsed to extract the total supply of each asset. Native assets are mapped to their wrapped equivalents. Deposits on BNB Chain are classified under Venus Flux, while deposits on other chains are classified under Fluid.
- **Key fields**: `total_supply`, `token_address`, `account_address`

### Component B: Fluid Lite TVL calculation

- **Purpose**: The TVL for Fluid Lite V1 and V2 vaults is calculated.
- **Logic**: For Fluid Lite V1, exchange prices and total supply are extracted from state calls, and TVL is calculated by multiplying the total supply by the exchange price, with amounts normalized by decimal precision. For Fluid Lite V2, the TVL is extracted directly from total supply state calls.
- **Key fields**: `amount`, `vault_address`, `token_address`

### Component C: Fluid DEX Lite net flows

- **Purpose**: Daily net deposits for Fluid DEX Lite are tracked.
- **Logic**: Token and native asset transfers to and from the Fluid DEX Lite singleton account on Ethereum are aggregated daily to determine the net asset flow.
- **Key fields**: `amount`, `token_address`, `account_address`

### Component D: Jupiter Lend TVL tracking

- **Purpose**: The cumulative TVL of Jupiter Lend on Solana is tracked, including both core liquidity supply and Earn market deposits.
- **Logic**: `Operate` from the `Liquidity` program is parsed to extract core liquidity supply changes, excluding flows associated with Earn markets. `Deposit` from the `Lending` program is used to identify Earn market share tokens, and SPL token `Mint` and `Burn` instructions are parsed to track daily Earn share token flows. Daily liquidity flows are converted to shares using log-linear interpolated supply exchange prices, and the combined share balances are multiplied by daily exchange prices to calculate the total TVL.
- **Key fields**: `amount`, `token_address`, `supply_exchange_price`

### Component E: USD conversion and cumulative aggregation

- **Purpose**: TVL values are standardized to USD and aggregated across all products.
- **Logic**: Daily TVL levels for Fluid, Venus Flux, Fluid Lite, and Jupiter Lend are converted into daily token-unit deltas by subtracting the previous day's level from the current day's level. These deltas, along with the direct daily token-unit flows from Fluid DEX Lite, are normalized by decimal precision. The daily token-unit deltas are then cumulatively summed over time to reconstruct the token-unit TVL level. This level is propagated forward to ensure continuous coverage, and converted to USD using end-of-day asset prices. Inactive periods are set to zero.
- **Key fields**: `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.

Total value locked

Lending

Fluid acts as a lending, vault, and DEX platform for seamless DeFi interaction.

Fluid is a non-custodial lending, vaults, and DEX protocol built by Instadapp. Instadapp was founded by Samyak Jain & Sowmay Jain and launched in 2018.

FLUID tokenholders own and govern the protocol. They currently earn a cut of the fees generated through Fluid lending, vault and DEX services. Instadapp's investors include Coinbase Ventures, Pantera Capital, Robot Ventures, etc.

Fluid

Total value locked

Total value locked

Chain breakdown