# Jupiter Lend Total value locked Methodology

## 1. Overview

Total value locked (TVL) is calculated as the total value of on-chain deposits made into Jupiter Lend. This metric is utilized as a leading indicator of the liquidity available within the lending protocol to support borrowing and interest-generating activities. Deposits are tracked across standard liquidity pools and Earn markets, which are built on Fluid's underlying lending infrastructure. Interest is accrued on standard liquidity deposits based on exchange prices, while Earn deposits are represented by share token balances.

## 2. Data sources

- **Blockchain events**: `Operate` from the `Liquidity` program, `Deposit` from the `Lending` program, and token mints and burns, covering Solana
- **External data**: End-of-day price feeds, exchange prices, and asset metadata

## 3. Step-by-step calculation

### Component A: Jupiter Lend liquidity and Earn flow extraction

- **Purpose**: Extraction of daily changes in standard liquidity and Earn market deposits
- **Logic**: `Operate` from the `Liquidity` program is parsed to identify standard supply changes, excluding flows associated with Earn markets and share tokens posted as collateral. To capture Earn market deposits, `Deposit` from the `Lending` program is parsed to identify Earn share tokens (known as "jl tokens"). Daily mints and burns for these identified share tokens are then aggregated to determine net Earn share flows.
- **Key fields**: `timestamp` (timing), `token_address` (asset or share token identification), and `amount` (flow quantity)

### Component B: Jupiter Lend exchange price interpolation and share tracking

- **Purpose**: Calculation of the running balance of standard liquidity and Earn deposits
- **Logic**: For standard liquidity, daily flows are converted into shares using the daily supply exchange price. For days where exchange prices are not directly observed, a log-linear interpolation is calculated between the nearest observed days. Cumulative shares are tracked over time and multiplied by the daily supply exchange price to determine the active asset balance. For Earn deposits, cumulative balances are tracked directly as the running sum of daily share token mints and burns.
- **Key fields**: `supply_exchange_price` (exchange rate) and `tvl` (raw asset balance)

### Component C: USD conversion and final aggregation

- **Purpose**: Normalization of asset balances and conversion to USD
- **Logic**: Cumulative asset balances are normalized by dividing the raw amounts by their respective decimal precision, which is retrieved from asset metadata. The normalized balances are then multiplied by end-of-day asset prices to determine the total value locked in USD. The final values are aggregated to produce the daily TVL metric.
- **Key fields**: `timestamp` (timing), `token_address` (asset identification), and `tvl` (USD value)

*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.

Jupiter Lend

Total value locked

Total value locked

Chain breakdown