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.

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# Fluid Total value locked Methodology

## 1. Overview

Total value locked (TVL) is measured as the total value of assets deposited across the Fluid ecosystem, which is comprised of Fluid, Fluid Lite, Fluid DEX Lite, Venus Flux, and Jupiter Lend. This metric is utilized as a leading indicator for the liquidity available within the protocol's smart contracts and programs to support borrowing, trading, and yield-generating activities. Deposits are aggregated across multiple distinct products to represent the total economic capacity of the ecosystem. All asset balances are normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: State call data from liquidity resolver and Fluid Vault contracts, ERC-20 token transfers and native token transfers for the Fluid DEX Lite singleton account, `Operate` from the `Liquidity` program, `Deposit` from the `Lending` program, and SPL token `Mint` and `Burn` instructions, covering Ethereum, Solana, Base, BNB Chain, and 3 other chains
- **External data**: End-of-day price feeds, supply exchange price feeds, and asset metadata

## 3. Step-by-step calculation

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

- **Purpose**: Capture the total supply of assets deposited in the core liquidity layer of Fluid and Venus Flux
- **Logic**: State call data is retrieved from liquidity resolver contracts. The total supply is extracted from the contract state output for each active asset. To prevent deprecated contracts from lingering in cumulative calculations, migrating liquidity contracts are collapsed into a single logical account per asset. For BNB Chain, the product is classified as Venus Flux, while for other chains it is classified as Fluid.
- **Key fields**: `total_supply`, `token_address`, `account_address`

### Component B: Fluid Lite Fluid Vault balance tracking

- **Purpose**: Capture the total value locked in Fluid Lite V1 and V2 vaults
- **Logic**: For Fluid Lite V1, state call data is retrieved to extract Fluid Vault exchange prices and total supply. The total value locked is calculated by multiplying the total supply by the exchange price, with amounts normalized by decimal precision. For Fluid Lite V2, the total supply is extracted directly from state call data.
- **Key fields**: `amount`, `vault_address`, `token_address`

### Component C: Fluid DEX Lite token flow tracking

- **Purpose**: Capture the net asset deposits for Fluid DEX Lite
- **Logic**: ERC-20 token transfers and native token transfers directed to or from the Fluid DEX Lite singleton account are parsed. Daily net flows are calculated by summing the raw transfer amounts. These daily net flows are passed through directly as daily changes in total value locked.
- **Key fields**: `amount`, `token_address`, `account_address`

### Component D: Jupiter Lend supply tracking

- **Purpose**: Capture the total value locked in Jupiter Lend on Solana
- **Logic**: `Operate` from the `Liquidity` program is parsed to extract supply changes, while flows associated with Earn markets and share tokens posted as collateral are excluded. Earn market deposits are tracked by parsing SPL token `Mint` and `Burn` instructions for Earn share tokens, which are identified via `Deposit` from the `Lending` program. Daily flows from both liquidity and Earn share sources are combined. Daily supply exchange prices are interpolated between observed days to value the flows. Daily flows are converted into shares using these exchange prices, and the cumulative sum of these shares is multiplied by the daily supply exchange price to determine the running total value locked.
- **Key fields**: `amount`, `token_address`, `timestamp`, `supply_exchange_price`

### Component E: USD conversion and aggregation

- **Purpose**: Normalize asset balances and convert them to USD
- **Logic**: Daily asset balances and net changes from all products are normalized by their respective decimal precisions. For products other than Fluid DEX Lite, daily changes are calculated by differencing the daily balances. All daily changes are then aggregated and cumulatively summed to establish the running total value locked per asset, whereby values are prevented from falling below zero. A forward-fill strategy is applied to maintain continuous daily records, and any remaining gaps are zero-filled. Finally, the asset balances are multiplied by end-of-day asset prices to convert the values to USD.
- **Key fields**: `tvl`, `price_usd`, `timestamp`

*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.

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Total value locked

Total value locked

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