Liquidity providers deposit funds into IPOR Protocol and receive trading fees and asset management yield (supply-side fees).

IPOR Protocol is a non-custodial exchange for interest rate swaps built on Ethereum. IPOR Protocol was founded by Darren Camas & Dimitar Dinev, and was launched in August 2022.

IPOR tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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IPOR Protocol

# IPOR Protocol Total value locked Methodology

## 1. Overview

IPOR TVL (Total Value Locked) measures the total USD value of assets deposited in IPOR protocol liquidity pools. IPOR is an interest rate derivatives protocol that allows users to provide liquidity and trade interest rate swaps. The TVL calculation combines net deposits across different protocol versions and pool types, treating the cumulative net deposits as the protocol's TVL.

## 2. Data sources

- **Ethereum transaction traces**: Function calls for liquidity operations (`addLiquidity`, `subtractLiquidity`) in IPOR V1 contracts
- **Ethereum event logs**: Parsed `OpenSwap` and `CloseSwap` events from IPOR V1 Milton contracts for DAI, USDC, and USDT pools
- **Token balance changes**: Daily balance tracking for specific IPOR V2 contract addresses, particularly for stETH pools
- **External state data**: IPOR liquidity pool state information from protocol monitoring systems
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Symbol and decimal information for supported tokens (DAI, USDC, USDT, stETH)

## 3. Step-by-step calculation

### Component A: V1 transaction-based net deposits
- **Purpose**: Calculates cumulative net deposits for IPOR V1 protocol (pre-October 2023) by tracking all deposit and withdrawal transactions
- **Logic**: Combines three types of transactions: liquidity pool deposits/withdrawals via `addLiquidity` and `subtractLiquidity` function calls, collateral deposits when users open interest rate swap positions via `OpenSwap` events, and collateral plus fee withdrawals when users close positions via `CloseSwap` events. Filters for successful transactions only. Converts all amounts from wei to standard decimal format by dividing by 10^18. Withdrawals are made negative for net calculation. Groups by day and applies cumulative sum to get running balances over time
- **Key fields**: `block_timestamp` for daily grouping, `amount` (converted from `assetAmount`, `collateral`, `transferredToBuyer`, etc.), `token_address` for pool identification, `transaction_hash` for deduplication

### Component B: V2 stETH balance tracking  
- **Purpose**: Tracks stETH holdings in IPOR V2 contracts using balance change methodology rather than transaction parsing
- **Logic**: Monitors token balance changes for specific IPOR contract addresses (like `0x63395edaf74a80aa1155db7cd9bba976a88dee4e`) while excluding certain token addresses. Calculates daily balance changes, applies cumulative sum to get running balances, uses forward-fill strategy to handle days with no activity, and converts balances to USD using end-of-day price feeds. Only includes balances greater than zero
- **Key fields**: `balance` (token amount), `account_address` (IPOR contracts), `token_address` (stETH and other tokens), `price_usd` from price feeds

### Component C: V2 liquidity pool states
- **Purpose**: Captures liquidity pool balances for V2 protocol using external state monitoring
- **Logic**: Uses external state data that tracks IPOR liquidity pool balances. Extracts balance information from JSON parameters, specifically the third parameter which contains the pool balance. Converts from wei to standard decimals and filters out null values
- **Key fields**: `params[2]` containing balance data, `token_address` for pool identification, `chain` for network specification

### Final aggregation
- **Combining components**: All three components are combined using union operations, with V1 data filtered to pre-October 2023 dates to avoid overlap with V2 data. Each component contributes USD-denominated balance values
- **Currency conversion**: V1 amounts are converted to USD during the cumulative calculation process, V2 stETH uses daily price feeds for conversion, and V2 state data is converted after extraction
- **Time aggregation**: All data is aggregated to daily granularity using timestamp truncation. Forward-fill strategy ensures no gaps in the time series
- **Final calculation**: TVL equals the sum of all net deposit balances across all protocol versions and pool types for each day. The metric uses the finalize_metric_tvl macro to ensure proper schema, validate identifiers, and fill any remaining gaps with zeros

*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.

IPOR ProtocolIPOR

Total value locked

Total value locked

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