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JustLend DAO

# JustLend DAO Total value locked Methodology

## 1. Overview

Total value locked (TVL) is measured as the total value of on-chain deposits made into JustLend DAO. This metric is used as a leading indicator for the protocol's liquidity, lending capacity, and overall adoption by depositors. Deposits are tracked across two primary products: JustLend Markets and JustLend Staking. Assets supplied to JustLend Markets are either held as cash in the smart contracts or loaned out to borrowers, while TRX deposits are held in JustLend Staking to mint sTRX.

## 2. Data sources

- **Blockchain events**: `Mint`, `Redeem`, `Borrow`, `RepayBorrow`, `ReservesAdded`, `ReservesReduced`, and `AccrueInterest` events from `CErc20Delegator` and `CEther` contracts, and `UpdateTotalUnderlying` events from `STRXProxy` contracts, covering Tron
- **External data**: End-of-day price feeds for underlying assets and native TRX

## 3. Step-by-step calculation

### Component A: JustLend Markets balance tracking

- **Purpose**: Calculate the daily cash and borrow balances for each lending market.
- **Logic**: Cash flows are tracked by aggregating `Mint`, `RepayBorrow`, and `ReservesAdded` events as positive inflows, and `Redeem`, `Borrow`, and `ReservesReduced` events as negative outflows from `CErc20Delegator` and `CEther` contracts. A running cumulative sum of these cash flows is calculated to determine the daily cash balance. Total borrows are determined by extracting the `totalBorrows` field from the latest `AccrueInterest`, `Borrow`, or `RepayBorrow` events of the day from the same contracts. Daily balances are carried forward for days without activity.
- **Key fields**: `mintAmount`, `repayAmount`, `addAmount`, `redeemAmount`, `borrowAmount`, `reduceAmount`, and `totalBorrows`

### Component B: JustLend Staking balance tracking

- **Purpose**: Calculate the daily amount of TRX staked in the staking contract.
- **Logic**: Staked balances are tracked using `UpdateTotalUnderlying` events from `STRXProxy` contracts. The total underlying TRX balance is extracted from the latest event of each day and carried forward for days without updates.
- **Key fields**: `totalUnderlying`

### Component C: USD normalization and pricing

- **Purpose**: Convert asset balances into USD values.
- **Logic**: For JustLend Markets, net deposits are calculated as the sum of cash and borrows for each market. These balances are normalized by the decimal precision of the underlying asset and multiplied by end-of-day asset prices. For the jsTRX market, where sTRX is deposited, the native TRX price is applied. For JustLend Staking, the total underlying TRX balance is normalized by decimal precision and multiplied by the end-of-day native TRX price.
- **Key fields**: `underlyingDecimals` and asset prices

### Component D: Final TVL aggregation

- **Purpose**: Aggregate the USD values to compute the total value locked.
- **Logic**: The daily USD values of net deposits from both JustLend Markets and JustLend Staking are summed to produce the final TVL metric. Because sTRX is deposited in the jsTRX market, this collateral is counted within both products, representing an overlap between the two products.
- **Key fields**: `tvl`

*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.

JustLend DAOJST

Total value locked

Total value locked

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