# Kamino Lend Total value locked Methodology

## 1. Overview

Total value locked measures the total value of assets deposited into Kamino Lend. This includes both the available liquidity residing in the protocol's vaults and the active debt principal (plus accrued interest) currently borrowed by users. It serves as a primary indicator of the protocol's scale, liquidity depth, and capital utilization across its various lending markets and elevation groups.

## 2. Data sources

- **Blockchain events**: `InitReserve`, `BorrowObligationLiquidity`, `BorrowObligationLiquidityV2`, `RepayObligationLiquidity`, `RepayObligationLiquidityV2`, `LiquidateObligationAndRedeemReserveCollateral`, `LiquidateObligationAndRedeemReserveCollateralV2`, and `RepayAndWithdrawAndRedeem` instructions from `Kamino Lend` programs, plus Solana token account balance changes, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Reserve and vault mapping

- **Purpose**: Identify the on-chain accounts used to store liquidity and track debt for each lending market reserve
- **Logic**: Relationship mappings between lending markets, reserve addresses, and liquidity supply accounts are established by parsing `InitReserve` instructions from `Kamino Lend` programs. These mappings are used to associate specific Solana token accounts with the correct underlying assets and protocol reserves.

### Component B: Available liquidity tracking

- **Purpose**: Measure the quantity of idle assets held within the protocol's liquidity vaults
- **Logic**: Solana account balance changes are monitored for the liquidity supply accounts identified in Component A. The post-transaction balances of these accounts are captured to provide a daily record of the available liquidity that has been supplied but not yet borrowed.

### Component C: Active loan debt extraction

- **Purpose**: Quantify the total value of outstanding loans, including accrued interest
- **Logic**: Current debt balances are extracted from transaction log messages emitted during protocol interactions. Specifically, log entries detailing refreshed debt values are parsed following instructions such as `BorrowObligationLiquidity`, `RepayObligationLiquidity`, and `LiquidateObligation`. Elevated obligations (e-mode) are identified using `RequestElevationGroup` instructions to ensure all debt positions are accurately captured across different risk tiers. For each reserve, the most recent debt state is used and filled forward to maintain a continuous record of active loans.

### Component D: Normalization and USD conversion

- **Purpose**: Aggregate liquidity and debt components into a single USD-denominated metric
- **Logic**: The daily available liquidity (from Component B) and active debt (from Component C) are summed for each asset and lending market. These combined amounts are normalized by decimal precision and multiplied by end-of-day price feeds. Values are aggregated to the product level using UTC day boundaries.

*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