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Kamino

# Kamino Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into Kamino Lend. This metric accounts for both the idle liquidity residing in the protocol's reserve vaults and the value of outstanding debt (active loans) borrowed by users. The sum of these components represents the total value of assets supplied to the protocol, serving as a primary indicator of Kamino Lend's capital efficiency and overall scale on Solana.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Reserve account identification

- **Purpose**: To map the relationship between lending markets, reserves, and their associated on-chain storage accounts.
- **Logic**: `InitReserve` instructions from the `Kamino Lend` program are parsed to identify the liquidity supply account address for every asset reserve. These accounts are used to track the "cash" or idle liquidity portion of the protocol's total deposits.
- **Key fields**: `reserve_address`, `liquidity_account_address`, `liquidity_token_address`

### Component B: Liquidity supply tracking

- **Purpose**: To calculate the total value of idle assets held in Kamino Lend vaults.
- **Logic**: Native Solana token balance changes are tracked for the liquidity supply accounts identified in Component A. The post-transaction balances are aggregated at daily intervals. A forward-filling logic is applied to ensure that the most recent balance for each reserve is maintained across days without activity.
- **Key fields**: `post_balance`, `token_account`, `mint`

### Component C: Active debt tracking

- **Purpose**: To calculate the value of outstanding loans, which represents the portion of deposits currently utilized by borrowers.
- **Logic**: Transaction log messages are parsed to extract refreshed debt amounts. For regular obligations, values are extracted from "Last refreshed borrows (outside elevation group)" log entries. For elevated (E-mode) obligations, which are identified via `RequestElevationGroup` instructions, debt amounts are extracted from "Refreshed debt in elevation group" log entries. These debt figures include both the principal and accrued interest. The most recent refreshed borrow amount for each obligation and reserve is captured daily and forward-filled.
- **Key fields**: `refreshed_borrows`, `log_messages`, `obligation`, `elevation_group`

### Component D: Normalization and USD conversion

- **Purpose**: To standardize asset values into a common currency (USD) for aggregation.
- **Logic**: The liquidity supply (vault balances) and active debt (refreshed borrows) are combined for each asset. Amounts are normalized by the decimal precision defined in the asset metadata. The resulting totals are multiplied by end-of-day price feeds to determine the USD value of the TVL. The metric is aggregated by day with a UTC boundary.
- **Key fields**: `tvl`, `price_usd`, `decimals`

*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.

KaminoKMNO

Total value locked

Total value locked

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