Liquidity providers deposit funds into Level Finance and receive trading fees from traders (supply-side fees).

Level Finance is a non-custodial exchange for spot and perpetual contracts built on BNB Chain. Level Finance was founded by an anonymous team and was launched in December 2022.

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

governance

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Derivative exchanges

Level Finance

# Level Finance Total value locked Methodology

## 1. Overview

Level Finance TVL (Total Value Locked) measures the total USD value of all tokens held in Level Finance's protocol contracts across Arbitrum and BSC networks. The metric is calculated by tracking token balances at specific Level Finance contract addresses and converting these balances to USD using daily price feeds. TVL is treated as equivalent to net deposits, representing the cumulative value of user funds deposited into the protocol minus any withdrawals.

## 2. Data sources

- **Blockchain events**: Parsed ERC20 `Transfer` events from Arbitrum and BSC networks to track token movements into and out of Level Finance contracts
- **Transaction data**: Token transfer records showing inflows and outflows from specific Level Finance contract addresses
- **External data**: End-of-day token price feeds for USD conversion and token metadata for symbol mapping
- **Protocol contracts**: Level Finance contract addresses on Arbitrum (`0x32b7bf19cb8b95c27e644183837813d4b595dcc6`) and BSC (`0xa5abfb56a78d2bd4689b25b8a77fd49bb0675874`)

## 3. Step-by-step calculation

### Component A: Token balance extraction
- **Purpose**: Extract daily token balance changes for all tokens held in Level Finance contracts
- **Logic**: Parse `Transfer` events on Arbitrum and BSC networks to identify token movements involving Level Finance contract addresses. Calculate net balance changes by treating inbound transfers as positive and outbound transfers as negative. Process each token separately for each contract address to maintain granular tracking
- **Key fields**: `timestamp` for daily aggregation, `chain_id` for network identification, `account_address` for contract address, `token_address` for token identification, `balance` for net balance change amount

### Component B: Cumulative balance calculation
- **Purpose**: Convert daily balance changes into running cumulative token balances
- **Logic**: Apply cumulative sum calculations over time for each unique combination of chain, contract address, and token address. Use window functions partitioned by these dimensions and ordered by timestamp to maintain accurate running balances. Forward-fill any missing daily data points to ensure continuous balance tracking
- **Key fields**: `balance` representing cumulative token holdings, with partitioning by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: USD conversion
- **Purpose**: Convert token balances to USD values using daily price feeds
- **Logic**: Join cumulative token balances with end-of-day price feeds, matching on timestamp, chain, and token address. Apply safe multiplication to convert token amounts to USD values, filtering to include only positive balances. Use daily price granularity to ensure consistent valuation timing
- **Key fields**: `amount` representing USD value calculated from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all USD-converted token balances across all Level Finance contract addresses and supported tokens on both Arbitrum and BSC networks
- **Currency conversion**: Uses end-of-day token price feeds matched by timestamp, chain, and token address for consistent USD conversion
- **Time aggregation**: Daily boundary logic with forward-filling to ensure continuous daily TVL values
- **Final calculation**: The total USD value of all positive token balances held across Level Finance contracts equals the protocol's TVL, categorized under derivatives market sector and perpetual business segment

*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.

Level FinanceLVL

Total value locked

Total value locked

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