Stakers use Liquid Collective to deposit funds into Ethereum’s deposit contract and mint a liquid staking token, LsETH. In return stakers receive staking rewards (supply-side fees).

Liquid Collective is a non-custodial staking protocol launched on Ethereum. Liquid Collective is built and run by a collective of leading web3 teams. The protocol was initially launched in 2023.

Liquid Collective is stewarded by an independent industry consortium, with initial members that include The Liquid Foundation, Alluvial, Kiln, Figment, Coinbase, Coinbase Cloud, Kraken, Staked, and other web3 participants. Liquid Collective will be governed in a decentralized manner by a broad and dispersed community of industry participants.

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# Liquid Collective Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Liquid Collective measures the total amount of ETH held in the protocol's liquid staking contracts. This metric answers the question "How much ETH value is currently staked through Liquid Collective?" The calculation uses a straightforward approach by tracking the protocol's total underlying ETH balance through on-chain accounting events, then converting these ETH amounts to USD for standardized reporting.

## 2. Data sources

The calculation relies on these underlying raw data sources:

- **Blockchain events**: Parsed Ethereum `RiverV1_RewardsEarned` events from the Liquid Collective v1 protocol, which contain accounting information including the total underlying ETH balance
- **External data**: End-of-day token price feeds for ETH to USD conversion
- **Token metadata**: WETH contract information for decimal precision handling (18 decimals)

## 3. Step-by-step calculation

### Component A: ETH balance tracking
- **Purpose**: Extract the protocol's total ETH holdings from on-chain accounting events
- **Logic**: Parse `RiverV1_RewardsEarned` events emitted by the Liquid Collective protocol. Each event contains a `newTotalUnderlyingBalance` field representing the protocol's complete ETH balance at that point in time. Filter events to focus on balance updates and extract key transaction details including block timestamp, transaction hash, and log index for traceability
- **Key fields**: `newTotalUnderlyingBalance` contains the total ETH amount, `block_timestamp` provides timing, `address` identifies the contract, and the hardcoded WETH address `0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2` is used for price conversion reference

### Component B: Daily aggregation and USD conversion  
- **Purpose**: Convert ETH balances to daily USD values with proper decimal handling
- **Logic**: Truncate timestamps to daily boundaries to create daily snapshots. Apply decimal correction to handle ETH's 18-decimal precision correctly. Convert ETH amounts to USD using end-of-day price feeds, ensuring consistent valuation timing. Standardize chain identification from text to chain ID format for downstream processing
- **Key fields**: `timestamp` defines daily boundaries, `amount` represents the corrected ETH balance, converted amounts use USD pricing, and `chain_id` standardizes chain reference

### Final aggregation
- **Combining components**: The processed daily ETH balances in USD directly become the net deposits metric
- **Currency conversion**: ETH amounts are converted to USD using end-of-day price feeds with 18-decimal precision correction applied
- **Time aggregation**: Daily time boundaries are used, with a forward-fill strategy applied to propagate the last known balance to subsequent days without new events
- **Final calculation**: The TVL metric equals the net deposits value, representing the total USD value of ETH held in Liquid Collective's staking contracts. The finalize metric macro ensures proper schema validation, fills any data gaps using a fill-zeros strategy for missing periods, and validates that all required identifiers are present

*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.

Liquid Collective

Total value locked

Total value locked

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