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# Mamo Total value optimized Methodology

## 1. Overview

Total value optimized is defined as the gross USD amount of TVL intentionally shifted between Moonwell markets and Morpho vaults to optimize yield generated through Mamo vault strategies. The active reallocation of capital across underlying yield sources to maximize returns for depositors is highlighted by this metric. Through the tracking of these shifts, the efficiency and volume of automated strategy adjustments are quantified.

## 2. Data sources

- **Blockchain events**: `StrategyCreated` events from `ERC20MoonwellMorphoStrategyFactory` contracts, `PositionUpdated` events from `ERC20MoonwellMorphoStrategy` and `MoonwellMorphoStrategy` contracts, and ERC-20 `Transfer` events, covering Base
- **External data**: End-of-day price feeds for underlying assets, and state records for Moonwell exchange rates and Morpho vault assets

## 3. Step-by-step calculation

### Component A: Strategy and allocation tracking

- **Purpose**: Identify active strategy contracts and track allocation weight changes.
- **Logic**: Strategy contracts are discovered by parsing `StrategyCreated` events from `ERC20MoonwellMorphoStrategyFactory` contracts. Allocation updates are captured from `PositionUpdated` events from `ERC20MoonwellMorphoStrategy` and `MoonwellMorphoStrategy` contracts, which contain the target splits for Moonwell and Morpho. The turnover fraction is calculated as half of the sum of the absolute differences between the new and previous allocation weights for both platforms. If no previous event exists, factory default splits are used as the baseline.
- **Key fields**: `strategy_address`, `moonwell_share`, `morpho_share`, `turnover_fraction`

### Component B: Strategy balance and exchange rate tracking

- **Purpose**: Determine the raw balances and exchange rates for underlying Moonwell and Morpho positions.
- **Logic**: Strategy balances are tracked by aggregating ERC-20 `Transfer` events for Moonwell mTokens and Morpho vault shares to and from strategy addresses. Moonwell exchange rates are retrieved from state records. Morpho vault share exchange rates (price per share) are calculated by dividing total vault assets (retrieved from state records) by the total supply of vault shares, which is derived from cumulative mint and burn transfers.
- **Key fields**: `mtoken_balance`, `vault_share_balance`, `exchange_rate`, `price_per_share`

### Component C: TVL calculation at reallocation events

- **Purpose**: Calculate the total value locked in each strategy immediately prior to an allocation update.
- **Logic**: Moonwell TVL is calculated by multiplying the strategy's mToken balance by the Moonwell exchange rate and normalizing by the standard scaling factor. Morpho TVL is calculated by multiplying the strategy's vault share balance by the price per share. The total TVL for each strategy is calculated as the sum of its Moonwell and Morpho components, evaluated at the block preceding the reallocation event.
- **Key fields**: `moonwell_tvl_raw`, `morpho_tvl_raw`, `total_tvl_raw`

### Component D: Capital reallocation and USD conversion

- **Purpose**: Calculate the total value optimized and convert it to USD.
- **Logic**: Capital reallocated per event is calculated by multiplying the strategy's total TVL by the turnover fraction. These raw reallocated amounts are aggregated daily by asset, normalized by decimal precision, and multiplied by end-of-day asset prices to determine the final USD value.
- **Key fields**: `capital_reallocated_token_amount_raw`, `price_usd`, `total_value_optimized`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Gross USD amount of assets reallocated to optimize yield.

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Total value optimized

Total value optimized

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