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Mamo

# Mamo Total value locked Methodology

## 1. Overview

Total value locked (TVL) is calculated as the total value of user assets deposited into Mamo strategy contracts. This metric is utilized as a leading indicator of the protocol's growth and adoption, reflecting the aggregate capital deployed across automated yield strategies. Deposits are routed into underlying yield-generating protocols, specifically Moonwell and Morpho. The total value is determined by tracking the balances of Moonwell market assets and Morpho vault shares held by each strategy contract, which are then converted to their underlying asset values and denominated in USD.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Strategy contract discovery

- **Purpose**: Active Mamo strategy contracts are identified to be monitored for asset balances
- **Logic**: `StrategyCreated` events are parsed from `ERC20MoonwellMorphoStrategyFactory` contracts across V1 and V2 deployments. The strategy addresses and user addresses are extracted and deduplicated to establish a registry of active strategy contracts.
- **Key fields**: `strategy_address`, `user_address`, and `factory_address`

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

- **Purpose**: The value of assets deposited into Moonwell markets is calculated
- **Logic**: ERC-20 `Transfer` events are filtered for Moonwell mTokens (mUSDC, mWETH, and mcbBTC) where the sender or recipient is a registered strategy contract. Net flows are aggregated per block to calculate cumulative mToken balances. These balances are multiplied by the corresponding Moonwell exchange rates, which are retrieved from state-derived feeds, and normalized to determine the raw underlying asset TVL.
- **Key fields**: `mtoken_address`, `strategy_address`, `mtoken_balance`, and `exchange_rate`

### Component C: Morpho balance and exchange rate tracking

- **Purpose**: The value of assets deposited into Morpho vaults is calculated
- **Logic**: ERC-20 `Transfer` events are filtered for Morpho vault shares (mwUSDC, mwETH, and mwCBBTC) to track transfers involving registered strategy contracts. Net flows are aggregated per block to calculate cumulative vault share balances. The vault exchange rate is calculated by dividing the total assets (retrieved from state-derived vault asset calls) by the total supply of vault shares (derived from mint and burn transfers). The vault share balances are multiplied by this exchange rate to determine the raw underlying asset TVL.
- **Key fields**: `vault_address`, `strategy_address`, `vault_share_balance`, `total_assets`, and `total_supply`

### Component D: USD conversion and aggregation

- **Purpose**: The TVL components are normalized and aggregated into a final USD-denominated metric
- **Logic**: The Moonwell and Morpho TVL components are summed per strategy, block, and underlying asset. Daily deltas are calculated from these block-level balances, normalized by decimal precision, and converted to USD using end-of-day price feeds. A cumulative sum is applied to the daily deltas to calculate the absolute daily TVL, with forward-filling applied to ensure continuous daily coverage.
- **Key fields**: `delta_tvl`, `token_address`, `price_usd`, and `tvl`

*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.

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Total value locked

Total value locked

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