Liquidity providers deposit funds into liquidity pools with different liquidity management strategies and receive trading fees from traders (supply-side fees).

Maverick is a non-custodial exchange protocol built on  Ethereum, Binance Smart Chain, Base, and zkSync Era. Maverick was founded by Alvin Xu and Bob Baxley in March 2023.

MAV tokenholders own and govern the protocol. Currently, the protocol does not take a cut of the trading fees. Maverick's investors include Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.

github

twitter

discord

etherscan

website

Exchanges (DEX)

Maverick Protocol

# Maverick Protocol Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Maverick Protocol represents the cumulative USD value of all assets deposited into Maverick's automated market maker (AMM) pools across supported chains. This metric answers how much total liquidity is currently locked in the protocol by calculating the net deposits (deposits minus withdrawals) to all trading pairs and converting the result to USD using end-of-day price feeds.

The calculation follows a cumulative approach where TVL equals the sum of all net deposits since protocol inception, accounting for liquidity provider deposits, withdrawals, and trading activity that affects pool token balances.

## 2. Data sources

The calculation uses several types of blockchain data and external feeds:

- **Maverick Factory events**: Parsed `PoolCreated` events from Maverick Factory contracts on Ethereum, BSC, Base, and zkSync Era that establish trading pairs with their token addresses, fee tiers, and protocol fee ratios
- **Liquidity events**: Parsed `AddLiquidity` and `RemoveLiquidity` events from Maverick Pool contracts across all supported chains, containing bin delta arrays that specify token amount changes per liquidity position
- **Trading events**: Parsed `Swap` events from Maverick Pool contracts that track token exchanges and their impact on pool balances
- **Transaction data**: Blockchain transaction records from Ethereum, BSC, Base, and zkSync Era that provide transaction context and user addresses
- **Token metadata**: Token registry data containing symbol and decimal information for all tokens used in Maverick pools
- **Price feeds**: End-of-day token price feeds in USD for all tokens across supported chains

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Establishes the universe of Maverick trading pairs and their token configurations
- **Logic**: Extracts `PoolCreated` events from Maverick Factory contracts across all chains. Each event contains the pool address, token A and token B addresses, fee tier (converted from 18-decimal format), and protocol fee ratio. The component joins with token metadata to obtain decimal precision and symbol information for both tokens in each pair, creating a comprehensive trading pair dimension table with pool address as the primary identifier.
- **Key fields**: `account_address` (pool address), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name` (token symbol pair), `fee_tier`, `protocol_fee_tier`

### Component B: Liquidity provider deposits
- **Purpose**: Captures all liquidity additions to Maverick pools
- **Logic**: Processes `AddLiquidity` events from all Maverick pools across supported chains. Each event contains an array of bin deltas representing token amount changes across different price bins. The component unnests these bin delta arrays and aggregates the `deltaA` and `deltaB` values to get total token0 and token1 amounts deposited per transaction. All amounts are normalized by dividing by 10^18 since Maverick events store amounts in 18-decimal format.
- **Key fields**: `block_timestamp`, `transaction_hash`, `account_address` (pool), `token0_amount`, `token1_amount`, `chain`

### Component C: Liquidity provider withdrawals  
- **Purpose**: Captures all liquidity removals from Maverick pools
- **Logic**: Processes `RemoveLiquidity` events using the same bin delta unnesting approach as deposits. The component aggregates `deltaA` and `deltaB` values from the bin delta arrays and applies negative signs to represent outflows from the pools. Amounts are normalized by dividing by 10^18 consistent with the deposit processing.
- **Key fields**: `block_timestamp`, `transaction_hash`, `account_address` (pool), `token0_amount` (negative), `token1_amount` (negative), `chain`

### Component D: Trading activity
- **Purpose**: Captures token flow changes from swap transactions that affect pool balances
- **Logic**: Processes `Swap` events from Maverick pools and joins with transaction data to get user context. Each swap specifies `amountIn`, `amountOut`, and `tokenAIn` (trade direction boolean). When `tokenAIn` is true, token0 flows in and token1 flows out; when false, token1 flows in and token0 flows out. The component converts these into signed token0 and token1 amounts representing the net change to pool balances. Token amounts are normalized using the actual token decimal precision from the trading pair metadata.
- **Key fields**: `block_timestamp`, `transaction_hash`, `account_address` (pool), `user_address`, `trade_direction`, `token0_amount` (signed), `token1_amount` (signed)

### Component E: Asset flow aggregation
- **Purpose**: Combines all types of asset flows into a unified daily dataset
- **Logic**: Unions deposits, withdrawals, and trades into a single asset flow table, ensuring consistent decimal normalization across all event types. Deposits use 18-decimal normalization, withdrawals use 18-decimal normalization with negative signs, and trades use token-specific decimal normalization. The component truncates timestamps to daily boundaries and joins with trading pair dimensions to get complete token and pool metadata for each flow.
- **Key fields**: `timestamp` (daily), `account_address`, `token0_address`, `token1_address`, `token0_amount`, `token1_amount`, `chain`

### Component F: Net deposits calculation
- **Purpose**: Calculates cumulative net deposits for each trading pair
- **Logic**: Applies a specialized DEX net deposits calculation macro that processes the asset flows. The macro sums token0 and token1 amounts by trading pair and day, then calculates running cumulative totals over time. This produces the net deposit position for each pool representing the total liquidity contributed by providers minus withdrawals and adjusted for trading impact.
- **Key fields**: `timestamp`, `account_address`, `token0_address`, `token1_address`, `net_deposits` per token

### Component G: USD conversion
- **Purpose**: Converts net deposits to USD value using market prices
- **Logic**: Joins the net deposit amounts with end-of-day price feeds for both tokens in each trading pair. For each trading pair, multiplies the token0 net deposits by token0 price and token1 net deposits by token1 price, then sums these USD values to get total net deposits in USD per trading pair. Missing prices are treated as zero value.
- **Key fields**: `timestamp`, `account_address`, `net_deposits` (USD total per pool)

### Final aggregation
- **Combining components**: All trading pair net deposits are summed across pools and chains to get total protocol net deposits
- **Currency conversion**: USD conversion occurs at the trading pair level using end-of-day prices before final aggregation
- **Time aggregation**: Data is aggregated at daily boundaries with timestamp truncation applied early in the process
- **Final calculation**: TVL equals the cumulative sum of daily net deposits across all Maverick pools, representing the total USD value of assets locked in the protocol. The finalization macro applies schema validation, ensures temporal continuity, and implements zero-filling for missing time periods.

*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.

Maverick ProtocolMAV

Total value locked

Total value locked

Competitive landscape

Chain breakdown