MetaMask Swap aggregates multiple non-custodial exchanges & traders exchange funds directly through their MetaMask wallet.

MetaMask is a non-custodial wallet and DEX aggregator built on Ethereum and other adjacent blockchains. MetaMask was founded by Aaron Davis and launched in 2015.

MetaMask team & investors own and govern the protocol. They currently take all of the total trading fees paid by traders (revenue).

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# MetaMask Total value locked Methodology

## 1. Overview

MetaMask's Total Value Locked (TVL) measures the dollar value of outstanding MUSD stablecoin supply across Ethereum and Linea networks. The metric tracks the total amount of MUSD tokens currently in circulation by monitoring mint and redemption events, then converting the outstanding supply to USD values. This provides insight into the total capital locked in MetaMask's stablecoin ecosystem.

## 2. Data sources

- **Ethereum token transfers**: Parsed ERC20 `Transfer` events from Ethereum blockchain for MUSD token (`0xaca92e438df0b2401ff60da7e4337b687a2435da`)
- **Linea token transfers**: Parsed ERC20 `Transfer` events from Linea blockchain for the same MUSD token address
- **Token metadata**: Decimal precision and symbol information for proper amount calculations
- **End-of-day price feeds**: Token price data for USD conversion of outstanding supply values

## 3. Step-by-step calculation

### Component A: MUSD mint tracking
- **Purpose**: Identifies when new MUSD tokens are created and issued
- **Logic**: Monitors `Transfer` events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`). These represent new token issuances since tokens are transferred "from nowhere" into circulation. Events are filtered to only include the specific MUSD token address on both Ethereum and Linea networks, with removed/invalid events excluded.
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `to_address` for recipient, `token_address` for token identification

### Component B: MUSD redemption tracking  
- **Purpose**: Identifies when MUSD tokens are burned or removed from circulation
- **Logic**: Monitors `Transfer` events where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or dead address (`0x000000000000000000000000000000000000dead`). These represent token burns since tokens are transferred "to nowhere" and removed from circulation. Same filtering applies as mints.
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, `from_address` for sender, `token_address` for token identification

### Component C: Outstanding supply calculation
- **Purpose**: Calculates the running total of MUSD tokens in circulation over time
- **Logic**: Combines mint and redemption data into a unified dataset, with redemptions converted to negative amounts. Data is truncated to daily boundaries and grouped by day, chain, and token. Decimal corrections are applied using token metadata. A cumulative sum is calculated over time, partitioned by chain and token address, creating a running balance of outstanding tokens. Forward filling ensures continuous daily values even when no transactions occur.
- **Key fields**: `outstanding_supply` as the cumulative token balance, `timestamp` for daily boundaries, `chain` and `token_address` for partitioning

### Final aggregation
- **Combining components**: Outstanding supply values are converted to USD using end-of-day price feeds matched by token and date
- **Currency conversion**: USD conversion uses the most recent available price data for each token on each day
- **Time aggregation**: All calculations operate on daily boundaries, with timestamps truncated to day level
- **Final calculation**: TVL is calculated as the sum of USD-converted outstanding supply values across all chains and products, representing the total dollar value of MUSD tokens currently in circulation

*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.

MetaMask

Total value locked

Total value locked

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