Liquidity providers deposit funds into Metavault.Trade and receive trading fees from traders (supply-side fees).

Metavault.Trade is a non-custodial exchange for spot and perpetual contracts built on Polygon. Metavault.Trade was founded by an anonymous team and was launched in May 2022.

MVX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Metavault.Trade

# Metavault.Trade Total value locked Methodology

## 1. Overview

Metavault TVL represents the total value locked in the protocol, calculated as the USD value of all tokens held in Metavault's account addresses. The metric tracks token deposits and withdrawals by monitoring balance changes in the protocol's smart contract addresses, then converting those token balances to USD using end-of-day price feeds. This approach treats TVL as equivalent to net deposits, providing a measure of capital locked in the Metavault derivatives protocol.

## 2. Data sources

The calculation relies on three primary data sources:
- **Blockchain events**: Parsed Polygon `Transfer` events to track token movements in and out of Metavault account addresses
- **Transaction data**: Polygon blockchain transaction data containing token transfer information
- **External data**: End-of-day token price feeds for USD conversion and token metadata for proper decimal handling and symbol identification

## 3. Step-by-step calculation

### Component A: Token balance change tracking
- **Purpose**: Identifies and quantifies all token deposits and withdrawals for Metavault account addresses
- **Logic**: Processes Polygon blockchain `Transfer` events to track token movements for the specific Metavault account address (`0x32848e2d3aecfa7364595609fb050a301050a6b4`). The system parses transfer events where this address is either the sender or receiver, calculating the net change in token balance for each day. Deposits increase the balance while withdrawals decrease it.
- **Key fields**: `timestamp` for daily granularity, `account_address` for the Metavault address, `token_address` for specific tokens, `token_symbol` for identification, and `balance` representing the daily net change in token holdings

### Component B: Cumulative balance calculation
- **Purpose**: Converts daily balance changes into running total balances to show actual token holdings over time
- **Logic**: Takes the daily balance changes and applies cumulative sum calculations using window functions partitioned by token and account address. This transforms daily net changes (deposits minus withdrawals) into actual token balances held at each point in time. Forward-filling is applied to ensure continuous time series data, carrying forward the last known balance for any missing dates.
- **Key fields**: `balance` field is transformed from daily changes to cumulative totals, maintaining `timestamp`, `chain_id`, `account_address`, and `token_address` dimensions for proper partitioning

### Component C: USD conversion
- **Purpose**: Converts token balances from native token units to USD values for aggregation
- **Logic**: Joins the token balance data with end-of-day price feeds to multiply each token balance by its corresponding USD price. Only processes positive balances to exclude tokens that have been fully withdrawn. The conversion uses daily price granularity to ensure consistent valuation timing.
- **Key fields**: `amount` field created by multiplying `balance` with `price_usd`, preserving temporal and dimensional information for final aggregation

### Final aggregation
- **Combining components**: All USD-converted token balances are summed together to create the total TVL value, with business classifications applied (derivatives market sector, perpetual business segment)
- **Currency conversion**: Uses end-of-day token price feeds with daily granularity for consistent USD valuation across all tokens
- **Time aggregation**: Daily boundary logic with forward-filling to ensure continuous time series without gaps
- **Final calculation**: TVL equals the sum of all positive token balances converted to USD, representing the total value of assets locked in Metavault protocol addresses. The metric applies standardization through finalization macros that handle schema validation and gap filling with zeros for missing data points.

*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.

Metavault.TradeMVX

Total value locked

Total value locked

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