Native Relay streams Core prices to wallets and aggregators and routes their orders into Native, while Native Pro exposes the Core matching engine to institutions over direct, exchange-grade interfaces. Trades settle non-custodially through NativeRouter and CreditVault contracts deployed on each supported EVM chain. Native applies standard maker and taker fees on Native Core: 0% on stablecoin and softpeg markets, 0.1% taker and 0.02% maker on majors and RWAs, and 0.001% taker with 0% maker on selected markets. Integration partners routing through Native Relay negotiate a customized additional Relay fee, typically set at zero or minimal, on top of the standard maker and taker rates.

Native is a non-custodial trading infrastructure for on-chain spot markets that decouples pricing logic from asset settlement. Native Core is an on-chain sovereign state machine where price discovery and central limit order book matching are finalized, while Native Pool consists of distributed smart contracts on EVM chains that custody assets and enforce settlement. Rather than pricing trades through AMM pools, Native matches orders in its own engine and exports the resulting liquidity to integrating chains and distribution surfaces.

Native serves wallets, aggregators and intent platforms that route order flow into Native to source on-chain liquidity, institutions and professional market makers that integrate through Native Pro, and liquidity providers that supply the permissionless vaults used for settlement.

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# Native Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into Native, specifically within the Native Relay product. TVL is calculated as the sum of liquidity provider deposits and market maker inventory held across the protocol's deployed credit vaults. This metric is utilized as a leading indicator of the protocol's capacity to support trading and market-making activities. The underlying assets are tracked across multiple deployments to provide an aggregate view of the protocol's capital base.

## 2. Data sources

- **Blockchain events**: `SharesMinted`, `SharesBurned`, and `YieldDistributed` events from `NativeLPToken` contracts, ERC-20 token transfers, and market maker signed positions from trader position states, covering Arbitrum, Base, BSC, Ethereum, and 3 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Native Relay liquidity provider flow tracking

- **Purpose**: Capture deposits, withdrawals, and distributed yield for liquidity providers
- **Logic**: `SharesMinted`, `SharesBurned`, and `YieldDistributed` events from `NativeLPToken` contracts are parsed. Deposits from `SharesMinted` events and distributed yield from `YieldDistributed` events are treated as positive flows, while withdrawals from `SharesBurned` events are treated as negative flows. These flows are aggregated to determine the net change in liquidity provider deposits.
- **Key fields**: `underlyingAmount`, `yieldAmount`, and `account_address`

### Component B: Native Relay market maker inventory tracking

- **Purpose**: Capture the assets held by market makers in the credit vaults
- **Logic**: Market maker signed positions are parsed from trader position states. Only positive positions, representing assets placed in the vault by the market maker, are extracted, with negative values cast to zero.
- **Key fields**: `position`, `trader_address`, and `token_address`

### Component C: LP token mapping

- **Purpose**: Map each LP token to its underlying asset
- **Logic**: `SharesMinted` events from `NativeLPToken` contracts are matched with ERC-20 token transfers occurring in the same transaction and for the same amount. This matching process is used to identify the underlying asset associated with each LP token.
- **Key fields**: `transaction_hash`, `value`, and `to_address`

### Component D: USD conversion and aggregation

- **Purpose**: Normalize asset balances and convert them to USD
- **Logic**: Cumulative balances for both liquidity provider flows and market maker inventory are calculated and filled forward daily. Asset amounts are normalized by decimal precision and multiplied by end-of-day asset prices. The final TVL is aggregated daily by chain and product.

## What is counted
TVL is calculated as the sum of two figures: what liquidity providers have deposited, and what market makers hold in the vault as their own inventory. The depositor figure is tracked as deposits less withdrawals plus the yield distributed to depositors. Because the LP token rebases, distributed yield raises a deposit without any token moving, and is therefore counted from the protocol's own accounting rather than from transfers. The market maker figure is the positive side of a market maker's signed position with the vault, representing assets placed there by the market maker that can be withdrawn at will. Liquidity that a market maker has drawn from the vault remains counted because it is still owed to the depositor who supplied it. These two figures are maintained in separate ledgers and therefore cannot overlap. Not every asset counted is sitting in the vault or is withdrawable at any time, as the liquidity drawn by a market maker is counted but is not physically present in the vault. Deployments are referred to collectively across the protocol's deployed credit vaults.

*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.

Native

Total value locked

Total value locked

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