# Native Relay Total value locked Methodology

## 1. Overview

Total value locked measures the total value of assets deposited into Native Relay's deployed credit vaults. It serves as a key indicator of the liquidity available for market-making activities and trade execution. TVL is comprised of two distinct components: liquidity provider deposits and market maker inventory held within the vaults. These assets are utilized to facilitate capital-efficient cross-chain transactions and liquidity provisioning.

## 2. Data sources

- **Blockchain events**: `SharesMinted`, `SharesBurned`, and `YieldDistributed` events from `NativeLPToken` contracts, ERC-20 token transfers, and market maker 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: Liquidity provider token mapping

- **Purpose**: Map each liquidity provider asset to its underlying asset
- **Logic**: `SharesMinted` events from `NativeLPToken` contracts are matched with ERC-20 token transfers within the same transaction where the minted underlying amount matches the transferred value. The underlying asset address associated with each liquidity provider account is identified through this matching process across the protocol's deployed credit vaults.
- **Key fields**: `transaction_hash`, `underlyingAmount`, `token_address`, `to_address`

### Component B: Liquidity provider flow tracking

- **Purpose**: Track the net movement of liquidity provider deposits
- **Logic**: Deposits, withdrawals, and distributed yields are extracted from `SharesMinted`, `SharesBurned`, and `YieldDistributed` events emitted by `NativeLPToken` contracts. Withdrawals are treated as negative values, while deposits and distributed yields are treated as positive values. These daily flows are aggregated and accumulated over time to determine the net historical balance for each depositor and asset.
- **Key fields**: `underlyingAmount`, `yieldAmount`, `block_timestamp`, `account_address`

### Component C: Market maker inventory tracking

- **Purpose**: Capture the value of market maker assets held in the vaults
- **Logic**: Market maker positions are extracted from signed position state records. Only the positive portion of each market maker's signed position is captured, representing the inventory that has been deposited directly into the vault. Negative or empty positions are excluded from this component.
- **Key fields**: `timestamp`, `trader_address`, `token_address`, `position`

### Component D: Normalization and USD conversion

- **Purpose**: Convert asset balances to USD and aggregate the final metric
- **Logic**: Cumulative liquidity provider balances and market maker inventory balances are filled forward daily to account for days without active transactions. The balances are normalized by decimal precision using asset metadata and multiplied by end-of-day asset prices. The final daily TVL is calculated by summing the USD values of both components across all chains.
- **Key fields**: `timestamp`, `chain_id`, `tvl`

## What is counted
Total value locked is calculated as the sum of two distinct figures: the assets deposited by liquidity providers and the inventory held by market makers in the vaults. The depositor figure is tracked as cumulative deposits less withdrawals plus the yield distributed to depositors. Because the liquidity provider asset rebases, distributed yield increases the deposit value without triggering a token transfer; this yield is therefore captured directly from the protocol's own accounting events rather than from ERC-20 transfers. The market maker figure represents the positive side of a market maker's signed position with the vault, consisting of assets placed there by the market maker that can be withdrawn at will. Any liquidity that has been drawn from the vault by a market maker remains counted in total value locked, as it is still owed to the depositor who supplied it. Consequently, not all assets counted are physically present in the vault or immediately withdrawable. Because these two components are maintained on separate ledgers, double-counting is prevented.

*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.

Total value locked

Exchanges (DEX)

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.

Native Relay

Total value locked

Total value locked

Chain breakdown