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Real-world asset (RWA) issuers

Ondo Finance

# Ondo Finance Total value locked Methodology

## 1. Overview

Ondo's Total Value Locked (TVL) represents the total USD value of assets held in Ondo's tokenized fund products. The calculation treats the circulating market cap of Ondo's tokenized assets as equivalent to TVL, reflecting the value of underlying assets that have been tokenized and are circulating in the market. This metric answers the business question: "What is the total dollar value of assets under management in Ondo's tokenized fund ecosystem?"

## 2. Data sources

The calculation relies on the following raw data sources:
- **Asset market cap data**: Daily circulating market cap values for tokenized assets, already converted to USD
- **Product metadata**: Ondo-specific product and asset mapping information that links asset identifiers to Ondo product identifiers
- **Token metadata**: Token addresses and symbols for the tokenized assets
- **Asset metrics**: Pre-calculated daily valuations that track the USD market value of circulating tokenized fund tokens

## 3. Step-by-step calculation

### Component A: Asset and product mapping
- **Purpose**: Establish the relationship between Ondo products and their corresponding tokenized assets
- **Logic**: Retrieve Ondo product metadata that maps each Ondo product to its corresponding asset identifier. Filter for records where the data identifier equals 'ondo' and asset identifiers are not null. Extract the `asset_id`, `product_id`, and `symbol` for each mapping
- **Key fields**: `data_id`, `product_id`, `asset_id`, and token `symbol`

### Component B: Asset market cap retrieval
- **Purpose**: Obtain the daily USD market cap values for the tokenized assets
- **Logic**: Retrieve daily asset market cap circulating values from asset metrics data. These values represent the total USD market value of circulating tokens for each asset and are already converted to USD
- **Key fields**: `timestamp`, `chain_id`, `token_address`, `asset_id`, and `asset_market_cap_circulating`

### Component C: Asset metrics attribution
- **Purpose**: Connect asset market cap data to specific Ondo products
- **Logic**: Join the asset market cap data with the product mapping using `asset_id` as the linking field. Add business classification metadata including 'asset_management' as the business line and 'tokenized-funds' as both market sector and business segment identifiers. The `asset_market_cap_circulating` value becomes the `outstanding_supply`
- **Key fields**: All timestamp and product fields, plus `outstanding_supply` derived from `asset_market_cap_circulating`

### Component D: Daily aggregation
- **Purpose**: Ensure one record per day per product by handling any potential duplicates
- **Logic**: Group records by timestamp, timestamp grain, chain identifier, business classifications, product identifier, token address, and token symbol. Sum the `outstanding_supply` values within each group to create a single daily value per product
- **Key fields**: All grouping fields plus aggregated `outstanding_supply`

### Component E: Net deposits calculation
- **Purpose**: Transform outstanding supply into net deposits format
- **Logic**: Take the aggregated `outstanding_supply` values and treat them as `net_deposits`. Apply the finalize metric transformation for net deposits with a zero-fill strategy for missing days and apply chain availability filtering
- **Key fields**: `net_deposits` (equivalent to `outstanding_supply`)

### Final aggregation
- **Combining components**: The net deposits values are passed directly to the TVL calculation without additional aggregation
- **Currency conversion**: No additional currency conversion is needed as asset market cap values are already in USD
- **Time aggregation**: Daily boundary logic is maintained throughout the calculation chain
- **Final calculation**: TVL equals the sum of net deposits across all Ondo tokenized fund products, where net deposits represent the circulating market cap of each tokenized asset. The finalize TVL macro applies zero-filling for missing days and chain availability filtering to produce the final daily TVL values

*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.

Ondo FinanceONDO

Total value locked

Total value locked

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