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OpenEden

# OpenEden Total value locked Methodology

## 1. Overview

OpenEden Digital TVL (Total Value Locked) represents the total value of capital deployed in the protocol's T-Bill yield products. The calculation is based on tracking the outstanding supply of TBILL tokens across Ethereum and Arbitrum networks. TVL equals the USD value of all outstanding TBILL tokens, which directly corresponds to capital deployed in the protocol's T-Bill backed yield products.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Blockchain events**: Parsed `Transfer` events from Ethereum and Arbitrum networks for specific TBILL token contracts
- **Token metadata**: Decimal precision information for proper token amount normalization
- **External data**: End-of-day price feeds from CoinGecko for USD conversion of TBILL tokens
- **Contract addresses**: 
  - Ethereum TBILL token: `0xdd50c053c096cb04a3e3362e2b622529ec5f2e8a`
  - Arbitrum TBILL token: `0xf84d28a8d28292842dd73d1c5f99476a80b6666a`

## 3. Step-by-step calculation

### Component A: TBILL mint events
- **Purpose**: Capture all token creation events representing new capital deployment
- **Logic**: Extract `Transfer` events where `from_address` equals the zero address (`0x0000000000000000000000000000000000000000`) and `to_address` is not the zero address. This identifies genuine token minting events where new TBILL tokens are created and sent to user addresses. The events are filtered to specific TBILL token contract addresses on Ethereum and Arbitrum networks.
- **Key fields**: `block_timestamp`, `value` (token amount), `token_address`, `transaction_hash`, `log_index` for deduplication

### Component B: TBILL burn events  
- **Purpose**: Capture all token destruction events representing capital withdrawal
- **Logic**: Extract `Transfer` events where `to_address` equals the zero address and `from_address` is not the zero address. This identifies token burning events where existing TBILL tokens are destroyed by sending them to the zero address. Events are filtered to the same TBILL token contract addresses used for mints.
- **Key fields**: `block_timestamp`, `value` (token amount), `token_address`, `transaction_hash`, `log_index` for deduplication

### Component C: Net transfer calculation
- **Purpose**: Combine mint and burn events to calculate net token supply changes
- **Logic**: Union mint and burn events together, converting burn amounts to negative values by multiplying by -1. This creates a unified dataset where positive amounts represent net token creation and negative amounts represent net token destruction. Apply decimal correction using token metadata to normalize amounts to standard precision.
- **Key fields**: `amount` (corrected for decimals), `block_timestamp`, `chain`, `token_address`

### Component D: Daily aggregation and cumulative supply
- **Purpose**: Calculate outstanding token supply over time
- **Logic**: Group all net transfers by day using timestamp truncation, then sum amounts within each day to get daily net supply changes. Apply a cumulative sum calculation using window functions partitioned by chain and token address, ordered by timestamp. This running total represents the outstanding supply of TBILL tokens at each point in time.
- **Key fields**: `outstanding_supply` (cumulative amount), `timestamp` (daily), `chain`, `token_address`

### Component E: Time series completion
- **Purpose**: Ensure continuous daily time series with no gaps
- **Logic**: Apply forward-fill logic to populate any missing days in the time series. If no transactions occur on a given day, the outstanding supply value from the previous day is carried forward. This ensures complete daily coverage from the first mint event to the current date.
- **Key fields**: `outstanding_supply` (forward-filled), `timestamp` (complete daily series)

### Final aggregation
- **Combining components**: The outstanding supply represents the total capital deployed across all TBILL products
- **Currency conversion**: Convert outstanding supply to USD using end-of-day CoinGecko price feeds for the TBILL token (CoinGecko ID: `openeden-tbill`)
- **Time aggregation**: Daily boundaries are maintained throughout, with timestamp truncation ensuring consistent daily aggregation
- **Final calculation**: TVL equals the USD value of outstanding TBILL token supply. The `capital_deployed` amount (in USD) directly represents TVL, as it reflects the total value of assets backing the TBILL tokens in circulation. The final metric is validated and formatted using the `finalize_metric_tvl` macro with zero-fill strategy for any gaps.

*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.

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Total value locked

Total value locked

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