We currently only track the Squeeth product. Overcollateralized borrowers mint Squeeth (oSQTH), a power perpetual token that tracks the price of ETH squared.

Opyn builds derivatives and options infrastructure. Opyn was founded by Nick Sawinyh, Zubin Koticha and Alexis Gauba and launched in 2019.

Opyn team & investors own and govern the protocol. They do not currently charge a fee for Squeeth mints (revenue). Opyn’s investors include Paradigm, Dragonfly Capital, etc.

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Opyn

# Opyn Total value locked Methodology

## 1. Overview

Opyn TVL measures the total value locked in Opyn's derivatives protocol by tracking token balances held in the protocol's main contract. The metric is calculated by monitoring token flows into and out of the Opyn contract address (`0x64187ae08781b09368e6253f9e94951243a493d5`) on Ethereum, calculating cumulative token balances over time, and converting these balances to USD value. The TVL represents the dollar value of all tokens currently held within the protocol.

## 2. Data sources

- **Ethereum token events**: Parsed `Transfer` events from ERC-20 tokens to track token movements in and out of the Opyn contract
- **Transaction data**: Ethereum transaction traces and internal transactions that affect token balances at the contract address  
- **Token metadata**: Token symbols and decimal specifications for proper balance calculations
- **End-of-day price feeds**: Daily USD prices for tokens to enable value conversion

## 3. Step-by-step calculation

### Component A: Token balance changes tracking
- **Purpose**: Track all token inflows and outflows for the Opyn contract address
- **Logic**: The system monitors the specific Opyn contract address `0x64187ae08781b09368e6253f9e94951243a493d5` on Ethereum and captures all token balance changes by analyzing `Transfer` events, transaction traces, and internal transactions. Each balance change event is recorded with its timestamp, token address, and the net change in balance (positive for inflows, negative for outflows)
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, `balance` (the net change amount)

### Component B: Cumulative balance calculation  
- **Purpose**: Calculate running totals of token holdings over time
- **Logic**: For each unique combination of timestamp grain, chain, account address, and token address, the system calculates cumulative token balances using window functions that sum all historical balance changes up to each point in time. This creates a continuous record of how many tokens of each type the protocol holds at any given moment
- **Key fields**: `balance` (cumulative total), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Time series continuity
- **Purpose**: Ensure continuous daily data with no gaps
- **Logic**: The system applies forward-fill logic to maintain consistent daily records for each token position. If a token balance doesn't change on a particular day, the previous day's balance is carried forward to ensure complete time series coverage
- **Key fields**: Forward-filled `balance` values maintained across all timestamp dimensions

### Component D: USD conversion
- **Purpose**: Convert token balances to dollar values
- **Logic**: Token balances are joined with end-of-day price feeds based on matching timestamp, chain ID, and token address. Each token balance is multiplied by its corresponding USD price to calculate the dollar value. Only positive balances are included in the calculation, and only daily price granularity is used
- **Key fields**: `amount` (balance multiplied by `price_usd` from price feeds)

### Final aggregation
- **Combining components**: All USD-denominated token values are aggregated by timestamp and chain, with fixed classifications of `derivatives` for market sector and `perpetual` for business segment
- **Currency conversion**: USD conversion occurs at the individual token level using end-of-day prices before aggregation
- **Time aggregation**: Daily timestamp boundaries are maintained throughout the calculation, with forward-fill logic ensuring complete coverage
- **Final calculation**: The sum of all positive token balances converted to USD represents the total value locked in the protocol, which serves as both the net deposits metric and the TVL metric

*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.

OpynOSQTH

Total value locked

Total value locked

Competitive landscape

Chain breakdown