# Orca Token Swap V2 Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into Orca Token Swap V2 liquidity pools. This metric serves as a primary indicator of the liquidity available for trading within the protocol's legacy automated market maker (AMM) pools. TVL is calculated by aggregating the value of all assets held in the protocol's vault accounts, normalized to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: Solana account balance records and DEX trade records associated with the Orca Token Swap V2 program on Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Vault account identification

- **Purpose**: Map specific on-chain accounts to the Orca Token Swap V2 product
- **Logic**: Vault accounts are identified by filtering DEX trade records where the executing program is `9W959DqEETiGZocYWCQPaJ6sBmUzgfxXfqGeTEdp3aQP`. Base and quote vault accounts are extracted for each unique liquidity pool address to ensure all deposited assets are captured.
- **Key fields**: `pool_address`, `base_vault_address`, `quote_vault_address`, and `executing_account`

### Component B: Asset balance tracking

- **Purpose**: Determine the quantity of each asset held within the identified vaults
- **Logic**: Daily balances are extracted from Solana account balance records for all identified vault accounts. The `post_balance` field is captured for each asset. For days where no active balance change occurs, the most recent balance is carried forward to maintain a continuous daily record of holdings.
- **Key fields**: `block_date`, `token_account`, `mint`, and `post_balance`

### Component C: USD conversion and aggregation

- **Purpose**: Normalize asset quantities into a unified USD-denominated metric
- **Logic**: Asset quantities are normalized by decimal precision and multiplied by end-of-day price feeds. The daily change in asset value (delta TVL) is calculated for each pool and asset. These deltas are aggregated and summed cumulatively over time to determine the total value locked. Values are grouped by product and chain using UTC day boundaries.
- **Key fields**: `token_amount`, `delta_tvl`, and `price_usd`

*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)

Users are able to use the Orca protocol to transact with digital assets on a peer-to-peer or peer-to-protocol basis by trading against liquidity  pools, which are created and seeded by other users providing liquidity of a pair of tokens into such liquidity pools in exchange for a stake of the liquidity and trading fees generated by such pools.

Orca is a non-custodial automated market maker (AMM) protocol built on Solana. Orca was founded by Yutaro Mori and Grace Kwan and launched in 2021.

ORCA tokenholders govern the Orca protocol treasury, which receives a portion of the trading fees paid by users of the protocol.