# OToken Capital deployed Methodology

## 1. Overview

Capital deployed measures the total value of assets deposited and managed within OToken products, including OETH (on Ethereum), OS (on Sonic), and superOETHb (on Base). This metric also captures the value of assets allocated to the ARM (Automated Redemption Manager) infrastructure. These deposited assets are utilized by the protocol to generate yield, and the aggregate value serves as a primary indicator of the scale of the manager’s asset base.

## 2. Data sources

- **Blockchain events**: `TotalSupplyUpdatedHighres` events from `OETH`, `OS`, and `superOETHb` contracts; `mint` and `burn` function calls from `wOETH` contracts; and contract state values for `LidoARM` contracts, covering Ethereum, Arbitrum, Base, and Sonic
- **External data**: End-of-day price feeds for the underlying staked assets and OTokens

## 3. Step-by-step calculation

### Component A: OToken supply monitoring

- **Purpose**: Tracks the total quantity of OToken assets circulating across multiple supported chains
- **Logic**: Supply data is extracted from on-chain events and functions. For OTokens on Ethereum, Sonic, and Base, `TotalSupplyUpdatedHighres` events are parsed to determine the total supply at the time of each event. For `wOETH` on Arbitrum, supply changes are calculated by aggregating the values from `mint` and `burn` function calls.
- **Key fields**: `in_totalSupply`, `in_amount`, `token_address`

### Component B: ARM asset tracking

- **Purpose**: Measures the value of assets deployed within the Automated Redemption Manager
- **Logic**: Total deposits into the ARM are determined through state calls to the `LidoARM` contract on Ethereum. The total supply of the ARM vault is extracted as a point-in-time value to represent the capital currently deployed in this specific product.
- **Key fields**: `state_value`

### Component C: Normalization and bridge adjustment

- **Purpose**: Standardizes supply values and prevents double-counting of bridged assets
- **Logic**: All raw supply values are normalized by the decimal precision of the respective assets. Daily average values are calculated for each token. To ensure accuracy in the aggregate metric, the supply of `wOETH` on Arbitrum is subtracted from the OETH supply on Ethereum, reflecting that the Arbitrum-based assets are bridged from the Ethereum mainnet contracts. A fill-forward mechanism is applied to account for days without supply updates.
- **Key fields**: `outstanding_supply`, `tvl`

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized asset quantities into a unified USD-denominated metric
- **Logic**: Daily average supply and TVL values are multiplied by end-of-day price feeds for each asset. The resulting USD values are aggregated by date, chain, and product ID. Final values are processed to ensure a continuous time series using UTC day boundaries.
- **Key fields**: `price_usd`, `capital_deployed`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of capital allocated into investments by an asset manager.

Capital deployed

Liquid staking

github

OTokenOTOKEN

Capital deployed

Capital deployed

Chain breakdown