Liquidity providers deposit funds into Pangolin and receive trading fees from traders (supply-side fees).

Pangolin is a non-custodial exchange protocol built on Avalanche (originally a fork of Uniswap). Pangolin was founded by an anonymous team and launched in 2020.

PNG tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Pangolin

# Pangolin Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Pangolin measures the total USD value of assets deposited across all liquidity pools on the Pangolin decentralized exchange. This metric answers the question: "How much value is currently locked in Pangolin's liquidity pools?" The calculation tracks daily changes in pool reserves (net deposits) and treats the cumulative sum of these net deposits as the TVL, since TVL represents the total value that users have deposited into the protocol over time.

## 2. Data sources

- **Blockchain events**: Parsed Avalanche `PairCreated` events from Pangolin v1 Factory contract and `Sync` events from individual Pangolin pair contracts
- **Token metadata**: Token symbols and decimal precision for proper unit conversion
- **External data**: End-of-day token price feeds for USD conversion
- **Transaction data**: Avalanche transaction logs containing reserve update information

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identify all Pangolin v1 trading pairs and their token compositions
- **Logic**: Extract all `PairCreated` events from the Pangolin v1 Factory contract on Avalanche. Each event contains the addresses of the two tokens in the pair (`token0` and `token1`) and the pair contract address. All pairs use a fixed fee tier of 0.3% (3000 basis points). Join with token metadata to get decimal precision and symbols for each token, creating descriptive pair names like "AVAX-USDC"
- **Key fields**: `account_address` (pair contract), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name` (token symbol pair)

### Component B: Reserve tracking
- **Purpose**: Capture all changes to liquidity pool reserves over time
- **Logic**: Collect all `Sync` events from Pangolin pair contracts on Avalanche. These events are emitted whenever pool reserves change due to swaps, liquidity additions, or removals. Each event contains `reserve0` and `reserve1` values representing the current token balances in the pool. Include transaction hash and log index for precise event ordering
- **Key fields**: `block_timestamp`, `account_address` (pair contract), `reserve0_amount`, `reserve1_amount`, `transaction_hash`, `log_index`

### Component C: Daily asset flow calculation
- **Purpose**: Calculate daily net changes in token reserves for each liquidity pool
- **Logic**: Combine reserve updates with trading pair metadata and correct for token decimals by dividing raw amounts by 10^decimals. For each day and pool, identify the last recorded reserve balance using window functions. Calculate daily net changes by taking the difference between consecutive days' ending reserves using lag functions. For the first day a pool appears, treat the full reserve amount as the initial deposit since there's no previous balance to subtract
- **Key fields**: `timestamp` (daily), `token0_amount` (daily net change), `token1_amount` (daily net change), `account_address`

### Component D: USD conversion
- **Purpose**: Convert daily token amount changes to USD values
- **Logic**: Join daily asset flows with end-of-day token price feeds for both `token0_address` and `token1_address`. Multiply each token's daily net change by its USD price. Handle missing prices by defaulting to zero USD value. Calculate total daily net deposits per pool by summing the USD values of both tokens: net deposits = (`token0_amount` × `token0_price_usd`) + (`token1_amount` × `token1_price_usd`)
- **Key fields**: `net_deposits` (daily USD value), `timestamp`, `chain_id`, `product_id`

### Final aggregation
- **Combining components**: Sum daily net deposits across all liquidity pools and time periods
- **Currency conversion**: USD conversion occurs at the individual pool and daily level using end-of-day token prices
- **Time aggregation**: Daily boundaries are used with day-truncated timestamps
- **Final calculation**: The TVL metric equals the cumulative sum of daily net deposits, since TVL represents the total value that has flowed into the protocol's liquidity pools over time. Each day's net deposits (positive for net inflows, negative for net outflows) contribute to the running total of value locked in the protocol

*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.

PangolinPNG

Total value locked

Total value locked

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