Liquidity providers deposit funds into Pharaoh and stake their LP tokens to receive PHAR tokens in proportion to their share of the votes (token incentives).

Pharaoh is a non-custodial exchange protocol built on Avalanche. Pharaoh was founded in 2023.

PHAR tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue).

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Pharaoh

# Pharaoh Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into the protocol's liquidity pools. This metric represents the available liquidity for trading across the Legacy Pair, Concentrated Liquidity Pool, and Concentrated Liquidity Pool V3 products. TVL serves as a primary indicator of the protocol's capacity to facilitate decentralized exchange activity and its ability to attract and retain liquidity providers on the Avalanche network.

## 2. Data sources

- **Blockchain events**: `Sync` and `Swap` events from `LegacyPair` contracts; `Mint`, `Swap`, `Collect`, and `CollectProtocol` events from `Pool` contracts; and `Mint`, `Swap`, and `Collect` events from `RamsesV3Pool` contracts, covering Avalanche
- **External data**: End-of-day price feeds for assets and specific asset metadata for the PHAR token to account for the October 2025 token split

## 3. Step-by-step calculation

### Component A: Legacy Pair (V1) reserve tracking

- **Purpose**: Capture the balance of assets held within V1 liquidity pools
- **Logic**: `Sync` events are parsed from `LegacyPair` contracts to identify the most recent reserve balances for each trading pair. The final reserve state for each day is extracted to determine the quantity of both assets in the pool. Asset quantities are normalized by decimal precision. Daily asset flows are determined by calculating the change in reserve balances between consecutive snapshots.
- **Key fields**: `reserve0_amount`, `reserve1_amount`, `account_address`

### Component B: Concentrated Liquidity (V2 and V3) asset flow extraction

- **Purpose**: Track the movement of assets into and out of V2 and V3 concentrated liquidity pools
- **Logic**: `Mint`, `Collect`, `CollectProtocol`, and `Swap` events are parsed from `Pool` and `RamsesV3Pool` contracts. Deposits (mints) and trade-related balance changes are recorded as positive flows, while withdrawals (collect and collect protocol events) are recorded as negative flows. These individual transaction flows are aggregated by day and account address. Asset quantities are normalized by decimal precision.
- **Key fields**: `token0_amount`, `token1_amount`, `account_address`

### Component C: Asset valuation and USD conversion

- **Purpose**: Normalize all asset flows to USD for cross-asset aggregation
- **Logic**: End-of-day price feeds are joined to the daily asset flows based on the asset address and timestamp. For the PHAR asset, a continuous price series is maintained by applying a cutover on October 9, 2025, to account for a 5000:1 token split, ensuring historical values are consistent with the post-split listing. Asset flows are multiplied by their respective end-of-day prices to determine the daily net deposit value in USD.
- **Key fields**: `price_usd`, `token0_address`, `token1_address`

### Component D: TVL aggregation

- **Purpose**: Calculate the total value locked as a cumulative balance
- **Logic**: Daily net deposits from all versions (V1, V2, and V3) are summed at the product and chain level. Total value locked is calculated by taking the cumulative sum of these net deposits over time. Any negative cumulative values resulting from data gaps or specific flow logic are adjusted to zero. The final output is aggregated into daily intervals using UTC day boundaries.
- **Key fields**: `net_deposits`, `timestamp`, `product_id`

*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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