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

Pika Protocol is a non-custodial exchange for perpetual contracts built on Optimism. Pika Protocol was founded by an anonymous team and was launched in 2021.

PIKA tokenholders own and govern the protocol. Pika Protocol has no private investors.

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Pika Protocol

# Pika Protocol Total value locked Methodology

## 1. Overview

Pika Protocol's Total Value Locked (TVL) measures the USD value of assets held in the protocol's collateral accounts. This metric represents the total capital committed to the derivatives protocol at any given time. The calculation tracks balances across three specific wallet addresses on Optimism that serve as the protocol's primary collateral storage accounts. TVL is calculated by directly using the net deposits value, which represents the aggregate USD value of all tokens held across these monitored addresses.

## 2. Data sources

The TVL calculation relies on several key data sources:
- **Blockchain transaction data**: Optimism transaction records to track balance changes in the monitored wallet addresses
- **Balance snapshots**: Daily balance calculations for all tokens held in the three tracked collateral accounts
- **Token metadata**: Information about tokens held in the portfolio to properly identify and categorize assets
- **External price data**: End-of-day token price feeds for USD conversion of all token balances
- **Protocol configuration**: Hardcoded list of wallet addresses that serve as Pika Protocol's collateral accounts

## 3. Step-by-step calculation

### Component A: Portfolio balance calculation
- **Purpose**: Tracks the total USD value of assets held across Pika Protocol's collateral accounts
- **Logic**: Monitors three specific wallet addresses on Optimism that serve as the protocol's collateral storage accounts. The addresses tracked are `0x2fae8c7edd26213ca1a88fc57b65352dbe353698`, `0xd5a8f233cbddb40368d55c3320644fb36e597002`, and `0x9b86b2be8edb2958089e522fe0eb7dd5935675ab`. For each address, the system calculates daily token balances by analyzing transaction data and blockchain state changes. All token balances are aggregated across the three addresses to create a comprehensive portfolio view.
- **Key fields**: The calculation produces `balance` values representing the total USD value of all assets, along with `timestamp`, `chain` identifier, and portfolio metadata

### Component B: Market classification
- **Purpose**: Applies business categorization to the balance data for proper metric classification
- **Logic**: Each balance record is classified with market sector as 'derivatives' and business segment as 'perpetual', reflecting Pika Protocol's role as a perpetual derivatives trading platform. The product identifier is left null as this represents protocol-level TVL rather than product-specific metrics.
- **Key fields**: Adds `market_sector_id`, `business_segment_id`, and `product_id` classifications to the balance data

### Component C: Net deposits standardization
- **Purpose**: Formats the portfolio balance data into the standard net deposits schema
- **Logic**: The portfolio balance values are mapped directly to the `net_deposits` field, as the wallet addresses represent the protocol's collateral accounts where user funds are deposited. The finalize net deposits macro applies standard data validation, ensures proper timestamp granularity, and fills any gaps in the time series with zero values for periods without data.
- **Key fields**: Produces standardized `net_deposits` values along with proper timestamp graining and data validation flags

### Final aggregation
- **Combining components**: The TVL calculation takes the net deposits value directly without additional transformation, as net deposits in the collateral accounts represent the total value locked in the protocol
- **Currency conversion**: All token balances are converted to USD using end-of-day price feeds before aggregation, ensuring consistent valuation across different assets
- **Time aggregation**: Data is aggregated on a daily basis with gap filling applied to ensure continuous time series data
- **Final calculation**: TVL equals the net deposits value, representing the total USD value of all assets held across the three monitored collateral accounts on any given day

*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.

Pika ProtocolPIKA

Total value locked

Total value locked

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