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

Ramses is a non-custodial exchange protocol built on Arbitrum. Ramses was founded by pseudonyms Dog and North in 2023.

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

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Exchanges (DEX)

Ramses Exchange

# Ramses Exchange Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Ramses represents the total USD value of assets deposited into Ramses trading pairs and liquidity pools on Arbitrum. This metric answers the question: "How much value is currently locked in Ramses liquidity pools?" The calculation approach treats TVL as equivalent to cumulative net deposits, tracking all asset flows into and out of both Ramses V1 legacy pairs and V2 concentrated liquidity pools, then converting these flows to USD values.

## 2. Data sources

The calculation relies on the following raw blockchain data and external sources:

- **Factory creation events**: Parsed `Factory_PairCreated_event` logs from Ramses V1 and `Factory_PoolCreated_event` logs from Ramses V2 on Arbitrum to identify all trading pairs and liquidity pools
- **Reserve synchronization events**: Parsed `LegacyPair_Sync_event` logs from Ramses V1 pairs on Arbitrum that track reserve balance updates
- **Liquidity provision events**: Parsed `Pool_Mint_event` logs from Ramses V2 pools on Arbitrum representing liquidity deposits
- **Liquidity withdrawal events**: Parsed `Pool_Collect_event` and `Pool_CollectProtocol_event` logs from Ramses V2 pools on Arbitrum representing liquidity withdrawals
- **Trading events**: Parsed `Pool_Swap_event` logs from Ramses V2 pools on Arbitrum representing token swaps
- **Transaction data**: Arbitrum transaction records for user address identification
- **Token metadata**: Token symbols, decimal places, and contract addresses
- **End-of-day price feeds**: Daily USD price data for all tokens traded on Ramses
- **CoinGecko API data**: Special price feed for the RAM token to avoid double counting in regular price feeds

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identify all Ramses trading pairs and liquidity pools across both versions
- **Logic**: Extract all pair and pool creation events from Ramses factory contracts on Arbitrum. For V1, process `Factory_PairCreated_event` logs to identify legacy pairs with `pair`, `token0`, and `token1` fields. For V2, process `Factory_PoolCreated_event` logs to identify concentrated liquidity pools with `pool`, `token0`, and `token1` fields. Join with token metadata to obtain decimal places and symbols for each token in the pair. Create composite account names by concatenating token symbols.
- **Key fields**: `account_address` (pair/pool contract address), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component B: V1 asset flow calculation (legacy pairs)
- **Purpose**: Track daily net asset flows for Ramses V1 legacy pairs by monitoring reserve changes
- **Logic**: Process `LegacyPair_Sync_event` logs that contain updated `reserve0` and `reserve1` values. For each day, take the last reserve values from all sync events. Calculate the day-over-day change by subtracting the previous day's reserves from the current day's reserves using window functions. If no previous day exists (first observation), use the full reserve amount as the initial flow. Apply decimal correction by dividing raw reserve amounts by 10 raised to the power of token decimals.
- **Key fields**: `reserve0_amount`, `reserve1_amount`, `token0_amount` (daily change), `token1_amount` (daily change)

### Component C: V2 asset flow calculation (concentrated liquidity pools)
- **Purpose**: Track all asset flows for Ramses V2 concentrated liquidity pools from deposits, withdrawals, and trades
- **Logic**: Combine three types of events with appropriate signs. Process `Pool_Mint_event` logs as positive flows representing liquidity deposits, extracting `amount0` and `amount1` values. Process `Pool_Collect_event` and `Pool_CollectProtocol_event` logs as negative flows representing liquidity withdrawals, extracting `amount0` and `amount1` values and multiplying by -1. Process `Pool_Swap_event` logs as net token exchanges, using `amount0` and `amount1` directly. Truncate all timestamps to daily boundaries and aggregate flows by day, account address, and token pair. Apply decimal correction by dividing raw amounts by 10 raised to the power of token decimals.
- **Key fields**: `token0_amount` (daily net flow), `token1_amount` (daily net flow), `account_address`, `block_timestamp`

### Component D: Price data preparation
- **Purpose**: Prepare USD pricing data for all tokens used in Ramses pairs
- **Logic**: Combine regular end-of-day price feeds for most tokens with special CoinGecko pricing for the RAM token (contract address `0xaaa6c1e32c55a7bfa8066a6fae9b42650f262418`). Exclude the RAM token from regular price feeds to avoid double counting. Extract daily USD prices for all tokens trading on Arbitrum, ensuring each token has a single price per day.
- **Key fields**: `token_address`, `price_usd`, `timestamp`, `chain`

### Final aggregation
- **Combining components**: Union V1 and V2 asset flows into a single dataset, maintaining separate identification for legacy pairs (`legacypair` product ID) and concentrated liquidity pools (`concentratedliquiditypool` product ID). Both flow types include daily timestamps, token addresses, and corrected token amounts.
- **Currency conversion**: For each day and each trading pair, multiply `token0_amount` by the corresponding `token0` USD price and `token1_amount` by the corresponding `token1` USD price. Sum these USD values to get the total daily net deposit value for each pair. Handle missing prices by defaulting to zero using coalesce operations.
- **Time aggregation**: All calculations operate on daily boundaries created by truncating timestamps to day level. Asset flows are aggregated to the last value per day (for V1 reserves) or summed per day (for V2 events).
- **Final calculation**: Sum all daily net deposit USD values across all trading pairs and both Ramses versions. Apply the finalize_metric_tvl macro to ensure proper schema, validate identifiers, and fill any missing days with zeros. The final TVL value equals the cumulative net deposits, representing the total USD value of assets locked in Ramses liquidity pools.

*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.

Ramses ExchangeRAM

Total value locked

Total value locked

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