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Exchanges (DEX)

Raydium

# Raydium Total value locked Methodology

## 1. Overview

Raydium Total Value Locked (TVL) measures the total USD value of assets deposited in Raydium's liquidity pools across all product types on Solana. Token balances in pool vaults are tracked, converted to USD values using daily prices, and filtered to handle price manipulation and data quality issues. Values are aggregated across five Raydium products: Raydium CPMM, Raydium CLMM, Raydium OpenBook, Raydium Stable Swap, and Raydium LaunchLab.

## 2. Data sources

- **Blockchain events**: Token balance changes, decentralized exchange trades, and program instructions on Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Vault identification and trade tracking

- **Purpose**: Identification of Raydium pool vault accounts and tracking of trading activity across all product types.
- **Logic**: Trades are extracted from Solana DEX trades data, filtering for five specific Raydium programs representing Raydium CPMM, Raydium CLMM, Raydium OpenBook, Raydium Stable Swap, and Raydium LaunchLab. Extensive data quality filters are applied, requiring non-null values for base and quote amounts, mints, vaults, and pool accounts. A mapping is created between pool accounts and their associated token vault accounts. Fee rate configurations are handled by joining with AMM config data from `CreateAmmConfig` and `UpdateAmmConfig` instructions from `CLMM` and `CPMM` programs.
- **Key fields**: `pool_address`, `base_vault`, `quote_vault`, `base_mint`, `quote_mint`, `product_id`

### Component B: Vault balance tracking

- **Purpose**: Monitoring of token balances in identified Raydium pool vaults over time.
- **Logic**: Solana token balance changes are joined with identified vault accounts to track daily balance snapshots. Fill-forward interpolation is applied to maintain continuous balance data when no balance changes occur on specific days. Valid token mints and vault accounts are filtered, and pools without reliable asset legs are excluded through a denylist.
- **Key fields**: `timestamp`, `token_mint`, `account_address`, `amount`, `pool_address`, `product_id`

### Component C: Price calculation and quality control

- **Purpose**: Calculation of reliable daily token prices from end-of-day price feeds.
- **Logic**: End-of-day asset price data for Solana ecosystem assets is processed, filtering to midnight hours only. Quality control is implemented, requiring exactly 25 hours of price data within a 24-hour rolling window to ensure price reliability. Hourly prices are aggregated to daily averages and assets from the denial list are excluded.
- **Key fields**: `timestamp`, `token_address`, `price_usd`

### Component D: TVL filtering and pool denylisting

- **Purpose**: Exclusion of pools without reliable price anchors to prevent TVL inflation.
- **Logic**: Pools without a reliable asset leg are identified and excluded from the TVL calculation. Reliable assets are defined as SOL, USDC, USDT, JitoSOL, wBTC, JLP, and JUP. Pools that do not contain at least one of these reliable assets as a trading pair leg are added to a denylist. Balances from these denylisted pools are excluded to prevent inflated calculations from untrusted long-tail asset prices.
- **Key fields**: `pool_address`, `token_mint_address`

### Component E: USD conversion and final aggregation

- **Purpose**: Conversion of token balances to USD and aggregation of values to compute final TVL.
- **Logic**: Daily changes in asset balances (deltas) are calculated for non-denylisted pools. These daily deltas are aggregated and cumulatively summed over time to compute the running asset balances. Missing daily balances are forward-filled. Asset balances are normalized by decimal precision and converted to USD using end-of-day price feeds. Finally, the USD values are aggregated by day, chain (Solana), and product type, with a zero-filling strategy applied for any missing data periods.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `token_address`, `delta_tvl`, `tvl`

*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.

RaydiumRAY

Total value locked

Total value locked

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