# Raydium CLMM Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total market value of all assets deposited in Raydium CLMM liquidity pools. It represents the aggregate liquidity available for concentrated liquidity market making on the Solana blockchain. This metric is used to assess the protocol's capacity for trade execution and its ability to attract capital from liquidity providers.

## 2. Data sources

- **Blockchain events**: Solana token balance changes and DEX trade records, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Liquidity vault identification

- **Purpose**: Identify the specific on-chain accounts used to store liquidity for Raydium CLMM pools
- **Logic**: Raydium CLMM pools and their associated base and quote token vaults are identified from DEX trade records. These vaults are mapped to the Raydium CLMM product and are defined as the canonical accounts responsible for holding the underlying assets provided by liquidity participants.
- **Key fields**: `pool_address`, `token_vault_address`, `token_mint_address`

### Component B: Account balance tracking

- **Purpose**: Capture the quantity of assets held within identified vaults
- **Logic**: Daily token balances are extracted from Solana account balance records. The `post_balance` of each vault is recorded to capture the net result of all instructions affecting the account, including liquidity additions, removals, and swap-related transfers. Balances are tracked at a daily grain, with values filled forward for days where no balance-changing instructions occur.
- **Key fields**: `token_account`, `post_balance`, `mint`

### Component C: Valuation and data integrity filtering

- **Purpose**: Filter out pools with unreliable pricing and calculate daily liquidity changes
- **Logic**: A strict filtering layer is applied to exclude pools where at least one reliable asset (such as SOL, USDC, USDT, JitoSOL, wBTC, JLP, or JUP) is not present to prevent price distortions from untrusted long-tail assets. For the remaining pools, daily balance changes (deltas) are calculated for each asset.
- **Key fields**: `pool_address`, `token_address`, `delta_tvl`

### Component D: Final aggregation

- **Purpose**: Produce the final TVL metric in USD for the Raydium CLMM product
- **Logic**: Daily balance deltas are aggregated and cumulatively summed over time to calculate the running balance for each asset. Missing daily balances are filled forward to ensure continuity. These running balances are then multiplied by end-of-day price feeds to convert them to USD. The USD values of all qualified assets are summed by day and grouped by product and chain, with a zero-filling strategy applied to finalize the time series.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `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.

Total value locked

Exchanges (DEX)