# Raydium Stable Swap Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total USD value of all assets deposited in Raydium Stable Swap liquidity pools. This metric is used as a primary indicator of the liquidity available for low-slippage trades between stablecoins and pegged assets. TVL for Raydium Stable Swap is calculated by aggregating the daily balances of all token vaults associated with the program's liquidity pools. Cross-product aggregation details are documented in the Raydium project-level methodology.

## 2. Data sources

- **Blockchain events**: Token balance changes and trade instructions from the Raydium Stable Swap program, covering Solana
- **External data**: End-of-day price feeds for assets held in liquidity pool vaults

## 3. Step-by-step calculation

### Component A: Vault identification and mapping

- **Purpose**: Establish the set of Solana accounts that store assets for Raydium Stable Swap pools.
- **Logic**: Base and quote vault accounts are identified by parsing trade activity associated with the Raydium Stable Swap program. These vault accounts are mapped to their respective pool addresses and token mints. This mapping is used to ensure that only assets belonging to the stable swap product are included in the calculation.

### Component B: Token balance tracking

- **Purpose**: Calculate the daily quantity of assets held in each identified vault.
- **Logic**: Token balance changes are parsed for all identified vault accounts. The post-transaction balance is recorded for every change. To maintain a continuous daily time series, balances are filled forward from the last recorded change for each vault-mint combination. Daily snapshots are taken at the end of each UTC day.

### Component C: Pool filtering and denylisting

- **Purpose**: Exclude pools with unreliable asset pricing to prevent TVL inflation.
- **Logic**: A set of reliable assets—including SOL, USDC, USDT, JitoSOL, wBTC, JLP, and JUP—is identified as a benchmark for pool validation. Pools are evaluated to ensure they contain at least one of these reliable assets. Pools that do not have at least one reliable asset leg are added to a denylist and excluded from the TVL calculation to prevent TVL inflation from untrusted long-tail asset prices.

### Component D: USD conversion and aggregation

- **Purpose**: Convert asset quantities into a unified USD metric and aggregate at the product level.
- **Logic**: Daily balance deltas are calculated for each non-denylisted pool and token. These deltas are aggregated and accumulated over time to compute the running token balances. Missing days are filled forward to maintain a continuous time series. The resulting asset balances are multiplied by end-of-day price feeds to convert them to USD. The final metric is aggregated by day and assigned to the Solana chain.

*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)