# Reserve Rights Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets supporting the Reserve Rights stablecoin ecosystem. This includes the collateral backing circulating stablecoin RTokens and the value of Reserve Rights (RSR) tokens staked in protocol-specific staking contracts (stRSR) to provide overcollateralization and governance protection. TVL serves as a leading indicator for the adoption of Reserve stablecoins and the security budget provided by staked assets.

## 2. Data sources

- **Blockchain events**: `RTokenCreated` events from `RTokenFactory` contracts and ERC-20 `Transfer` events, covering Ethereum, Base, and Arbitrum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Stablecoin market identification

- **Purpose**: Identify the specific smart contracts associated with Reserve Rights stablecoins and their corresponding staking contracts.
- **Logic**: `RTokenCreated` events from `RTokenFactory` contracts are parsed to identify RToken and staked RSR (stRSR) addresses. A filter is applied to isolate stablecoin-specific products from other yield-bearing RTokens based on the underlying configuration of the asset.
- **Key fields**: `rToken` address (stablecoin identifier), `stRSR` address (staking contract identifier), and `chain_id`.

### Component B: Stablecoin supply tracking

- **Purpose**: Calculate the circulating supply of stablecoin RTokens, which represents the total value of the underlying collateral.
- **Logic**: ERC-20 `Transfer` events for identified stablecoin RTokens are parsed. Mints are identified as transfers from the null or dead address, while burns are identified as transfers to the null or dead address. A running balance is calculated by aggregating these net flows over time to determine the total circulating supply for each stablecoin.
- **Key fields**: `from_address`, `to_address`, and `value`.

### Component C: Staked asset tracking

- **Purpose**: Calculate the total amount of Reserve Rights (RSR) tokens staked to protect the stablecoins.
- **Logic**: ERC-20 `Transfer` events for the RSR token are parsed. Inflows are identified as transfers where the recipient address matches a stablecoin-linked `stRSR` contract. Outflows are identified as transfers where the sender address matches an `stRSR` contract. A cumulative balance is maintained for each staking contract to represent the total RSR staked for protocol protection.
- **Key fields**: `token_address` (RSR address), `from_address`, `to_address`, and `value`.

### Component D: USD conversion and aggregation

- **Purpose**: Normalize all tracked balances to USD and aggregate them at the product level.
- **Logic**: Raw balances from the stablecoin supply and staked RSR pools are normalized by their respective decimal precision. These normalized quantities are multiplied by end-of-day price feeds. The total TVL for Reserve Rights is calculated as the sum of the value of all circulating stablecoin RTokens and the value of all RSR tokens staked in associated protection contracts. Results are aggregated by chain and day using UTC boundaries.
- **Key fields**: `block_timestamp`, `chain_id`, and `price_usd`.

*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

Stablecoins

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