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Trevee

# Trevee Total value locked Methodology

## 1. Overview

Total value locked measures the total value of assets deposited into Trevee. This metric includes the tokenized value of user deposits for Rings scBTC, Trevee scETH, and Rings scUSD across supported lending and vault products. It is used as a leading indicator for liquidity and revenue-generating activity, representing the total collateral base available within the protocol.

## 2. Data sources

- **Blockchain events**: `Enter` and `Exit` events from `Rings scBTC`, `Trevee scETH`, and `Rings scUSD` contracts, and state records for splUSD supply, covering Ethereum, Sonic, and Plasma
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Rings scBTC, Trevee scETH, and Rings scUSD liquidity tracking

- **Purpose**: Capture deposit and withdrawal activity for core Trevee assets.
- **Logic**: `Enter` and `Exit` events are parsed from `Rings scBTC`, `Trevee scETH`, and `Rings scUSD` contracts. `Enter` events are treated as additions to the total balance, while `Exit` events are treated as subtractions. Transactions with null token addresses are filtered out to prevent double-counting of assets bridged between chains.
- **Key fields**: `amount` (shares), `token_address`, `chain`, `product_id`.

### Component B: Plasma vault supply tracking

- **Purpose**: Capture the value of the splUSD product held in the Plasma vault.
- **Logic**: Supply data for the splUSD product is extracted from state records on the Plasma chain. The maximum supply value recorded for each day is used to represent the total value held within the vault.
- **Key fields**: `state_value` (supply), `chain`, `product_id`.

### Component C: USD conversion and aggregation

- **Purpose**: Normalize asset balances to USD and aggregate at the project level.
- **Logic**: Net liquidity changes from `Enter` and `Exit` events are used to calculate a running total of balances for each asset. All amounts are normalized by decimal precision and multiplied by end-of-day price feeds. A forward-fill mechanism is applied to ensure balances are maintained for days without on-chain activity. Final values are aggregated by day, chain, and product.
- **Key fields**: `tvl` (running total), `price_usd`, `timestamp`.

*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.

TreveeTREVEE

Total value locked

Total value locked

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