# Sanctum LSTs Total value locked Methodology

## 1. Overview

Total value locked (TVL) for Sanctum LSTs measures the total value of native SOL deposited into stake pools and accounts managed by the Sanctum protocol. This metric represents the underlying collateral backing the various liquid staking tokens (LSTs) within the Sanctum ecosystem. TVL is used as a primary indicator of the protocol's scale and the total amount of capital receiving staking rewards through Sanctum's liquid staking infrastructure.

## 2. Data sources

- **Blockchain events**: `Initialize` instructions from `SingleValidatorStakePool` and `MultiValidatorStakePool` programs, native SOL balance change records, and SPL token `Mint` and `Burn` instructions, covering Solana
- **External data**: End-of-day price feeds for SOL

## 3. Step-by-step calculation

### Component A: Stake pool and authority identification

- **Purpose**: Establishes the mapping between specific liquid staking tokens and their associated stake account authorities.
- **Logic**: `Initialize` instructions from `SingleValidatorStakePool` and `MultiValidatorStakePool` programs are parsed to identify the withdraw authority and the associated liquid staking token mint account. This mapping is used to filter all relevant on-chain stake accounts that contribute to the collateralization of Sanctum LSTs.
- **Key fields**: `authority_address`, `lst_address`

### Component B: Native SOL balance tracking

- **Purpose**: Calculates the total quantity of native SOL held within the protocol's stake accounts.
- **Logic**: Native SOL balance changes are monitored for all accounts identified as being under the authority of Sanctum LST programs. The `post_balance` from native balance change records is captured for each account. These balances are filled forward daily to maintain a continuous record of the total SOL backing the LSTs, including accounts tied to the Sanctum Reserve.
- **Key fields**: `account_address`, `post_balance`, `block_timestamp`

### Component C: LST supply and valuation tracking

- **Purpose**: Tracks the circulating supply of liquid staking tokens and determines their price relative to SOL.
- **Logic**: SPL token `Mint` and `Burn` instructions are aggregated for all Sanctum LST mint addresses to calculate the total outstanding supply. Liquid staking token prices are derived by calculating the ratio between the total underlying SOL collateral (from Component B) and the outstanding token supply.
- **Key fields**: `token_address`, `amount`, `outstanding_supply`

### Component D: USD conversion and aggregation

- **Purpose**: Normalizes all collateral values to USD for standardized reporting.
- **Logic**: The aggregated native SOL balances are normalized by decimal precision. These amounts are then multiplied by end-of-day SOL price feeds. Values are aggregated at the product level to represent the total USD value locked across all Sanctum LSTs.
- **Key fields**: `price_usd`, `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.