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Seamless Protocol

# Seamless Protocol Capital deployed Methodology

## 1. Overview

Capital deployed for Seamless Protocol measures the total value of collateral assets deposited in the protocol's Leveraged Tokens (LTs). This metric represents the amount of capital that users have committed to leveraged trading positions within the Seamless lending protocol. The calculation extracts collateral values from token state records, standardizes token addresses, converts to USD, and aggregates daily totals with forward-filling for data continuity.

## 2. Data sources

- **Seamless Protocol state records**: Token state data from the Leveraged Tokens (LTs) containing position information including collateral, debt, equity, and collateral ratios stored as JSON arrays
- **End-of-day price feeds**: Token price data for USD conversion of collateral values
- **Token metadata**: Decimal place information for proper value scaling and normalization
- **Blockchain transaction data**: Underlying transaction records that trigger state updates for LT positions

## 3. Step-by-step calculation

### Component A: Raw LT state data extraction
- **Purpose**: Extracts and parses token position data from Seamless Protocol's Leveraged Token System
- **Logic**: Retrieves raw token state records containing JSON arrays with four elements: collateral in debt asset (index 0), debt amount (index 1), equity value (index 2), and collateral ratio (index 3). Filters out records with null or invalid state data. Applies token address mapping to standardize certain wrapped token addresses to their underlying assets, including wrapped ETH to ETH on Base and Ethereum, and specific USDC variants to standard USDC addresses.
- **Key fields**: `token` address, `account_address` for position holder, `timestamp` of state update, `raw_state_data` JSON array, and extracted `current_collateral` from index 0

### Component B: Equity data processing and aggregation  
- **Purpose**: Processes LT position data and prepares for USD conversion
- **Logic**: Takes the collateral in debt asset value (index 0 from the JSON array) as the primary amount representing capital deployed. Groups data by day using timestamp truncation, assigns all records to the 'Seamless Leverage Tokens' product under the 'lending' market sector and business segment. Maintains both the actual token address and the standardized token address for proper price lookup.
- **Key fields**: Daily `timestamp`, `chain_id`, standardized `token_address`, `actual_token_address`, and `amount` representing collateral value

### Final aggregation
- **Combining components**: The daily aggregated collateral amounts are processed through USD conversion using the standardized token addresses for price lookup
- **Currency conversion**: Amounts are converted to USD using end-of-day price feeds matched to the standardized token addresses, with proper decimal place correction applied based on token metadata
- **Time aggregation**: Data is aggregated to daily granularity with timestamp truncation to day boundaries
- **Final calculation**: The metric represents the sum of all collateral values in USD across all LT positions for each day, with forward-filling applied to handle missing data points and ensure metric continuity. Chain availability filtering is applied to restrict data to supported blockchain networks.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of capital allocated into investments by an asset manager.

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Capital deployed

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