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Seamless Protocol

# Seamless Protocol Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Seamless Protocol measures the total USD value of assets deposited across all Seamless Protocol products. This includes traditional lending markets, Integrated Liquidity Management (ILM) positions, Morpho vault assets, and Leverage Trading Strategy (LTS) positions. The calculation combines cumulative net flows for traditional lending with daily snapshot values for specialized products, all converted to USD using end-of-day price feeds.

## 2. Data sources

The TVL calculation draws from multiple blockchain data sources across Base and Ethereum networks:

- **Token transfer events**: Base network token transfers to and from aToken addresses representing lending pool deposits and withdrawals
- **Lending protocol events**: Base network Seamless Protocol `ReserveInitialized` events that establish lending markets and their associated token addresses
- **Morpho vault events**: Base network `MetaMorphoV1_UpdateLastTotalAssets` events from Morpho vaults that track total asset values
- **ILM state data**: Daily snapshots of collateral and debt positions from Integrated Liquidity Management contracts
- **LTS state data**: Daily token state snapshots with JSON-encoded position data from Leverage Trading Strategy contracts
- **End-of-day price feeds**: Token prices for USD conversion across multiple chains and tokens
- **Token metadata**: Token decimals, symbols, and chain information for proper value calculations

## 3. Step-by-step calculation

### Component A: Traditional lending TVL
- **Purpose**: Calculates TVL from standard lending and borrowing activities in Seamless Protocol markets
- **Logic**: Identifies token transfers to aToken addresses as deposits (inflows) and transfers from aToken addresses as withdrawals (outflows). Filters transfers where the token being transferred matches the underlying token for each lending market. Applies address mappings for tokens not directly available in price feeds, using fallback tokens like USDC or WETH for price calculations. Calculates daily net flows by subtracting outflows from inflows, then computes cumulative sum over time to represent total deposited value
- **Key fields**: `block_timestamp`, `transaction_hash`, `token_address`, `amount`, `atoken_address`

### Component B: ILM (Integrated Liquidity Management) equity calculation  
- **Purpose**: Calculates net equity value in ILM positions that provide leveraged exposure strategies
- **Logic**: Extracts collateral and debt values from daily state snapshots of ILM contracts. Calculates equity as collateral value minus debt value for each position. Applies special decimal handling since collateral and debt values are multiplied by 10^8 while using USDC (6 decimals) as price proxy, requiring division by 10^2 for correct USD values. Uses address mappings to substitute ILM contract addresses with underlying tokens like USDC for price lookups
- **Key fields**: `timestamp`, `account_address`, `collateral_value`, `debt_value`, `equity_value`

### Component C: Morpho vault total assets
- **Purpose**: Tracks total assets managed in Morpho MetaMorpho vaults integrated with Seamless Protocol
- **Logic**: Processes `UpdateLastTotalAssets` events from Morpho vaults to get the most recent total asset value for each vault each day. Takes the latest event per day per vault based on block number and log index ordering. Maps vault addresses to underlying tokens for price calculations, with vaults representing WETH, cbBTC, and USDC positions. Aggregates total assets across all three vaults for combined Morpho TVL
- **Key fields**: `block_timestamp`, `vault_address`, `total_assets`, `token_decimals`

### Component D: LTS (Leverage Trading Strategy) equity calculation
- **Purpose**: Calculates collateral values in leverage trading strategy positions across Base and Ethereum
- **Logic**: Parses JSON-encoded state data arrays to extract position information, specifically taking index 0 which represents collateral in debt asset terms. Processes daily snapshots of LTS token states across multiple contract addresses on both Base and Ethereum networks. Maps LTS contract addresses to underlying tokens like WETH, wstETH, and USDC for proper price lookups
- **Key fields**: `timestamp`, `token_address`, `raw_state_data`, `current_collateral`

### Final aggregation
- **Combining components**: Unions all four component data streams with consistent schema including timestamp, chain, product ID, and token address. Traditional lending uses cumulative net flows while ILM, Morpho, and LTS components use daily snapshot values directly
- **Currency conversion**: Applies USD conversion using end-of-day price feeds matched by chain and token address, with decimal correction to normalize different token decimal standards (6 for USDC, 18 for ETH, etc.)
- **Time aggregation**: Groups data by daily timestamps, aggregating multiple transactions and position updates within each day
- **Final calculation**: Sums TVL values across all products and chains, filters out negative values (which can occur from token rebases), and forward-fills any gaps with zero values to ensure continuous time series

*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.

Seamless ProtocolSEAM

Total value locked

Total value locked

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