# Seamless ILMs Total value locked Methodology

## 1. Overview

Total value locked (TVL) for Seamless ILMs measures the net equity deposited into the protocol's Integrated Liquidity Markets. This represents the total value of assets held as collateral within these automated strategies minus any outstanding debt liabilities. The metric serves as a primary indicator of capital efficiency and user commitment to the protocol's automated liquidity management products.

## 2. Data sources

- **Blockchain state data**: Account balance records for collateral and debt positions from Integrated Liquidity Market contracts, covering Base
- **External data**: End-of-day price feeds for the underlying assets

## 3. Step-by-step calculation

### Component A: Collateral balance tracking

- **Purpose**: Capture the gross value of assets supplied to the Integrated Liquidity Markets
- **Logic**: Gross collateral balances are extracted from protocol state records. These records are filtered to include only account addresses associated with specific Seamless ILMs strategies.
- **Key fields**: `timestamp`, `account_address`, `collateral_value`

### Component B: Debt balance tracking

- **Purpose**: Capture the value of liabilities incurred within the strategies
- **Logic**: Outstanding debt balances are extracted from protocol state records for each corresponding Integrated Liquidity Market account. These balances represent the total borrowed value required to maintain the strategy's positions.
- **Key fields**: `timestamp`, `account_address`, `debt_value`

### Component C: Net equity and USD conversion

- **Purpose**: Calculate the final total value locked and normalize the results to USD
- **Logic**: Net equity is calculated by subtracting the total debt value from the total collateral value for each market. These equity amounts are normalized by decimal precision and multiplied by end-of-day price feeds for the underlying assets. Daily values are established using UTC day boundaries, and a forward-fill strategy is applied to ensure data continuity across daily snapshots.
- **Key fields**: `equity_value`, `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.

Total value locked

Lending

Seamless ILMs

Total value locked

Total value locked

Chain breakdown