# Seamless Leverage Tokens Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets held as collateral within the automated strategy contracts of Seamless Leverage Tokens. This metric represents the scale of capital deployed into leverage token products, which utilize underlying lending liquidity to provide users with simplified leveraged exposure. TVL serves as a primary indicator for the utilization and growth of the leverage token product suite on supported networks.

## 2. Data sources

- **Blockchain events**: Token state data and account snapshots captured from Seamless Protocol strategy contracts, covering Ethereum and Base
- **External data**: End-of-day price feeds for underlying collateral assets

## 3. Step-by-step calculation

### Component A: Collateral state extraction

- **Purpose**: Identify the current value of assets held within leverage token strategy contracts
- **Logic**: Token state data is parsed to extract the collateral balance for each leverage token strategy. Values are retrieved from structured state records that track the collateral, debt, and equity components of each automated position. The `current_collateral` field is utilized to represent the gross asset value locked within the strategy before liabilities are subtracted.
- **Key fields**: `current_collateral`, `token_address`, `chain`

### Component B: USD conversion and aggregation

- **Purpose**: Normalize collateral values to USD and aggregate at a daily frequency
- **Logic**: Collateral amounts are normalized by the decimal precision of the underlying asset. These quantities are multiplied by end-of-day price feeds to determine the USD value. Data is aggregated to a daily grain using UTC day boundaries. For days where no state change is recorded, the most recent values are forward-filled to ensure a continuous representation of total value locked.
- **Key fields**: `timestamp`, `token_address`, `chain_id`

*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 Leverage Tokens

Total value locked

Total value locked

Chain breakdown