# Seamless Vaults Total value locked Methodology

## 1. Overview

Total value locked for Seamless Vaults is measured as the total market value of assets deposited into the protocol's automated vault strategies. These vaults utilize MetaMorpho-based infrastructure to optimize asset allocation and yield for depositors. This metric serves as a leading indicator for the protocol's liquidity and revenue-generating potential, as assets stored in these vaults are deployed into interest-bearing lending markets.

## 2. Data sources

- **Blockchain events**: `UpdateLastTotalAssets` events from `MetaMorphoV1` contracts, covering Base
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Vault asset extraction

- **Purpose**: Identify and extract the total asset balances held within the specific infrastructure associated with Seamless Vaults.
- **Logic**: `UpdateLastTotalAssets` events are parsed from `MetaMorphoV1` contracts. Only events associated with verified Seamless Vaults addresses are included in the calculation. The `updatedTotalAssets` field is extracted from each event to determine the raw quantity of underlying assets held within the vault at the time of the update.
- **Key fields**: `updatedTotalAssets`, `address` (vault identification)

### Component B: Daily balance determination

- **Purpose**: Establish a consistent daily state for the assets held in each vault.
- **Logic**: The latest recorded asset balance for each vault is selected for every UTC day. This is determined by identifying the event with the highest block number and log index within the 24-hour period. This process ensures the metric reflects the most current state of the vault at the close of each day.
- **Key fields**: `block_timestamp`, `block_number`, `log_index`

### Component C: USD valuation and aggregation

- **Purpose**: Normalize asset quantities and aggregate values into a single USD-denominated metric.
- **Logic**: Raw asset balances are normalized by decimal precision based on asset metadata. These normalized amounts are multiplied by end-of-day price feeds for the respective underlying assets. The resulting USD values are aggregated across all Seamless Vaults to produce the final daily total value locked figure.
- **Key fields**: `total_assets`, `price_usd`

*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

Seamless Vaults

Total value locked

Total value locked

Chain breakdown