Bitcoin holders deposit Bitcoin into Solv Protocol and receive yield from onchain strategies (supply-side fees).

Solv Protocol offers financial services for Bitcoin, including lending, liquid staking, yield generation, and fund management.

Solv Protocol team & investors own and govern the protocol. They currently take a cut of the total yield generated (revenue). Solv Protocol's investors include IOSG, Blockchain Capital, Binance Labs, etc.

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Solv Protocol

# Solv Protocol Total value locked Methodology

## 1. Overview

Solv TVL measures the total value locked in Solv Protocol's Bitcoin-backed token ecosystem. This metric aggregates Bitcoin held across two primary mechanisms: Bitcoin-backed tokens issued on EVM chains (SolvBTC, xSolvBTC, SolvBTC.JUP, SolvBTC.ENA) and native Bitcoin held in custody addresses (SolvBTC.Core). The calculation tracks token mint/burn activities across 11 EVM chains and native Bitcoin balance changes to determine the total Bitcoin equivalent, then converts to USD using end-of-day Bitcoin prices.

## 2. Data sources

- **EVM token transfer events**: Parsed `Transfer` events from 11 EVM chains (Ethereum, Arbitrum, BSC, Base, Avalanche, Berachain, Ink, Sonic, zkSync Era, HyperEVM, Linea) for Solv's Bitcoin-backed tokens
- **Native Bitcoin balance data**: Daily balance snapshots for specific Bitcoin custody addresses that hold native Bitcoin reserves
- **Token metadata**: Decimal configurations and token address mappings for proper unit conversion
- **End-of-day price feeds**: Bitcoin price data from CoinGecko API for USD conversion
- **Address registry**: Predefined list of Bitcoin addresses representing Solv's native Bitcoin custody

## 3. Step-by-step calculation

### Component A: EVM-based Bitcoin token supplies
- **Purpose**: Tracks the supply of Bitcoin-backed tokens across multiple EVM chains by monitoring mint and burn events
- **Logic**: For each Solv token variant (SolvBTC, xSolvBTC, SolvBTC.JUP, SolvBTC.ENA), the system identifies mint events as `Transfer` events from the zero address (`0x0000000000000000000000000000000000000000`) and burn events as transfers to the zero address. Token amounts are converted from raw blockchain units to Bitcoin equivalents using the token's decimal configuration. Daily changes are aggregated by truncating timestamps to day boundaries, then cumulative running totals are calculated using window functions to track the total outstanding supply for each token on each chain
- **Key fields**: `block_timestamp` for timing, `from_address` and `to_address` for identifying mints/burns, `value` for token amounts, `token_address` for token identification, and decimal-adjusted `supply` values

### Component B: Native bitcoin custody balances  
- **Purpose**: Tracks Bitcoin held directly in Solv's custody addresses on the Bitcoin blockchain
- **Logic**: The system retrieves daily balance snapshots for three predefined Bitcoin addresses that represent Solv's native Bitcoin custody. These addresses are hardcoded and represent specific wallets where Solv holds Bitcoin reserves. Daily balance data comes from Bitcoin blockchain balance tracking, providing the exact amount of native Bitcoin held at each address on each day
- **Key fields**: `timestamp` for daily snapshots, `account_address` for custody wallet identification, and `balance` representing the Bitcoin amount held

### Component C: Data harmonization and gap filling
- **Purpose**: Ensures continuous daily data coverage and consistent formatting across all components
- **Logic**: Forward-fill logic is applied to extend the last known supply value forward in time when no transactions occur on a given day. This prevents artificial drops to zero in the TVL calculation during periods of inactivity. All supply data is standardized with consistent dimension fields including daily timestamp granularity and Bitcoin denomination
- **Key fields**: `timestamp` standardized to daily boundaries, `timestamp_grain` set to 'day', and forward-filled `supply` values

### Final aggregation
- **Combining components**: All Bitcoin-denominated supply values from EVM tokens and native custody are unioned together into a single dataset, with all data tagged as 'bitcoin' chain regardless of the actual source blockchain
- **Currency conversion**: Bitcoin-denominated supplies are converted to USD using end-of-day Bitcoin prices from CoinGecko API through the `convert_usd_cg` macro, which matches Bitcoin prices to each daily timestamp
- **Time aggregation**: Data is already aggregated to daily boundaries during component processing, with all timestamps truncated to day level
- **Final calculation**: The sum of all USD-converted supply values across all components represents the total TVL, with the `finalize_metric_tvl` macro applying a 'fill_zeros' strategy to handle any remaining data gaps by setting missing values to zero rather than null

*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.

Solv ProtocolSOLV

Total value locked

Total value locked

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Chain breakdown