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SSV Network

# SSV Network Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of a project's on-chain deposits and/or the tokenized value of user deposits made offchain. For SSV Network, the aggregate beacon chain balance of all active validators registered on the network is measured. This metric is utilized as a leading indicator for the protocol's adoption and the security provided to the Ethereum staking ecosystem. Staked assets counted in this metric may also be reflected in the TVL of other staking or restaking protocols that utilize SSV Network's distributed validator technology.

## 2. Data sources

- **Blockchain events**: `ValidatorAdded`, `ValidatorRemoved`, and `ValidatorExited` events from `SSVNetwork` contracts, and validator state records from the Ethereum beacon chain, covering Ethereum
- **External data**: End-of-day price feeds for the pricing asset (WETH)

## 3. Step-by-step calculation

### Component A: Validator registration tracking

- **Purpose**: Determine the active registration intervals for each validator on the network
- **Logic**: Validator registration intervals are determined by parsing `ValidatorAdded`, `ValidatorRemoved`, and `ValidatorExited` events from `SSVNetwork` contracts. A validator is treated as active from the timestamp of its `ValidatorAdded` event until a corresponding `ValidatorRemoved` or `ValidatorExited` event is recorded. Chronological ordering by block number and log index is applied to establish precise validity intervals for each validator public key.
- **Key fields**: `block_timestamp`, `pubkey`, `event_type`

### Component B: Beacon chain balance aggregation

- **Purpose**: Extract and sum the balances of active validators from the Ethereum beacon chain
- **Logic**: Validator balances are extracted from Ethereum beacon chain records. For each day, the balances of validators with public keys active within the registered intervals are aggregated. Balances are normalized by decimal precision to convert Gwei to Ether.
- **Key fields**: `slot_timestamp`, `validator_pubkey`, `balance`

### Component C: USD conversion and aggregation

- **Purpose**: Convert the aggregated Ether balances into USD and apply temporal adjustments
- **Logic**: The daily aggregated validator balances are mapped to the Wrapped Ether (WETH) contract address. These balances are multiplied by end-of-day asset prices to calculate the total value locked in USD. A fill-forward strategy is applied to ensure continuous daily data, and the final values are filtered based on chain availability.
- **Key fields**: `timestamp`, `token_address`, `amount`

*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.

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Total value locked

Total value locked

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