# Kamino Vault Curation Total value locked Methodology

## 1. Overview

Total value locked (TVL) for Kamino Vault Curation measures the total market value of assets deposited into Solana-based lending vaults curated by Steakhouse Financial. These vaults utilize Kamino's infrastructure to manage liquidity according to specific risk and yield parameters defined by the curator. TVL serves as a primary metric for assessing the scale of assets under management within these curated strategies and is denominated in USD.

## 2. Data sources

- **Blockchain events**: `InitVault` and `Deposit` instructions from `KaminoVault` programs, and token balance changes on Solana
- **External data**: End-of-day price feeds for underlying assets

## 3. Step-by-step calculation

### Component A: Vault identification and metadata

- **Purpose**: Identify the specific curated vaults managed by Steakhouse Financial on Solana
- **Logic**: Curated vaults are identified by parsing `InitVault` instructions from the `KaminoVault` program. The dataset is filtered to include only specific vault accounts associated with Steakhouse Financial curation strategies, including the USDC Prime, USDC High Yield, USDG Prime, USDG High Yield, and USD1 High Yield vaults. Metadata, including underlying asset addresses and decimal precision, is mapped to each vault account.
- **Key fields**: `vault_address`, `shares_mint`, `underlying_token_address`

### Component B: Share balance tracking

- **Purpose**: Track the total supply of vault shares held by users
- **Logic**: Cumulative balances of vault share tokens are tracked for all holder accounts. Daily balances are derived from Solana token balance changes, which capture the post-transaction state of share token accounts for the specific mints associated with curated vaults. These balances are forward-filled to ensure a continuous daily time series of total shares outstanding.
- **Key fields**: `post_balance`, `owner`, `mint`

### Component C: Share price derivation

- **Purpose**: Calculate the exchange rate between vault shares and the underlying assets
- **Logic**: The share price is derived by parsing `Deposit` instructions from the `KaminoVault` program. For each deposit, the quantity of underlying assets transferred to the vault is divided by the quantity of shares minted. This ratio represents the current value of a single share in terms of the underlying asset. The most recent share price for each day is captured and forward-filled for days without deposit activity.
- **Key fields**: `amount` (from token transfers and mints), `transaction_id`

### Component D: USD conversion and aggregation

- **Purpose**: Normalize vault holdings to USD for reporting
- **Logic**: Total vault shares are multiplied by the derived share price to determine the total quantity of underlying assets held within the vaults. These quantities are normalized by decimal precision and multiplied by end-of-day price feeds for the respective underlying assets. The resulting USD values are aggregated by day to produce the final TVL metric.
- **Key fields**: `total_shares`, `share_price`, `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

Risk curators

Steakhouse earns performance fees on the yield generated within their curated vaults. Depositors supply capital to Steakhouse-curated vaults, which deploy it into selected lending markets. The curator fee is taken as a percentage of gross vault yield, with the remainder passed through to depositors as supply-side fees.

Steakhouse Financial operates as a risk curator, offering vault products across multiple DeFi lending protocols. They curate yield strategies for institutional and retail depositors, managing risk parameters, collateral selection, and allocation across vaults.

Steakhouse Financial is a blockchain-focused financial services company that provides institutional-grade DeFi infrastructure and advisory services for the emerging stablecoin economy.

Kamino Vault Curation

Total value locked

Total value locked

Chain breakdown