Stakers deposit funds into Swell and receive a return on investment in the form of staking rewards (supply-side revenue).

Swell is a non-custodial liquid staking protocol built on Ethereum. Swell was founded by Daniel Dizon and launched in 2023.

SWELL tokenholders own and govern the protocol. They currently don’t take a cut of the total return on investment (revenue).

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Liquid staking

Swell

# Swell Total value locked Methodology

## 1. Overview

Swell TVL (Total Value Locked) measures the total USD value of all tokens deposited in the Swell liquid staking protocol. The metric tracks token balances held by the Swell protocol contract and converts them to USD values using end-of-day price feeds. This provides a daily snapshot of the total value locked in the Swell ecosystem, which is essential for understanding protocol adoption and capital efficiency in the liquid staking market.

## 2. Data sources

- **Ethereum blockchain data**: Transaction logs and traces from the Ethereum network to track all token movements
- **ERC20 token events**: Parsed `Transfer` events from various ERC20 tokens interacting with the Swell protocol
- **Protocol contract data**: Specific transaction data for the Swell protocol contract at address `0x38d43a6cb8da0e855a42fb6b0733a0498531d774`
- **End-of-day price feeds**: Daily USD price data for all tokens held by the protocol
- **Token metadata**: Contract addresses, symbols, and decimal precision information for proper balance calculations

## 3. Step-by-step calculation

### Component A: Token balance change tracking

- **Purpose**: Identify and quantify all token balance changes for the Swell protocol contract address
- **Logic**: The system processes Ethereum blockchain data to detect token balance changes at the Swell protocol contract address `0x38d43a6cb8da0e855a42fb6b0733a0498531d774`. This involves analyzing ERC20 `Transfer` events and transaction traces to identify when tokens are deposited into or withdrawn from the protocol. The balance change detection macro processes these events to calculate net changes in token holdings for each day and token type.
- **Key fields**: `timestamp` for daily aggregation, `chain_id` identifying Ethereum, `account_address` for the Swell contract, `token_address` for each ERC20 token, `token_symbol` for identification, and `balance` representing the net change in token holdings

### Component B: Cumulative balance calculation

- **Purpose**: Calculate running totals of token balances held by the protocol over time
- **Logic**: The system applies cumulative sum calculations to convert daily balance changes into total holdings. This uses window functions partitioned by contract address and token address, ordered by timestamp, to maintain running totals. Forward-filling is then applied to ensure continuous time series data, filling gaps where no transactions occurred on specific days but balances remained constant.
- **Key fields**: `balance` representing cumulative token holdings, with partitioning by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: USD conversion and aggregation

- **Purpose**: Convert token balances to USD values and aggregate into net deposits metric
- **Logic**: Token balances are joined with end-of-day price feeds to convert holdings into USD values. The system matches each token balance with its corresponding price data based on timestamp, chain, and token address. Only positive balances are included in the calculation. The USD conversion uses safe multiplication to handle potential null values or calculation errors.
- **Key fields**: `amount` calculated as `balance` multiplied by `price_usd`, with filtering for positive balances and daily price grain

### Final aggregation

- **Combining components**: The system aggregates all USD-converted token balances to create the `net_deposits` metric, representing the total value of all tokens held by the Swell protocol
- **Currency conversion**: USD conversion occurs at the token level using end-of-day price feeds, ensuring consistent valuation timing across all tokens
- **Time aggregation**: Daily boundaries are used consistently, with forward-filling to maintain complete time series coverage
- **Final calculation**: The TVL metric directly uses the `net_deposits` value, as this represents the total USD value locked in the Swell protocol. The calculation applies standardization through the finalize_metric_tvl macro and includes chain availability filtering to ensure data quality and completeness

*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.

SwellSWELL

Total value locked

Total value locked

Competitive landscape

Chain breakdown