Liquidity providers deposit funds into SyncSwap and receive trading fees from traders (supply-side fees).

SyncSwap is a non-custodial exchange protocol built on zkSync Era (originally a fork of Uniswap). SyncSwap was founded by an anonymous team in 2023.

The SyncSwap team owns and governs the protocol. They currently take a cut of the trading fees paid by the users (revenue).

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SyncSwap

# SyncSwap Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for SyncSwap represents the total USD value of assets deposited in all SyncSwap liquidity pools on zkSync Era. This metric answers the question "How much value is currently locked in the SyncSwap protocol?" 

The calculation tracks reserve changes in liquidity pools over time and maintains a cumulative sum of net deposits. TVL is calculated as the sum of all historical net deposits (inflows minus outflows) across all SyncSwap trading pairs, converted to USD values.

## 2. Data sources

The TVL calculation relies on several blockchain data sources and external feeds:

- **Pool creation events**: Parsed zkSync Era `PoolCreated` events from both `StablePoolFactory` and `ClassicPoolFactory` contracts that establish trading pairs and their metadata
- **Reserve update events**: zkSync Era `Sync` events from both `ClassicPool` and `StablePool` contracts that capture real-time reserve changes whenever liquidity is added, removed, or swapped
- **Token metadata**: Token information including decimals and symbols for proper amount normalization and display
- **End-of-day price feeds**: Daily USD price data for all tokens in SyncSwap pools to enable value conversion
- **zkSync Era specifics**: Special handling for ETH/WETH address mapping where native ETH is normalized to WETH for consistency

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: Establishes the universe of SyncSwap trading pairs and their characteristics
- **Logic**: Parses `PoolCreated` events from both factory contracts to identify all trading pairs. Each event contains the pool address and the two token addresses that form the trading pair. The system handles two pool types: Classic pools (with 2% fees) and Stable pools (with 0.4% fees). All pools are on zkSync Era chain. Special logic normalizes ETH addresses to WETH addresses for consistency. Token metadata is joined to provide decimal information and construct human-readable pair names like "USDC-ETH"
- **Key fields**: `account_address` (pool address), `token0_address`, `token1_address`, `fee_tier`, `token0_decimals`, `token1_decimals`, `account_name` (token pair symbol)

### Component B: Reserve tracking

- **Purpose**: Captures all changes to pool reserves in real-time
- **Logic**: Monitors `Sync` events from both Classic and Stable pool contracts. These events are emitted whenever pool reserves change due to deposits, withdrawals, or swaps. Each event records the current `reserve0` and `reserve1` amounts for the pool. Events include block timestamp, transaction hash, and log index for precise ordering. The raw reserve amounts are captured as big numeric values before decimal adjustment
- **Key fields**: `block_timestamp`, `account_address` (pool), `reserve0_amount`, `reserve1_amount`, `transaction_hash`, `log_index`

### Component C: Daily reserve aggregation

- **Purpose**: Determines end-of-day reserve balances for each pool
- **Logic**: Combines reserve events with trading pair metadata to apply decimal normalization. For each token, divides the raw reserve amount by 10^decimals to get human-readable amounts. For each day and pool, uses window functions to identify the last `Sync` event and captures those reserve values as the end-of-day balances. Handles cases where tokens have missing decimal information by defaulting to zero. Groups by day using timestamp truncation to day boundaries
- **Key fields**: `timestamp` (day), `reserve0_amount` (decimal-adjusted), `reserve1_amount` (decimal-adjusted), `account_address`

### Component D: Daily net change calculation

- **Purpose**: Calculates how much each pool's reserves changed each day
- **Logic**: Uses lag window functions to compare each day's reserves to the previous day's reserves for the same pool. The difference represents the net change in reserves for that day. For a pool's first day of activity, there is no previous day to compare against, so the full reserve amount is treated as the initial deposit. Positive changes indicate net inflows (deposits exceeding withdrawals), while negative changes indicate net outflows. Calculates separate changes for token0 and token1 in each pool
- **Key fields**: `token0_amount` (daily change), `token1_amount` (daily change), calculated using lag functions

### Component E: USD conversion and aggregation

- **Purpose**: Converts token amounts to USD values and aggregates across all pools
- **Logic**: Joins daily net changes with end-of-day price feeds to convert both token0 and token1 amounts to USD. Uses the daily timestamp to match with corresponding price data. If price data is unavailable for a token, defaults the value contribution to zero rather than failing the calculation. Multiplies the daily change amount by the USD price for each token, then sums the USD values of token0 and token1 to get total daily net deposits in USD for each pool. Aggregates across all pools to get protocol-level daily net deposits
- **Key fields**: `net_deposits` (daily net deposits in USD), calculated as token0_amount * price0 + token1_amount * price1

### Final aggregation

- **Combining components**: All daily net deposit values across all pools are summed to create a time series of daily protocol net flows
- **Currency conversion**: USD conversion happens at the daily level using end-of-day price feeds, with missing prices treated as zero contribution
- **Time aggregation**: Daily boundary logic uses day-truncated timestamps, ensuring consistent 24-hour periods
- **Final calculation**: TVL at any point in time equals the cumulative sum of all historical daily net deposits from protocol launch through that date. This represents the total net value that has flowed into SyncSwap pools over time. The `fill_zeros` strategy ensures continuous daily reporting even when no pool activity occurs

*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.

SyncSwap

Total value locked

Total value locked

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