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

SynFutures is a non-custodial decentralized exchange for perpetual contracts built on Base and multiple EVM-based chains. SynFutures was founded by Rachel Lin and was launched in 2021. 

SynFutures’ team & investors own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). SynFutures’ investors include Polychain Capital, Framework Ventures, Pantera Capital, etc.

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SynFutures

# SynFutures Total value locked Methodology

## 1. Overview

SynFutures TVL (Total Value Locked) measures the total USD value of tokens held in SynFutures trading contracts across Polygon, Base, and Blast networks. This metric represents the cumulative value of assets deposited by users into SynFutures perpetual trading positions and margin accounts. The calculation tracks token balances in identified SynFutures contracts and converts them to USD values using end-of-day price feeds.

## 2. Data sources

- **Protocol deployment events**: Parsed `NewUnderlying` events from SynFutures v2 Router contracts on Polygon and `NewInstrument` events from SynFutures v3 Gate contracts on Base and Blast to identify trading pair contracts
- **Token transfer events**: Token transfer logs across Polygon, Base, and Blast networks to track deposits and withdrawals from SynFutures contracts
- **End-of-day price feeds**: Daily token prices in USD for converting token balances to dollar values
- **Token metadata**: Token symbols, decimals, and contract addresses for proper balance calculations

## 3. Step-by-step calculation

### Component A: Contract identification
- **Purpose**: Identify all SynFutures trading contracts that hold user funds
- **Logic**: Parse `NewUnderlying` events from SynFutures v2 Router contracts on Polygon to extract underlying asset addresses and quote token addresses. Parse `NewInstrument` events from SynFutures v3 Gate contracts on Base and Blast to extract instrument addresses and quote token addresses. Include additional hardcoded contract addresses for Base (0x208b443983d8bcc8578e9d86db23fba547071270) and Blast (0x6a372dbc1968f4a07cf2ce352f410962a972c257) that represent core protocol contracts
- **Key fields**: Extract `underlying` and `quote` addresses from v2 events, `instrument` and `quote` addresses from v3 events, with `symbol` names for trading pairs

### Component B: Token balance tracking
- **Purpose**: Calculate net token balance changes for each SynFutures contract
- **Logic**: Analyze token transfer events where SynFutures contracts are either senders or recipients. Calculate net balance changes by subtracting outgoing transfers from incoming transfers for each contract, token, and timestamp. Track balance changes at daily granularity across all identified SynFutures contracts on Polygon, Base, and Blast
- **Key fields**: Track `timestamp`, `chain_id`, `account_address` (SynFutures contract), `token_address`, `token_symbol`, and net `balance` change

### Component C: Cumulative balance calculation
- **Purpose**: Convert daily balance changes into running cumulative balances
- **Logic**: Apply cumulative sum calculations using window functions partitioned by contract address, token address, and chain, ordered by timestamp. This transforms daily net flows into total token balances held by each contract. Apply forward-filling to maintain continuous balance tracking even on days with no trading activity
- **Key fields**: Calculate cumulative `balance` for each `account_address`, `token_address`, `chain_id` combination over time

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using market prices
- **Logic**: Join cumulative token balances with end-of-day token price feeds to calculate USD values. Apply special pricing logic for pumpBTC token (0xf469fbd2abcd6b9de8e169d128226c0fc90a012e), which uses Ethereum chain pricing instead of Base chain pricing despite being deployed on Base. Filter to include only positive balances to exclude withdrawn or zero-balance positions
- **Key fields**: Multiply `balance` by `price_usd` to generate `amount` in USD terms

### Final aggregation
- **Combining components**: Sum all USD-denominated token balances across all SynFutures contracts on all supported chains (Polygon, Base, Blast) for each day
- **Currency conversion**: All token balances converted to USD using end-of-day prices, with chain-specific price routing handled appropriately
- **Time aggregation**: Daily boundary logic captures the total value locked at the end of each day
- **Final calculation**: The final TVL value represents the sum of all positive token balances held in SynFutures trading contracts, expressed in USD terms, representing the total value that users have deposited and locked in the protocol for trading purposes

*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.

SynFuturesF

Total value locked

Total value locked

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