# Thena Fusion Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into Thena Fusion liquidity pools. This metric serves as a primary indicator of the protocol's liquidity depth and its capacity to facilitate trades. TVL is calculated by tracking the cumulative balance of all assets held within the smart contracts associated with Thena Fusion, reflecting the net result of all deposits, withdrawals, and trading activity.

## 2. Data sources

- **Blockchain events**: `Pool` events from `AlgebraFactory` contracts, and `Mint`, `Collect`, and `Swap` events from `AlgebraPool` contracts, covering BSC and opBNB
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Liquidity pool identification

- **Purpose**: To identify the universe of smart contracts associated with Thena Fusion.
- **Logic**: `Pool` events are parsed from `AlgebraFactory` contracts to identify all deployed liquidity pool addresses. For each pool, the addresses and decimal precision of the two underlying assets are retrieved from asset metadata. This mapping is used to filter and categorize all subsequent activity.
- **Key fields**: `pool` (pool address), `token0`, and `token1` (asset addresses).

### Component B: Asset flow tracking

- **Purpose**: To capture all atomic changes to asset balances within the identified liquidity pools.
- **Logic**: Three primary event types are parsed from `AlgebraPool` contracts. `Mint` events are recorded as asset inflows (deposits), while `Collect` events are recorded as asset outflows (withdrawals). `Swap` events are tracked to account for the change in asset composition resulting from trading activity. These events are aggregated to determine the net change in the balance of each asset for every pool on a daily basis.
- **Key fields**: `token0_amount` and `token1_amount` (asset quantities).

### Component C: Cumulative balance calculation

- **Purpose**: To determine the total inventory of assets held in the protocol at any given time.
- **Logic**: Daily net asset flows are summed chronologically to calculate the cumulative balance of every asset across all pools. A cumulative sum is maintained per asset, chain, and pool address. In the event of negative cumulative values resulting from data edge cases, balances are capped at zero to ensure physical accuracy.
- **Key fields**: `token0_amount` and `token1_amount` (cumulative quantities).

### Component D: USD conversion and aggregation

- **Purpose**: To normalize asset balances to a common currency for protocol-wide aggregation.
- **Logic**: Cumulative asset balances are normalized by their respective decimal precision. These quantities are then multiplied by end-of-day price feeds to determine the USD value of each asset. The total TVL for Thena Fusion is calculated by summing these USD values across all assets and pools. Values are aggregated to daily granularity using UTC day boundaries.
- **Key fields**: `price_usd` (asset prices), `tvl` (final USD value).

*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

Exchanges (DEX)

Liquidity providers deposit funds into Thena and stake their LP tokens to receive THE tokens (token incentives).

Thena is a non-custodial exchange protocol built on BNB Chain. Thena was founded by an anonymous team and launched in 2023.

THE tokenholders own and govern the protocol. They vote for pools where they wish to receive trading fees and external bribes from, while pools receive THE emissions in respect to their share of votes.

Thena Fusion

Archived

Total value locked

Total value locked

Chain breakdown