# Thena Integral Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into Thena Integral liquidity pools. It serves as a key indicator of the available liquidity within the concentrated liquidity automated market maker (AMM) infrastructure. TVL is calculated by tracking the cumulative balance of assets across all active trading pairs, reflecting the net impact of deposits, withdrawals, and trading activity.

## 2. Data sources

- **Blockchain events**: `Pool` and `CustomPool` events from `AlgebraFactoryV2` contracts, and `Mint`, `Collect`, and `Swap` events from `AlgebraPoolV2` contracts, covering BNB Chain
- **External data**: End-of-day price feeds and asset metadata (symbols and decimals)

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: To identify the universe of liquidity pools belonging to Thena Integral.
- **Logic**: `Pool` and `CustomPool` events are parsed from `AlgebraFactoryV2` contracts to extract the addresses of newly created trading pairs. These addresses are used to identify the specific contracts where liquidity is held. The addresses of the two constituent assets (token0 and token1) are retrieved for each pool, and asset metadata is joined to obtain the decimal precision required for normalization.

### Component B: Asset flow extraction

- **Purpose**: To track the transaction-level movement of assets in and out of the liquidity pools.
- **Logic**: Transaction-level data is captured from `AlgebraPoolV2` contracts. Liquidity provisions are parsed from `Mint` events, while liquidity removals and fee collections are parsed from `Collect` events. Trading activity is extracted from `Swap` events, where the change in asset balances is calculated based on the amounts exchanged during each trade. These events are combined to determine the total net flow of each asset per transaction.

### Component C: Net deposit and reserve calculation

- **Purpose**: To determine the daily cumulative balance of assets held in the protocol.
- **Logic**: Asset flows are aggregated to a daily granularity by summing the net changes for both token0 and token1 within each pool. A cumulative sum of these daily flows is calculated across the entire history of each pool to determine the total quantity of assets held. If the cumulative balance for an asset is calculated to be less than zero due to data synchronization or specific pool dynamics, the value is adjusted to zero.

### Component D: USD conversion and aggregation

- **Purpose**: To normalize asset quantities and aggregate them into a single USD-denominated metric.
- **Logic**: The cumulative daily balances for all assets are normalized by their respective decimal precision. These normalized quantities are multiplied by end-of-day price feeds to determine the USD value of each asset held in the pools. The values are summed across all pools and assets to calculate the total protocol TVL. A gap-filling strategy is applied to ensure that the last known balance is carried forward for days where no on-chain activity occurred.

*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 Integral

Archived

Total value locked

Total value locked

Chain breakdown