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Real-world asset (RWA) issuers

Theo

# theo Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into theo, specifically represented by the circulating supply of the thBILL asset. This metric serves as a leading indicator for the protocol's scale in tokenizing real-world assets, such as treasury bills. TVL is calculated based on the market capitalization of the canonical thBILL deployment, reflecting the tokenized value of user deposits.

## 2. Data sources

- **Blockchain events**: Circulating supply data for the thBILL asset, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: thBILL circulating supply tracking

- **Purpose**: Capture the total value of the thBILL asset issued by the protocol
- **Logic**: Circulating market capitalization data is sourced for the thBILL asset. This represents the total tokenized value of user deposits held within the protocol's treasury bill-backed products.
- **Key fields**: `asset_market_cap_circulating` (valuation), `asset_id` (asset identification)

### Component B: Bridged asset exclusion

- **Purpose**: Prevent double-counting of value across multiple chains
- **Logic**: Data is filtered to include only the canonical deployment of thBILL on Ethereum. Bridged versions of the asset on other chains, such as Arbitrum, Base, and HyperEVM, are excluded because these tokens originate from supply already locked in the canonical bridge contract on Ethereum.
- **Key fields**: `bridged` (bridge status flag), `chain_id` (blockchain identification)

### Component C: USD conversion and aggregation

- **Purpose**: Normalize values to USD for consistent reporting
- **Logic**: Asset values are normalized by decimal precision and multiplied by end-of-day price feeds. Daily granularity is maintained using UTC day boundaries, and missing data points are handled via zero-filling to ensure a continuous time series.
- **Key fields**: `timestamp` (timing), `capital_deployed` (calculated 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.

Theo

Total value locked

Total value locked

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