Liquidity providers deposit funds into Thetanuts and receive option premiums from traders (supply-side fees).

Thetanuts is a non-custodial DeFi Options Vault (DOV) protocol built on Ethereum, Fantom, Polygon, and other blockchains. Thetanuts was founded by Dexter Song and launched in Dec 2021.

Thetanuts team own and govern the protocol. Their investors include Deribit Exchange, QCP Capital, Jump Crypto, etc.

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Thetanuts

# Thetanuts Capital deployed Methodology

## 1. Overview

Capital deployed represents the total USD value of tokens currently held in ThetaNuts protocol addresses across multiple blockchains. This metric measures the amount of capital that users have deposited into ThetaNuts' yield aggregation vaults and that remains actively managed by the protocol. For ThetaNuts, capital deployed is calculated as the net deposits metric, reflecting the current token holdings in their vault contracts.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Blockchain events**: Parsed ERC20 `Transfer` events from Ethereum, Arbitrum, Avalanche, BSC, Fantom, and Polygon networks to track token movements in and out of ThetaNuts addresses
- **Transaction data**: Comprehensive blockchain transaction logs and traces to capture all token flow activity
- **External data**: End-of-day token price feeds for USD conversion and token metadata including contract addresses and symbols
- **Protocol addresses**: A curated list of 26 ThetaNuts vault and treasury addresses across 6 blockchain networks

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Track all token movements for ThetaNuts protocol addresses across multiple chains
- **Logic**: The system monitors 26 specific ThetaNuts addresses across 6 blockchains (1 on Arbitrum, 2 on Avalanche, 6 on BSC, 15 on Ethereum, 2 on Fantom, and 2 on Polygon). For each address, it captures all ERC20 token transfer events where the address is either the sender or receiver. The balance changes are calculated by parsing `Transfer` events and determining whether tokens are flowing into or out of each ThetaNuts address. This creates a comprehensive record of daily token balance changes for each address-token pair.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, `balance` (representing the daily change in token holdings)

### Component B: Cumulative balance calculation
- **Purpose**: Calculate running totals of token holdings for each ThetaNuts address
- **Logic**: Daily balance changes are aggregated into cumulative balances using window functions. For each combination of timestamp grain, chain, account address, and token address, the system calculates a running sum of balance changes ordered by timestamp. This provides the total token holdings at each point in time. Missing data points are forward-filled to ensure continuous time series data, meaning that if no transactions occur on a given day, the previous day's balance is carried forward.
- **Key fields**: Cumulative `balance` calculated as running sum partitioned by address and token

### Component C: USD conversion
- **Purpose**: Convert token holdings to USD values for consistent measurement
- **Logic**: Token balances are joined with end-of-day price feeds to convert from native token amounts to USD values. The join is performed on timestamp, chain identifier, and token address to ensure accurate price matching. Only positive balances are included in the calculation, effectively filtering out any addresses with zero or negative token positions. The multiplication of token balance by USD price produces the dollar value of holdings for each token at each address.
- **Key fields**: `amount` calculated as token balance multiplied by USD price from daily price feeds

### Component D: Business classification
- **Purpose**: Categorize the metric according to Token Terminal's taxonomy
- **Logic**: All ThetaNuts data is classified with `asset_management` as the market sector and `yield_aggregator` as the business segment, reflecting ThetaNuts' role as a platform that aggregates yield opportunities for deposited assets. No product-level categorization is applied, leaving the `product_id` field null.
- **Key fields**: `market_sector_id`, `business_segment_id`, `product_id`

### Final aggregation
- **Combining components**: The USD values of all token holdings across all ThetaNuts addresses and chains are summed to create the total net deposits value. This represents the aggregate USD value of all tokens currently held in ThetaNuts protocol addresses.
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds matched by timestamp, chain, and token address
- **Time aggregation**: Data is aggregated at the daily level with timestamp boundaries aligned to UTC days
- **Final calculation**: The capital deployed metric is set equal to the net deposits value, representing the total USD value of tokens held in ThetaNuts addresses. The metric undergoes schema validation and gap-filling through the finalization macro to ensure data quality and completeness.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of capital allocated into investments by an asset manager.

Thetanuts

Capital deployed

Capital deployed

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