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

Thruster is a non-custodial exchange protocol built on Blast. Thruster was launched in 2024.

Thruster team and investors own and govern the protocol. They currently take a cut of the total trading fees paid by traders, and earn native yield (revenue). Thruster's investors include Mirana Ventures, Manifold, OKX Ventures, etc.

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Thruster

# Thruster Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Thruster DEX measures the total USD value of assets deposited in liquidity pools across both v2 (classic constant product) and v3 (concentrated liquidity) AMM models. The metric is calculated as the cumulative net deposits into all trading pairs, representing the total value locked in the protocol's liquidity pools. This approach treats TVL as the running sum of net deposits since protocol inception, where deposits increase TVL and withdrawals decrease it.

## 2. Data sources

The calculation relies on several types of blockchain data and external feeds:

- **Blockchain events**: Parsed Blast network event logs including `Pair1_Sync_event`, `Pair03_Sync_event`, `Pool_Mint_event`, `Pool_Burn_event`, `Pool_Swap_event`, and factory creation events (`ThrusterFactory03_PairCreated_event`, `ThrusterFactory1_PairCreated_event`, `ThrusterPoolFactory_PoolCreated_event`)
- **Transaction data**: Blast transaction records to identify user addresses for trade events
- **External data**: End-of-day token price feeds for USD conversion and token metadata including symbols and decimal precision
- **Data types**: Daily event logs from liquidity pool contracts, factory contract deployment events, and daily price snapshots for supported tokens

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identifies valid Thruster trading pairs and their metadata across different pool types
- **Logic**: Factory creation events are parsed to identify all trading pairs created by Thruster factory contracts. Three factory types are tracked: ThrusterFactory03 with 3000 basis point fees, ThrusterFactory1 with 10000 basis point fees, and ThrusterPoolFactory with variable fees. A specific denylisted pair address (0x1d16788b97edb7d9a6ae66d5c5c16469037faa00) is excluded. Each pair is enriched with token metadata including decimal precision and symbols from token reference data
- **Key fields**: `account_address` (pool contract), `token0_address`, `token1_address`, `fee_tier`, `token0_decimals`, `token1_decimals`

### Component B: Classic (v2) asset flow tracking
- **Purpose**: Calculates daily net asset flows for v2-style constant product AMM pools
- **Logic**: Reserve update events (`Sync` events) are processed to track daily reserve changes for each token pair. The last reserve amounts within each day are captured using window functions. Daily net flows are calculated by subtracting the previous day's reserves from the current day's reserves using lag functions. For the first day of a pool's existence, the entire reserve amount is considered a net inflow. Token amounts are normalized by dividing by 10 raised to the token's decimal precision
- **Key fields**: `token0_amount`, `token1_amount` representing daily net changes in pool reserves

### Component C: CLAMM (v3) asset flow tracking
- **Purpose**: Calculates daily net asset flows for v3-style concentrated liquidity pools
- **Logic**: Three event types are combined to track liquidity changes: deposit events (`Pool_Mint_event`) are added as positive flows, withdrawal events (`Pool_Burn_event`) are added as negative flows, and swap events (`Pool_Swap_event`) are processed with fee adjustments. For swaps, positive token amounts (tokens coming into the pool) are multiplied by (1 minus the fee tier divided by 1,000,000) to account for fees retained by the pool, while negative amounts (tokens leaving the pool) are not adjusted. This ensures that trading fees contribute to TVL growth. All amounts are aggregated daily and normalized using token decimal precision
- **Key fields**: `token0_amount`, `token1_amount` representing daily net changes including fee-adjusted trading activity

### Final aggregation
- **Combining components**: Asset flows from both v2 and v3 pools are combined using union operations, creating a unified dataset of daily token-level net flows across all pool types
- **Currency conversion**: Each token's daily net flow amount is multiplied by the corresponding end-of-day USD price from price feeds. Missing prices are treated as zero value. The USD values for both tokens in each pair are summed to get total net deposits per day
- **Time aggregation**: Daily net deposits are calculated and then processed through the finalize_metric macro which ensures consistent schema, validates identifiers, and fills gaps in the time series with zero values for days without activity
- **Final calculation**: TVL equals the cumulative sum of daily net deposits, where net deposits represent the net USD value of tokens deposited into (positive) or withdrawn from (negative) all Thruster liquidity pools. This running total represents the total value currently locked in the protocol

*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.

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