Tokemak enables users to both provide liquidity and control where that liquidity goes. Liquidity Providers deposit single-sided assets into individual Token Reactors and/or Genesis Pools (ETH, USDC), and earn yield in the form of TOKE.

Tokemak is a decentralized market making platform and a liquidity router that disaggregates traditional liquidity provision and market making for DeFi. It was founded by Carson Cook and launched in 2021.

TOKE token holders own and govern the protocol. They currently take all the 3rd party LP fees paid (revenue).

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Tokemak

# Tokemak Total value locked Methodology

## 1. Overview

Tokemak TVL measures the total value locked across all Tokemak autopool assets on Ethereum. The metric calculates the combined value of capital deployed in strategies plus idle capital held in autopools, converted to USD. This represents the total assets under management that users have deposited into Tokemak's yield aggregation protocol.

## 2. Data sources

- **Tokemak Nav events**: Parsed `Nav` events from Tokemak v2 AutopoolETH contracts on Ethereum, containing daily balance snapshots of debt and idle capital
- **End-of-day price feeds**: Token price data for WETH to USD conversion
- **Token metadata**: WETH contract information and decimal specifications for proper unit conversions

## 3. Step-by-step calculation

### Component A: Daily autopool asset extraction
- **Purpose**: Extract daily balance information from Tokemak autopool contracts
- **Logic**: Process `Nav` events from Tokemak AutopoolETH contracts, filtering to the last event per day per account address to avoid double-counting. Convert raw balance amounts from wei to WETH by dividing by 1e18. Extract both `debt` (capital deployed in strategies) and `idle` (capital held in autopools) amounts. Exclude one problematic contract address (0x79eb84b5e30ef2481c8f00fd0aa7aad6ac0aa54d) that was redeployed and causes data quality issues.
- **Key fields**: `debt` represents capital actively deployed in yield strategies, `idle` represents capital sitting in autopools, `account_address` identifies individual autopool contracts

### Component B: Net deposits calculation
- **Purpose**: Combine capital deployed and idle amounts to calculate total net deposits
- **Logic**: Sum the `capital_deployed` and `tvl` amounts for each day and account to get total net deposits. Group by timestamp, chain, and token address to aggregate across all autopool contracts. This represents the total value of assets that users have deposited into the Tokemak protocol.
- **Key fields**: `net_deposits` is the sum of deployed capital plus idle capital, representing total user deposits

### Component C: USD conversion
- **Purpose**: Convert WETH-denominated amounts to USD for standardized reporting
- **Logic**: Apply end-of-day WETH price feeds to convert the net deposits from WETH to USD. Use the convert_to_usd_and_correct_decimals macro to handle price lookups and ensure proper decimal handling during conversion.
- **Key fields**: Final amounts are expressed in USD using end-of-day exchange rates

### Final aggregation
- **Combining components**: The calculation sums capital deployed and idle amounts across all autopool contracts to get total net deposits
- **Currency conversion**: WETH amounts are converted to USD using end-of-day price feeds
- **Time aggregation**: Data is aggregated daily, with the last Nav event per day per contract used to avoid double-counting
- **Final calculation**: TVL equals the sum of (capital deployed + idle capital) across all autopools, converted to USD using end-of-day WETH prices and forward-filled to ensure continuous daily time series

*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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Total value locked

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