Traders exchange funds through request for quotation system built on 0x protocol and aggregated AMMs. Tokenlon collects a trading fee (revenue) from trades.

Tokenlon is a non-custodial exchange protocol built on Ethereum. Tokenlon was founded by imToken team and launched in 2018.

LON tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Tokelon's investors include IDG Capital, Qiming Venture Partners, Breyer Capital, etc.

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Tokenlon

# Tokenlon Total value locked Methodology

## 1. Overview

Tokenlon TVL measures the total value of tokens held across all Tokenlon protocol addresses on Ethereum. This metric represents the total value locked in the Tokenlon ecosystem by tracking token balances across the protocol's key addresses and converting them to USD. The calculation treats net deposits (cumulative inflows minus outflows) as TVL, providing insight into the total capital deployed within the Tokenlon protocol.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from ERC-20 tokens to track token movements in and out of Tokenlon addresses
- **Ethereum transaction traces**: Transaction execution data used by the balance calculation framework
- **End-of-day token price feeds**: Daily closing prices for token-to-USD conversion
- **Token metadata**: Token symbols, decimal places, and contract information for proper balance calculations

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Calculate daily token balance changes for all Tokenlon protocol addresses
- **Logic**: Track token transfers for 6 specific Ethereum addresses: `0xfd6c2d2499b1331101726a8ac68ccc9da3fab54f`, `0x8d90113a1e286a5ab3e496fbd1853f265e5913c6`, `0xdc6c91b569c98f9f6f74d90f9beff99fdaf4248b`, `0x03f34be1bf910116595db1b11e9d1b2ca5d59659`, `0x11be6f5520fee8e867e20af9c9d2c8a09b909b83`, and `0x4a14347083b80e5216ca31350a2d21702ac3650d`. For each address and token combination, calculate net balance changes by processing `Transfer` events where these addresses are either the sender or receiver. Inbound transfers increase the balance while outbound transfers decrease it.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` (representing the daily net change)

### Component B: Cumulative balance calculation
- **Purpose**: Convert daily balance changes into running cumulative balances over time
- **Logic**: Apply cumulative sum calculations using window functions to transform daily balance changes into total balances held at each point in time. This is partitioned by timestamp grain, chain, account address, and token address, ordered by timestamp to maintain chronological accuracy. Forward-fill missing days to ensure continuous time series data, carrying forward the last known balance for each token-address combination.
- **Key fields**: Cumulative `balance` representing total tokens held at each address on each day

### Component C: USD conversion and filtering
- **Purpose**: Convert token balances to USD values and filter valid positions
- **Logic**: Join cumulative token balances with end-of-day price feeds, matching on timestamp, chain, and token address. Multiply token balances by USD prices to get dollar values. Filter results to include only positive balances, excluding addresses with zero or negative positions. This ensures only actual token holdings contribute to TVL.
- **Key fields**: `amount` (USD value of token balance), with filtering applied to positive balances only

### Final aggregation
- **Combining components**: Sum all USD-denominated token balances across all Tokenlon addresses and all tokens to calculate total protocol TVL
- **Currency conversion**: Token balances converted to USD using end-of-day pricing at daily timestamps
- **Time aggregation**: Data aggregated at daily grain with forward-filling to handle missing days
- **Final calculation**: TVL equals the sum of all positive token balances held across the 6 Tokenlon protocol addresses, converted to USD and categorized under the exchanges market sector and DEX aggregator business segment

*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.

TokenlonLON

Total value locked

Total value locked

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