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XSwap

XSwap | Data Breakdowns

# XSwap Total value locked Methodology

## 1. Overview

XSwap TVL measures the total value locked in XSwap decentralized exchange liquidity pools on the XDC blockchain. The metric is calculated by tracking cumulative net deposits (deposits minus withdrawals) across all trading pairs in both v2 and v3 versions of the protocol. TVL represents the total USD value of assets that liquidity providers have deposited and currently maintain in the exchange pools, serving as a key indicator of protocol adoption and liquidity depth.

## 2. Data sources

The calculation uses several types of raw blockchain data and external feeds:

- **XDC blockchain event logs**: Parsed events from XSwap smart contracts including liquidity deposits, withdrawals, trades, and flash loans
- **XDC transaction records**: Transaction data to identify user addresses and validate operations
- **Factory contract events**: `Factory_PoolCreated_event` for v3 pools and `Factory_PairCreated_event` for v2 pools to identify all trading pairs
- **Reserve tracking events**: `Pair_Sync_event` logs that track v2 pool reserve balances over time
- **End-of-day token price feeds**: Daily USD prices for all tokens in trading pairs
- **Token metadata**: Token decimals, symbols, and identifiers for proper amount calculations
- **Denylist data**: Hardcoded list of trading pairs excluded due to limited price feed support

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identify all valid XSwap trading pairs across v2 and v3 versions
- **Logic**: Extract trading pair addresses from Factory contract creation events on XDC blockchain. For v3 pools, use `Factory_PoolCreated_event` with `pool`, `token0`, `token1`, and `fee` fields. For v2 pools, use `Factory_PairCreated_event` with `pair`, `token0`, and `token1` fields. Join with token metadata to get decimals and symbols for each token pair. Filter out denylisted trading pairs that have limited price feed support for low liquidity tokens.
- **Key fields**: `account_address` (pool/pair address), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `fee_tier` (v3 only)

### Component B: V2 asset flow calculation
- **Purpose**: Calculate net asset flows for v2 pools based on reserve changes
- **Logic**: Track daily reserve balances from `Pair_Sync_event` logs which emit current `reserve0` and `reserve1` values. For each trading pair, take the last reserve balance each day and calculate the difference from the previous day. If no previous balance exists, use the current balance as the initial deposit. Adjust raw amounts by dividing by token decimals to get human-readable values.
- **Key fields**: `reserve0_amount`, `reserve1_amount`, daily differences as `token0_amount` and `token1_amount`

### Component C: V3 asset flow calculation  
- **Purpose**: Calculate net asset flows for v3 pools by combining all liquidity-affecting events
- **Logic**: Aggregate multiple event types that affect pool liquidity. Add deposits from `Pool_Mint_event` with `amount0` and `amount1` fields. Subtract withdrawals from `Pool_Collect_event` (negate amounts). Include trading impacts from `Pool_Swap_event` with net token exchange amounts. Add flash loan fees from `Pool_Flash_event` by multiplying flash loan amounts by the pool's `fee_tier` percentage. Adjust all amounts by dividing by respective token decimals.
- **Key fields**: `amount0`, `amount1` from various events, adjusted by `token0_decimals` and `token1_decimals`

### Component D: USD conversion
- **Purpose**: Convert token amounts to USD values for aggregation
- **Logic**: Join daily asset flows with end-of-day price feeds for both tokens in each trading pair. Multiply `token0_amount` by `token0_price` and `token1_amount` by `token1_price`. Sum these USD values to get total net deposits per trading pair per day. Use zero if price data is unavailable for either token.
- **Key fields**: `price_usd` from price feeds, calculated `net_deposits` as sum of USD values

### Final aggregation
- **Combining components**: Sum net deposits across all v2 and v3 trading pairs for each day to get protocol-wide net deposits
- **Currency conversion**: USD conversion happens at the individual token level using end-of-day prices before aggregation
- **Time aggregation**: Daily boundaries based on block timestamps truncated to day level
- **Final calculation**: The TVL metric equals the net deposits value, representing the cumulative USD value of assets deposited minus withdrawn from all XSwap liquidity pools

*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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