Docs·Metrics reference
Metrics reference
Value locked
Four components published separately: live curve reserves, locked launch pools, the THD pool and open market stakes.
Four components, never one number#
tvlWei is published as four separate components and their sum, never as one opaque number. Three of the four are exact; one is a valuation and is labelled as one.
| Component | id | Derivation | Exact? |
|---|---|---|---|
| Live curve reserves | tvlCurveWei | Σ BondingCurve.realEthReserve() over curves where graduated() == false | Exact — a chain read |
| Locked launch pools | tvlLockedPoolWei | Per graduated launch, the ETH side of the V4 position the locker holds — IPositionManager.getPositionLiquidity(locker.positionId()) priced against the live pool state for locker.poolKey() | A valuation |
| THD/ETH pool | tvlThdPoolWei | The ETH side of ThdLiquidityManager.positionId(), by the same method | A valuation |
| Open market stakes | tvlMarketStakes | Per currency: Σ ParimutuelMarket.totalPool() over markets the oracle reports as resolved == false | Exact, per currency |
Caveats#
| Caveat | Detail |
|---|---|
realEthReserve excludes accrued fees | The curve holds tradeFeesAccrued on top of it, and that money belongs to the fee legs rather than to the raise. Do not add it to TVL. |
realEthReserve is zeroed at graduation | The whole reserve leaves in one transaction as Graduated.ethAmount. A graduated curve therefore reads 0, correctly, and its value has moved to tvlLockedPoolWei. |
| The lock is permanent, and that is the point | LaunchLiquidityLocker can only ever call DECREASE_LIQUIDITY with a liquidity delta of literal 0 — a fee collection. Principal cannot leave. The same is true of the THD/ETH position. |
| Market stakes are never summed across currencies | tvlMarketStakes is a map from currency address (address(0) for native) to a decimal string, and any aggregate ETH figure includes only the native markets. |
A mark is not a balance#
The exact figures beside it — curve reserves and open stakes — are chain reads at a block and carry no such qualification. Reporting the sum without saying which half is a mark is what makes a TVL figure unfalsifiable, which is the one thing it must not be. See valuation and price for the same distinction applied to FDV.