lyc0603 / tvl-measurement

Repository for the study of TVL double counting issue.

Welcome! 👨🏻‍💻

I work on interdisciplinary research in computer science and finance. My research interests include blockchain technology, decentralised finance and machine learning.

• Personal Website http://yichen-luo.com/

tvl-measurement's Issues

Meeting notes 1 (12 May 2023)

Research Question:

• How much double counting there
• How much net position there
• Get a basic understanding of accounting concepts
  • T accounts
  • Balance sheet
  • Income statement

Visualisation:

• T accounts
• DAO Accounting
• Decomposition of the TVL

Meeting notes 6

• Subsection for token category
• Not easy to calculate. Non-trivial
• Discussion.

Meeting notes 3

1. DAI -> Debt DAI (Cash -> Value Locked)
2. MakerDAO Goerli
3. Dollar amount (检查账户是不是平的)
4. ETH 流到DeFi

Add

1. ETH
2. Governance Token (Fair value)
3. Non-derivative Stablecoin

Cancel

1. WETH

Meeting Notes 8

• Explain yvCurve.
• Delete .DS_Store.

Meeting notes 5

1. 继续在TVR上继续分

2. Total value redeemable: Remove

3. Net position: Assets - Liabilities

4. DeFi Financial Statement: Token terminal, Messari, sec Edgar

5. Figure

6. 为什么选的这些Token，为什么其他Token被排除，Method

7. 多个时间点

8. 批判一下：为什么我我们的方法好，DeFillama的不好，数据上的对比， 为什么删Lido

9. Methodology 也要引用：DeFi llama 为什么要去掉Lido，Lido是啥要cite white paper，不是分析都要cite

10. Net Position Future Work

A few thoughts:

• is it possible to find out how much of a coin (eg ETH)/token (eg UNI) is held by an EOA (externally owned address) and how much by a smart contract? If we can find out, then we can estimate the TVR of entire blockchain system, not just the top protocols
• another question to examine (maybe only discuss in WINE but can be performed for the thesis) is the associated snowballing effect / compounded, subprime market risk associated with wrapping tokens — this can be connected to financial crises triggered by credit risks in the traditional finance world

Meeting notes 2

• Exhibits.

• Fill in the Texts.

• Copilot.

• Consolidated financial statement.

Meeting Notes 7

DeFi 到底藏了多少钱

• Measurement Framework Longer
• Expand the book keeping framework (第一种：正向统计，第二种计算TVR：用到Accounting, 借走1块钱，产生利息, 没有被Realized的Accrual Interest)
• Calculate the leverage ratio (Credit-base 不还钱会造成什么snowball effect 1.1 aAave -> 1.1 Aave Aave还在涨，但没换， 和Tradfi比较，显著性)
• Calculate the velocity of money
• Also subcaption for different token categories -- we discussed this
• Risk analysis (snapshots of sample, need to illustrate the reason, parsing-intesive ?)
• Sensitivity test
• Check sigmetrics paper and see whether we need definitions
• Plagirism check.

Meeting notes 4

1. Intro中的数据
2. Intro中的事实 (不是我发明的)：

• 不是在这个文章里发明的

3. 相关文献

• Published Paper
• Preprint
• White paper
• Web page Nastaq (Coinmarketcap, Cointelegraph)

4. IMC最近的文章的配图
5. 各种Token