Incorrect TVL Calculation for Mezo Protocol

[MananSinghal123]

There is a discrepancy in the TVL reported for Mezo. The current value on DefiLlama appears to be underreported compared to a manual calculation.

Based on the analysis, the TVL should include the following components:

Bridged TVL: ERC-20 tokens locked in the MezoBridge contract on Ethereum
Vault TVL: Assets under management in the Morpho Alpha MUSD Core Vault (totalAssets() via ERC-4626)
DEX Liquidity: MUSD + USDC liquidity in the Curve pool
Other protocol-controlled liquidity

However, the current TVL shown does not seem to fully account for one or more of these components.

Expected
TVL should reflect the aggregate of all major liquidity sources and assets under management associated with Mezo.

Actual
TVL appears lower than expected and does not match the sum of the above components

https://defillama.com/chain/mezo

[pDubey7]

Hi @MananSinghal123 here are my observations after investigating:

Current tracking:

• Mezo chain TVL: ~$27M (mezo-borrow adapter tracks BTC collateral)
• Bridged TVL: ~$56.42M (Mezo/index.js tracks ERC-20s locked in bridge contracts on Ethereum)

Both are tracked correctly and visible on https://defillama.com/chain/mezo

Could you clarify which specific component is missing? The Bridged TVL
($56M) and chain TVL ($27M) appear to be accounted for. If you have
specific contract addresses for the Morpho vault or Curve pool on
Mezo chain that aren't included, please share them and I'll add them.

[MananSinghal123]

From my understanding, the total TVL for Mezo should aggregate both the bridged TVL ($56M) and the on-chain TVL ($27M), along with any additional liquidity from DEXes and vaults on the Mezo chain.

Right now, it seems like these components are being tracked separately, but not fully combined into a single unified TVL figure, which may lead to underreporting when viewed at an aggregate level.

My expectation is that:

Bridged assets (ERC-20s in bridge contracts)
Mezo chain TVL (e.g., BTC collateral in borrow adapter)
Additional sources like Morpho vaults / Curve pools / other DEX liquidity

should all roll up into the total Mezo TVL.

Let me know if I’m misunderstanding how DefiLlama is aggregating this, or if there’s a reason these are intentionally kept separate.

[pDubey7]

Hi @MananSinghal123 ! DefiLlama does aggregate these correctly on
https://defillama.com/chain/mezo. The chain page shows total TVL
which includes both bridged assets and on-chain TVL combined.

The separation you're seeing is intentional , DefiLlama breaks down
TVL by protocol/category for transparency, but the chain total
reflects the aggregate.

For the Morpho vault and Curve pool if those contracts exist on
Mezo chain, they would be tracked via those protocols' own adapters
(Morpho, Curve) not the Mezo bridge adapter. If you have specific
contract addresses for those on Mezo chain that aren't showing up,
share them and I can verify whether they're missing.

[MananSinghal123]

Check this approach and do let me know your thoughts: #19133

[pDubey7]

I will just check it and let you know!

[pDubey7]

@MananSinghal123 after checking the codebase i got to know that the Ethereum bridged token tracking already exists in projects/Mezo/index.js which tracks the same tokens via mezoPreMainnetBridge and mezoMainnetBridge.

Your PR #19133 duplicates this Ethereum tracking which would cause double counting. The valuable additions in your PR are Mezo chain: DEX pools, vaults, Liquity TVL (new) , Base: Aerodrome pool tracking (new). Ethereum is already tracked in projects/Mezo/index.js
What you can do is Update your adapter to only add the Mezo chain and Base components, and remove the Ethereum bridged token section to avoid double counting with the existing Mezo/index.js adapter.

[MananSinghal123]

projects/Mezo/index.js is the older version. The newer version is projects/mezo/index.js accounting for all the 3 chains.