TVL is the value of the assets custodied by the MurkPool shielded pool. Deposits are permissionless and there is no on-chain token allowlist, so the asset set is built from the DepositPending log, which every connector also routes its output through. Receipt tokens the pool holds are unwrapped to their underlying rather than counted as themselves: Murk Aave V3 vault shares, Morpho Vault V2, and MurkMorphoMarketToken shares via the ERC4626 exchange rate. Those addresses are excluded from the plain token sum so nothing is counted twice. Morpho borrow positions are held as ERC721 clones; a position counts only while the pool still owns its NFT, and contributes its Morpho collateral to tvl. Murk re-shields its borrow proceeds back into the pool, so the outstanding debt is netted out of tvl to avoid double counting; borrowed is reported separately.
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