Step 3 of the split daily-TVL chain. Reads step 2's daily balances (matview `dune.termmax.result_termmax_tvl_daily_balances`, query 7443043), rebases Aave aToken scaled balances by liquidityIndex, applies per-day NAV from `dune.termmax.result_termmax_share_token_nav` (query 7485799) for ERC4626 share tokens that have it, joins `prices.usd_daily` for the underlying, and outputs per-day TVL in USD.

OUTPUT
- ds              DATE      end-of-day in UTC
- blockchain      varchar
- tvl_usd         double    end-of-day TVL in USD per chain
- position_count  bigint    number of (owner, balance_token) rows that priced

This query runs live (not materialized) so each execution sees the freshest matview state. Dashboards should not point at this query directly — point them at `dune.termmax.result_termmax_tvl_daily_merged` (query 7488689), which materializes a daily snapshot and adds the bsquared manual branch.

REFERENCE TARGET (Sentio)
The canonical TVL for TermMax is the Sentio dashboard
(project `vincentli/termmax`), 4-gauge sum
`collateral_value + underlying_value + vault_idle_value + pool_value`.
Per-chain alignment of this query vs Sentio at ds=2026-05-12:

  ethereum   $54.66M  vs sentio $54.82M  =  99.71%
  bnb        $1.26M   vs sentio $1.35M   =  93.56%
  base       $1.27M   vs sentio $1.27M   =  99.93%
  berachain  $156k    vs sentio $156k    = ~100%
  arbitrum   $4k      vs sentio $11k     =  36.82% (tiny absolute)

METHODOLOGY DIFFERENCES vs SENTIO
(1) BALANCE: Dune cumsums `tokens.transfers` per (owner, token); sentio
    reads `vault.totalAssets()` / `balanceOf()` via RPC. Handled here:
    - Aave aTokens — `liquidityIndex` rebase from
      `aave_v3_multichain.pool/l2pool_evt_reservedataupdated`. Precise.
    - ERC4626 share tokens with Dune-decoded `totalAssets` events
      (MetaMorpho V1, V1.1, Morpho V2) — priced via per-day NAV from
      query 7485799. Precise vs RPC truth modulo end-of-day vs
      intraday timing drift.
    - `StableErc4626For4626` wrapper pools — both `thirdPool` share and
      idle `underlying` are registered in step 1, so
      `pool.totalAssets()`-equivalent is reconstructed by summing the
      two rows.

(2) PRICING: Dune joins `prices.usd_daily`; for tokens with no Dune
    price row, a 1:1 underlying fallback applies via the
    `equivalent_tokens` CTE. Sentio prices via its OracleAggregator
    plus an internal price service. Residual deltas:
    - Pendle PT tokens — over-state by 1–3% (pre-maturity discount
      unmodelled). Cumulative ~$200k on a $11M+ V2-collateral pool.
    - ynETHx (ethereum) — over-states by ~13% on $429k face vs sentio
      $380k ($49k delta) because YieldNest NAV growth is unmodelled.
    - USDU (ethereum) — 1:1 USDC fallback; the USDU vault contract
      has no Dune decoder for `updatedTotalAssets`, so NAV growth is
      unmodelled.
    - syrupUSDC (base) — 1:1 USDC fallback; under-states by ~4% NAV
      growth on $17k face (~$700).
    - "Misc unpriced altcoins" on bnb — accounts for the residual
      ~$87k gap vs Sentio. Either a `prices.usd_daily` row or an
      `equivalent_tokens` mapping is needed to close them.

EXCLUDED CHAINS
bsquared, xlayer, pharos, hyperliquid have no Dune decoder pipeline.
bsquared is provided via the merged matview's manual-upload branch
(query 7488689).