Daily multichain TVL for TermMax in USD. The dashboard entry point — unions the Dune-computed branch (5 chains, query 7443046) with a manually-uploaded branch covering chains Dune doesn't index (currently just bsquared, sourced from `dune.termmax.termmax_tvl_v1`).

OUTPUT
- ds              DATE      end-of-day in UTC
- blockchain      varchar   ethereum / bnb / base / arbitrum / berachain / bsquared
- tvl_usd         double    end-of-day TVL in USD
- position_count  bigint    number of priced positions (NULL for bsquared — the manual upload carries no per-position breakdown)

NO PARAMETERS
This query is intentionally parameter-less so it can back a materialized
view (the Dune API rejects parameterized source queries). For chain
filtering, use `WHERE blockchain = '<chain>'` against the matview table
`dune.termmax.result_termmax_tvl_daily_merged`.

WHERE EACH BRANCH COMES FROM
- 5 Dune-indexed chains come from query 7443046 (the live step 3 of a
  3-step split: step 1 owner-token discovery → step 2 daily balance
  cumsum → step 3 USD pricing). Steps 1 and 2 are materialized matviews
  refreshed daily (each matview's own cron is in its source-query SQL
  header).
- bsquared comes from `dune.termmax.termmax_tvl_v1`, a manually-
  uploaded table whose schema mirrors the Sentio 4-gauge model
  (`collateral_value + underlying_value + vault_idle_value + pool_value
  = tvl_total`). Other chains in that table are intentionally ignored
  on the manual branch to avoid double-counting against the
  Dune-computed branch.

REFERENCE TARGET (Sentio)
The canonical TVL is the Sentio dashboard (project `vincentli/termmax`),
4-gauge sum. Per-chain alignment 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)
  bsquared   $42.87M  (manual upload; sentio chain id 223 not yet wired)

WHAT'S ESTIMATED vs PRECISE (on the Dune branch)
- ERC4626 share tokens with a Dune-decoded `totalAssets` event
  (MetaMorpho V1, V1.1, Morpho V2): priced via per-day NAV from
  `dune.termmax.result_termmax_share_token_nav` (query 7485799).
  Precise vs RPC truth, modulo end-of-day vs intraday timing.
  Covers: steakUSDC (eth + base), gtUSDC, ellenUSDC, senRLUSDv2,
  gtLRTcore on eth.
- Aave aTokens: rebased via `liquidityIndex` events from
  `aave_v3_multichain.pool/l2pool_evt_reservedataupdated`. Precise.
- Pendle PT tokens on eth (PT-reUSD, USPC, PT-USDG, PT-apxUSD,
  PT-USDat, PT-sUSDE × 2): priced 1:1 against the underlying via
  `equivalent_tokens` fallback. Over-states by 1–3% per token
  (pre-maturity discount unmodelled). Cumulative effect ~$200k on
  a $11M+ V2-collateral pool.
- ynETHx (ethereum): 1:1 WETH fallback. Over-states by ~13% on
  $429k face vs sentio $380k (~$49k delta).
- syrupUSDC (base, $17k face): 1:1 USDC fallback. Under-states by
  ~4% NAV growth (~$700).
- USDU (ethereum): 1:1 USDC fallback. NAV growth unmodelled because
  the USDU vault has no Dune-decoded `updatedTotalAssets` event.

WHAT'S NOT COUNTED
- bsquared: only available via the manual-upload branch. If
  `dune.termmax.termmax_tvl_v1` isn't re-uploaded, bsquared TVL goes
  stale.
- xlayer, pharos, hyperliquid: no Dune decoder pipeline. Either
  add factory-event discovery once Dune supports the chain, or use
  the manual-upload branch.
- Tokens with no `prices.usd_daily` row, no `equivalent_tokens`
  fallback, and no share-token NAV matview coverage: silently
  dropped. Known cases on bnb account for the residual ~$87k gap
  vs Sentio.
- Positions held by addresses Dune's owner-discovery hasn't reached
  (off-chain RPC view-call getters leave no Dune trace). Mitigations
  in step 1: decoded `_call_initialize` on the proxy, raw-log decode
  of initialization events, factory ABI submission for new
  generations.

REFRESH CADENCE
This query's matview `dune.termmax.result_termmax_tvl_daily_merged`
runs daily at 01:30 UTC (cron `30 1 * * *`), sequenced after the three
upstream matviews (step 1, share-token NAV, step 2) and after the
external bsquared relayer. Each upstream matview's own cron is listed
in its source-query SQL header.

DASHBOARD USAGE
Read `dune.termmax.result_termmax_tvl_daily_merged` directly from
dashboard widgets — that's the daily-cron'd snapshot. Reading this
query (7488689) live re-triggers step 3 against the latest balances
matview, which is slower and consumes credits per refresh.
