diff --git a/projects/surf-liquid/index.js b/projects/surf-liquid/index.js
index 7a71f05cd48..c27f2cba968 100644
--- a/projects/surf-liquid/index.js
+++ b/projects/surf-liquid/index.js
@@ -1,24 +1,80 @@
-const target = "0x1D283b668F947E03E8ac8ce8DA5505020434ea0E";
+const V2_FACTORY = "0x1D283b668F947E03E8ac8ce8DA5505020434ea0E";
+const V3_FACTORY = "0xf1d64dee9f8e109362309a4bfbb523c8e54fa1aa";
+const SURF_STAKING = "0xB0fDFc081310A5914c2d2c97e7582F4De12FA9d6";
+const SURF_TOKEN = "0xcdca2eaae4a8a6b83d7a3589946c2301040dafbf";
+const USDC = "0x833589fcd6edb6e08f4c7c32d4f71b54bda02913";
+const WETH = "0x4200000000000000000000000000000000000006";
+const CBBTC = "0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf";
+const ASSETS = [USDC, WETH, CBBTC];
+const ZERO_ADDR = "0x0000000000000000000000000000000000000000";
+
+async function tvl(api) {
+  const tokensAndOwners = [];
+
+  // V2 Vaults: enumerate via factory, read Morpho ERC-4626 positions
+  const totalV2 = await api.call({ abi: "uint256:getTotalVaults", target: V2_FACTORY });
+  const v2Infos = await api.multiCall({
+    abi: "function getVaultInfo(uint256) view returns (address, address, address, uint256, bytes32, uint256)",
+    calls: [...Array(Number(totalV2)).keys()].map((i) => ({ target: V2_FACTORY, params: [i] })),
+  });
+  const v2Owners = v2Infos.map((info) => info[0]);
+  const v2MorphoVaults = await api.multiCall({
+    abi: "address:currentVault",
+    calls: v2Owners.map((target) => ({ target })),
+  });
+  for (let i = 0; i < v2Owners.length; i++) {
+    if (v2Owners[i] && v2Owners[i] !== ZERO_ADDR && v2MorphoVaults[i] && v2MorphoVaults[i] !== ZERO_ADDR) {
+      tokensAndOwners.push([v2MorphoVaults[i], v2Owners[i]]);
+    }
+  }
+
+  // V3 Vaults: discover via event logs, read Morpho ERC-4626 positions per asset
+  const currentBlock = api.block || await api.getBlock();
+  const v3Logs = await api.getLogs({
+    target: V3_FACTORY,
+    eventAbi: "event VaultDeployed(address indexed vaultAddress, address indexed owner, address indexed pool, bytes32 marketId, uint256 chainId)",
+    onlyArgs: true,
+    fromBlock: 38856207,
+    toBlock: currentBlock,
+  });
+  const v3Vaults = v3Logs.map((l) => l.vaultAddress);
+
+  for (const asset of ASSETS) {
+    const morphoVaults = await api.multiCall({
+      abi: "function assetToVault(address) view returns (address)",
+      calls: v3Vaults.map((vault) => ({ target: vault, params: [asset] })),
+    });
+    for (let i = 0; i < v3Vaults.length; i++) {
+      if (morphoVaults[i] && morphoVaults[i] !== ZERO_ADDR) {
+        tokensAndOwners.push([morphoVaults[i], v3Vaults[i]]);
+      }
+    }
+  }
+
+  await api.sumTokens({ tokensAndOwners });
+}
+
+async function staking(api) {
+  // SURF staking contract
+  const totalStaked = await api.call({ abi: "uint256:totalStaked", target: SURF_STAKING });
+  api.add(SURF_TOKEN, totalStaked);
+
+  // CreatorBid SURF subscriptions (SURF locked in the token contract)
+  const subscribed = await api.call({
+    abi: "function balanceOf(address) view returns (uint256)",
+    target: SURF_TOKEN,
+    params: [SURF_TOKEN],
+  });
+  api.add(SURF_TOKEN, subscribed);
+}
 
 module.exports = {
-  methodology: "Counts the morpho deposits of each Surf Liquid vault.",
+  methodology: "TVL counts Morpho vault deposits across V2 and V3 Surf Liquid vaults. Staking includes SURF staked and SURF subscriptions.",
+  doublecounted: true,
+  misrepresentedTokens: true,
+  hallmarks: [["2025-11-30", "V3 factory launched"]],
   base: {
-    tvl: async (api) => {
-      const vaults = await api.call({ abi: "uint256:getTotalVaults", target });
-      const vaultInfos = await api.multiCall({
-        abi: "function getVaultInfo(uint256) view returns (address, address, address, uint256, bytes32, uint256)",
-        calls: [...Array(Number(vaults)).keys()].map((i) => ({ target, params: [i] })),
-      });
-      const owners = vaultInfos.map(info => info[0])
-      const morphoVaults = await api.multiCall({
-        abi: "address:currentVault",
-        calls: owners.map(target => ({ target }))
-      })
-
-      await api.sumTokens({
-        tokens: [...new Set(morphoVaults)],
-        owners
-      })
-    },
+    tvl,
+    staking,
   },
 };