Users deposit funds into Agora and receive AUSD at a 1:1 rate.

Agora is a financial technology company that is the principal architect of AUSD - a full-reserve fiat stablecoin that brings the US dollar onchain.

Agora is a private company registered in the US. Agora was founded by Nick van Eck, Drake Evans, and Joe McGrady and launched in 2024.

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Agora

# Agora Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating measures the total market value of AUSD tokens that are currently in circulation across multiple blockchains. For Agora's AUSD stablecoin, this metric equals the outstanding supply since AUSD maintains a 1:1 USD peg, meaning each token in circulation represents $1 of market capitalization. The calculation combines supply tracking across Ethereum, Avalanche, and Solana using different data sources appropriate to each blockchain's architecture.

## 2. Data sources

The calculation relies on several types of raw blockchain data:

- **Ethereum Transfer events**: Parsed `Transfer` events from the AgoraDollarErc1967Proxy contract that track token mints and burns
- **Avalanche token transfers**: Standard ERC-20 `Transfer` events for the AUSD token contract on Avalanche
- **Solana token balance snapshots**: Daily token balance changes and account snapshots from Solana's token program for AUSD holders
- **Token metadata**: Contract addresses and decimal precision specifications for AUSD across all supported chains

## 3. Step-by-step calculation

### Component A: EVM chain supply tracking (Ethereum and Avalanche)
- **Purpose**: Track AUSD outstanding supply on Ethereum and Avalanche by monitoring mint and burn events
- **Logic**: Extract `Transfer` events where the `from` address equals the zero address (0x0000000000000000000000000000000000000000) to identify token mints, and where the `to` address equals zero to identify burns or redemptions. For Ethereum, use parsed events from the AgoraDollarErc1967Proxy contract. For Avalanche, filter standard token transfer events for the AUSD contract address. Calculate daily net supply changes by summing mint amounts and subtracting burn amounts for each day. Compute cumulative outstanding supply using running totals ordered by timestamp to track the total supply evolution over time.
- **Key fields**: `block_timestamp` for timing, `value` or `amount` for token quantities, `from` and `to` addresses for identifying mints/burns, `token_address` for filtering AUSD transactions

### Component B: Solana supply calculation  
- **Purpose**: Calculate AUSD outstanding supply on Solana by summing all token holder balances
- **Logic**: Extract daily token balance data for all accounts holding AUSD tokens using Solana's token balance change records. Apply forward-fill logic to maintain continuous balance history for each individual token account, ensuring accounts that don't transact daily still maintain their last known balance. Sum all individual account balances for each day to derive the total outstanding supply on Solana. This approach accounts for Solana's different transaction model compared to EVM chains.
- **Key fields**: `block_date` for daily snapshots, `token_account` for holder identification, `mint` for token type filtering, `post_balance` for account balance amounts

### Component C: Data normalization and combination
- **Purpose**: Standardize decimal precision and combine multi-chain supply data
- **Logic**: Apply decimal normalization by dividing all token amounts by 1e6 to convert from the native 6-decimal precision to standard units. Combine the EVM chain supply calculations with Solana supply data into a unified dataset. Apply forward-fill logic to ensure continuous daily time series data with no gaps, carrying forward the last known supply value for any missing days.
- **Key fields**: `outstanding_supply` normalized to standard decimal places, `timestamp` for daily granularity, `chain_id` for multi-chain identification

### Final aggregation
- **Combining components**: Union the normalized supply data from all chains (Ethereum, Avalanche, Solana) into a single time series dataset
- **Currency conversion**: No USD conversion is needed since AUSD maintains a 1:1 USD peg, making the outstanding supply directly equal to the USD market capitalization
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with forward-fill applied to ensure complete daily coverage
- **Final calculation**: The asset market cap circulating equals the total outstanding supply across all chains, as each AUSD token represents exactly $1 of market value due to the stablecoin's USD peg

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Agora

Circulating asset market cap

Circulating asset market cap

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