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.

website

twitter

etherscan

Stablecoin issuers

Agora

# Agora Total value locked Methodology

## 1. Overview

Agora TVL represents the total value locked in the Agora stablecoin protocol, calculated as the sum of outstanding AUSD stablecoin supply across all supported blockchain networks. This metric answers the business question of how much value is currently held within the Agora ecosystem by treating the circulating stablecoin supply as the protocol's TVL. The approach recognizes that for stablecoin protocols, the outstanding token supply represents the total value users have deposited and locked in the system.

## 2. Data sources

The calculation uses several types of raw blockchain data:
- **Ethereum Transfer events**: Parsed `Transfer` events from the AgoraDollar ERC1967 Proxy contract to track mint and burn operations
- **Avalanche token transfers**: Token transfer events for AUSD operations on the Avalanche network
- **Solana token balances**: Daily snapshots of individual account balances for the AUSD token mint on Solana
- **Token metadata**: Hardcoded contract addresses and token mint addresses to identify the correct AUSD tokens across different chains

## 3. Step-by-step calculation

### Component A: EVM chain supply tracking (Ethereum and Avalanche)
- **Purpose**: Calculates outstanding stablecoin supply on Ethereum and Avalanche using mint/burn event tracking
- **Logic**: Identifies mint events as `Transfer` events where the `from` address is the zero address and the `to` address is not zero, indicating new tokens being created. Burn events are identified as transfers where the `to` address is zero and `from` is not zero, indicating tokens being destroyed. Daily net supply changes are calculated by summing mint amounts and subtracting burn amounts for each day. Cumulative outstanding supply is then calculated using a running sum ordered by timestamp.
- **Key fields**: Uses `block_timestamp` for timing, `value` or `value` for token amounts, `from_address`/`from` and `to_address`/`to` for identifying mint/burn patterns, and `token_address` for token identification

### Component B: Solana supply calculation via balance aggregation
- **Purpose**: Calculates total AUSD supply on Solana by aggregating individual account balances
- **Logic**: Retrieves daily balance snapshots for all accounts holding the AUSD token mint on Solana. Uses forward-fill methodology to handle accounts with missing balance data on certain days, ensuring continuous tracking. Sums all individual account balances for each day to derive the total circulating supply.
- **Key fields**: Uses `block_date` for timing, `post_balance` for account balance amounts, `token_account` for holder identification, and `mint` for token identification

### Component C: Supply normalization and gap filling
- **Purpose**: Standardizes data formats and ensures complete time series coverage
- **Logic**: Applies decimal normalization by dividing EVM chain amounts by 1e6 to convert from wei-scale to human-readable token units. Implements forward-fill logic to populate missing days with the most recent known values, ensuring no gaps in the time series data.
- **Key fields**: Processes `outstanding_supply` amounts and maintains `timestamp` consistency across all data sources

### Final aggregation
- **Combining components**: EVM chain supply data (from mint/burn tracking) is unioned with Solana supply data (from balance aggregation) to create a unified dataset across all supported chains
- **Currency conversion**: No USD conversion is applied as the stablecoin is already denominated in USD equivalent units
- **Time aggregation**: All data is aggregated to daily granularity using day-truncated timestamps
- **Final calculation**: The final TVL value is calculated by summing the `outstanding_supply` values across all chains and time periods, representing the total amount of AUSD stablecoins currently in circulation across the entire Agora protocol ecosystem

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Agora

Total value locked

Total value locked

Competitive landscape

Chain breakdown