Overcollateralized borrowers deposit funds into Alchemix and receive alUSD & a return on investment (supply-side fees).

Alchemix is a non-custodial lending & asset management protocol built on Ethereum. Alchemix was founded by pseudonymous Scoopy Trooples, etc., and launched in 2021.

ALCX tokenholders own and govern the protocol. They currently take a cut of the total return on investment (revenue). Alchemix’s investors include Alameda Research, CMS Holdings, Immutable Capital, etc.

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Alchemix Finance

# Alchemix Finance Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating measures the market value of alUSD stablecoin tokens that are actively circulating in the market (excluding protocol-held reserves). For Alchemix, this metric equals the outstanding supply of alUSD tokens multiplied by their USD value. The calculation tracks all mint and burn events for alUSD, subtracts protocol-held balances, and converts the result to USD to determine the total market value of circulating tokens.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events for the alUSD token contract to identify mints and burns
- **Token balance data**: Daily balance snapshots for Alchemix protocol-controlled addresses
- **External data**: End-of-day price feeds for USD conversion and token metadata for decimal adjustments
- **Transaction data**: Ethereum transaction records for event context and validation

## 3. Step-by-step calculation

### Component A: alUSD mint tracking
- **Purpose**: Identifies when new alUSD tokens are created and added to total supply
- **Logic**: Filters Ethereum `Transfer` events for the alUSD token contract where the `from_address` is the null address. The null address indicates token creation rather than transfer between existing holders. Events are filtered to exclude removed transactions and amounts are converted from wei to token units by dividing by 10^18
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `from_address` (null address), `token_address` (alUSD contract)

### Component B: alUSD burn tracking  
- **Purpose**: Identifies when alUSD tokens are destroyed and removed from total supply
- **Logic**: Filters Ethereum `Transfer` events for the alUSD token contract where the `to_address` is either the null address or dead address. These special addresses indicate token destruction rather than normal transfers. Events are filtered to exclude removed transactions and amounts are converted from wei to token units by dividing by 10^18
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, `to_address` (null or dead address), `token_address` (alUSD contract)

### Component C: Total supply calculation
- **Purpose**: Calculates the cumulative total supply of alUSD tokens over time
- **Logic**: Combines mint events as positive amounts and burn events as negative amounts, then aggregates by day to get net daily supply changes. Applies a running sum over time to calculate the cumulative total supply for each day. Forward-fills missing dates to ensure continuous daily coverage
- **Key fields**: `outstanding_supply` representing cumulative total supply, `timestamp` for daily aggregation

### Component D: Protocol balance tracking
- **Purpose**: Tracks alUSD tokens held by Alchemix protocol addresses that should be excluded from circulating supply
- **Logic**: Monitors daily token balances for specific Alchemix protocol-controlled addresses including treasury and reserve addresses. These balances represent tokens that are not actively circulating in the market
- **Key fields**: `token_balance` for protocol holdings, `token_address` (alUSD contract), account addresses for protocol wallets

### Final aggregation
- **Combining components**: Total supply is calculated from mint/burn events, then protocol-held balances are subtracted to determine circulating supply
- **Currency conversion**: USD conversion using end-of-day price feeds applied to the final circulating supply amount
- **Time aggregation**: Daily boundaries based on block timestamps, with forward-filling to ensure complete time series
- **Final calculation**: Asset market cap circulating equals (total alUSD supply minus protocol-held alUSD balances) multiplied by alUSD price in USD

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

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

Alchemix FinanceALCX

Circulating asset market cap

Circulating asset market cap

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