Overcollateralized borrowers deposit funds into Angle and receive agEUR stablecoin.

Angle is a non-custodial stablecoin protocol built on Ethereum. Angle was co-founded by Pablo Veyrat and launched in 2021. The dashboard does not track the deprecated Core module.

ANGLE tokenholders own and govern the protocol. They currently take a cut of the transaction fees paid by the users and the interest earned on collateral assets (revenue). Angle’s investors include a16z, Fabric Ventures, Wintermute, etc.

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Angle

# Angle Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating represents the total USD value of agEUR stablecoins in circulation. This metric tracks the outstanding supply of Angle Protocol's Euro-pegged stablecoin (agEUR) and converts it to USD to provide market capitalization data. The calculation monitors mint and burn events to maintain an accurate count of circulating tokens, then applies current market prices to determine the total market value.

## 2. Data sources

The calculation uses the following raw data sources:

- **Ethereum Transfer events**: Parsed `Transfer` events for the agEUR token contract (`0x1a7e4e63778b4f12a199c062f3efdd288afcbce8`) on Ethereum, capturing all token movements including mints and burns
- **Token metadata**: Token contract information including decimal precision for the agEUR token to ensure accurate amount calculations
- **End-of-day price feeds**: Daily token price data for USD conversion of the outstanding token supply

## 3. Step-by-step calculation

### Component A: Stablecoin mint tracking
- **Purpose**: Identifies when new agEUR tokens are minted into circulation
- **Logic**: Filters Ethereum `Transfer` events for the agEUR token contract where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`), indicating new token creation. Extracts the `value` field representing the mint amount and includes transaction metadata like `block_timestamp`, `transaction_hash`, and `log_index`
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `from_address` filtered to null address, `to_address` for recipient, and `token_address` for agEUR contract

### Component B: Stablecoin burn tracking  
- **Purpose**: Identifies when agEUR tokens are burned and removed from circulation
- **Logic**: Filters Ethereum `Transfer` events for the agEUR token contract where the `to_address` equals either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`), indicating token destruction. Extracts the same transaction metadata as mints
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, `to_address` filtered to null or dead addresses, `from_address` for the burning entity, and `token_address` for agEUR contract

### Component C: Outstanding supply calculation
- **Purpose**: Combines mint and burn data to calculate the net circulating supply of agEUR tokens
- **Logic**: Unions mint and burn events, applying a negative sign to burn amounts to represent supply reduction. Groups events by day using `timestamp_trunc` to daily boundaries. Applies decimal correction using token metadata to ensure proper precision. Aggregates daily net changes by summing mint amounts and negative burn amounts. Calculates cumulative outstanding supply using a running sum ordered by timestamp and partitioned by chain and token address
- **Key fields**: `timestamp` truncated to daily grain, `amount` with burns as negative values, `outstanding_supply` as the cumulative sum, and `token_address` for partitioning

### Component D: Time series completion
- **Purpose**: Ensures continuous daily time series data without gaps
- **Logic**: Applies forward-fill logic to propagate the most recent outstanding supply value to any missing days. This ensures that the metric has values for every day since the first mint event, maintaining data continuity for downstream analysis
- **Key fields**: `timestamp` for daily boundaries, `outstanding_supply` values forward-filled, and all dimension fields preserved

### Final aggregation
- **Combining components**: The outstanding supply calculation naturally incorporates both mints (positive) and burns (negative) into a single cumulative metric through daily aggregation and running sum calculation
- **Currency conversion**: Outstanding supply quantities are converted to USD using end-of-day price feeds through Token Terminal's conversion system, which applies the appropriate exchange rate for each day
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with all events within a 24-hour period grouped together before calculating net supply changes
- **Final calculation**: The asset market cap circulating equals the outstanding supply of agEUR tokens multiplied by the end-of-day USD price, providing the total USD market value of circulating tokens

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

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

AngleANGLE

Circulating asset market cap

Circulating asset market cap

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