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.

governance

github

twitter

discord

etherscan

website

Stablecoin issuers

Angle

# Angle Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total amount of agEUR (Angle's euro-denominated stablecoin) tokens currently in circulation. This metric answers the business question: "How many agEUR tokens exist in the market at any given time?" The calculation tracks the net difference between token mints (creation) and burns (destruction) over time, using a cumulative sum approach to maintain the running outstanding balance.

## 2. Data sources

The calculation uses the following raw data sources:
- **Ethereum token transfer events**: ERC20 `Transfer` events from the Ethereum blockchain for the agEUR token contract (`0x1a7e4e63778b4f12a199c062f3efdd288afcbce8`)
- **Token metadata**: Token symbols and decimal places for proper unit conversion
- **End-of-day price feeds**: USD exchange rates for currency conversion of outstanding supply values

## 3. Step-by-step calculation

### Component A: Mint event identification
- **Purpose**: Identifies new agEUR tokens being created (minted)
- **Logic**: Filters Ethereum `Transfer` events where the `from_address` field equals the null address (`0x0000000000000000000000000000000000000000`). This pattern indicates token creation since tokens are being transferred "from nothing" to a recipient address. Only includes events for the agEUR token contract and excludes removed/reverted transactions.
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `to_address` for recipient, `token_address` for contract identification

### Component B: Burn event identification  
- **Purpose**: Identifies agEUR tokens being destroyed (burned)
- **Logic**: Filters Ethereum `Transfer` events where the `to_address` field equals either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`). This pattern indicates token destruction since tokens are being transferred "to nothing" or an unusable address. Only includes events for the agEUR token contract and excludes removed/reverted transactions.
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, `from_address` for sender, `token_address` for contract identification

### Component C: Net supply calculation
- **Purpose**: Combines mint and burn events to calculate daily net token supply changes
- **Logic**: Unions mint and burn events into a single dataset, with burn amounts negated to represent supply reduction. Events are grouped by day using timestamp truncation. Token decimal correction is applied to convert raw token amounts to human-readable units. Daily aggregation sums all mint and burn events occurring on the same day.
- **Key fields**: `amount` (corrected for decimals), `timestamp` (daily), `chain`, `token_address`, `token_symbol`

### Final aggregation
- **Combining components**: Net daily supply changes are processed using a cumulative sum calculation partitioned by chain and token address, ordered chronologically
- **Currency conversion**: Outstanding supply values are converted to USD using end-of-day price feeds, with proper decimal handling
- **Time aggregation**: Daily time boundaries are used, with forward-filling applied to ensure no gaps in the time series
- **Final calculation**: The outstanding supply equals the cumulative sum of all net mint/burn events from the token's inception to each point in time, representing the total tokens in circulation

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

Circulating supply of stablecoins issued by the project.

AngleANGLE

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown