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 Total value locked Methodology

## 1. Overview

Angle's Total Value Locked (TVL) represents the total USD value of the outstanding supply of agEUR, Angle's Euro-denominated stablecoin. This metric measures the total amount of agEUR tokens that have been minted and remain in circulation (not yet burned or redeemed). The calculation tracks all mint and burn events for the agEUR token on Ethereum, computes the net outstanding supply over time, converts it to USD value, and aggregates it to produce the final TVL figure.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Ethereum token transfer events**: Parsed `Transfer` events for the agEUR token contract (`0x1a7e4e63778b4f12a199c062f3efdd288afcbce8`) on Ethereum
- **Token metadata**: Token decimal information and symbol data for proper amount normalization
- **End-of-day price feeds**: Daily USD price data for agEUR tokens to convert outstanding supply to USD value

## 3. Step-by-step calculation

### Component A: Stablecoin mint tracking
- **Purpose**: Identifies all agEUR token mint events on Ethereum
- **Logic**: Filters Ethereum token transfer events for the agEUR contract where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`). Transfers from the null address indicate new token creation/minting. Each mint event captures the timestamp, transaction details, recipient address, and mint amount.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `token_address`, `value` (mint amount)

### Component B: Stablecoin burn/redemption tracking
- **Purpose**: Identifies all agEUR token burn and redemption events on Ethereum
- **Logic**: Filters Ethereum token transfer events for the agEUR contract where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`). Transfers to these addresses indicate token destruction/burning. Each burn event captures the timestamp, transaction details, sender address, and burn amount.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `from_address`, `token_address`, `value` (burn amount)

### Component C: Outstanding supply calculation
- **Purpose**: Combines mint and burn events to calculate the net outstanding supply of agEUR tokens over time
- **Logic**: Unions mint events (as positive amounts) with burn events (converted to negative amounts) and truncates all timestamps to daily boundaries. Applies decimal correction using token metadata to normalize amounts to standard format. Groups transactions by day and sums the net change in token supply. Calculates cumulative outstanding supply using a running sum partitioned by chain and token address, ordered by timestamp. Implements forward filling to ensure continuous daily time series with no gaps.
- **Key fields**: `timestamp` (daily), `chain`, `token_address`, `token_symbol`, `amount` (daily net change), `outstanding_supply` (cumulative total)

### Component D: USD conversion and metric finalization
- **Purpose**: Converts outstanding supply from token units to USD value and formats as final metric
- **Logic**: Takes the outstanding supply time series and converts token amounts to USD using end-of-day price feeds. Applies forward filling again to ensure no gaps after USD conversion. Validates all required identifiers and applies standardized metric schema formatting through finalization macros.
- **Key fields**: `outstanding_supply` (in USD), `product_id`, `chain_id`, `timestamp`, `timestamp_grain`

### Final aggregation
- **Combining components**: The final TVL metric sums the USD-denominated outstanding supply across all dimensions (chain, product, etc.) for each timestamp
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day price feeds, with decimal correction applied before conversion to ensure proper scaling
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation, with forward filling applied to maintain continuous daily time series
- **Final calculation**: TVL equals the total USD value of agEUR tokens in circulation, calculated as the cumulative sum of all mints minus all burns, converted to USD at daily exchange rates

*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.

AngleANGLE

Total value locked

Total value locked

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