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Stablecoin issuers

Anzen

# Anzen Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into Anzen, represented by the market capitalization of the Anzen USDz stablecoin. It serves as a leading indicator for the protocol's adoption and the total tokenized value of the underlying private credit assets. TVL is calculated by tracking the cumulative outstanding supply of Anzen USDz across all supported blockchains, which is then converted to USD.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events from Anzen USDz contracts, covering Ethereum, Base, and Blast
- **External data**: End-of-day price feeds for Anzen USDz and asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: Stablecoin mint tracking

- **Purpose**: Captures the issuance of new Anzen USDz assets
- **Logic**: ERC-20 `Transfer` events are parsed from the Anzen USDz contract addresses. Mints are identified by filtering for transactions where the sender address is the null address. The transaction value is extracted to represent the quantity of assets issued.
- **Key fields**: `value`, `from_address`, `token_address`

### Component B: Stablecoin redemption tracking

- **Purpose**: Captures the removal of Anzen USDz assets from circulation
- **Logic**: ERC-20 `Transfer` events are parsed from the Anzen USDz contract addresses. Redemptions are identified by filtering for transactions where the recipient address is either the null address or the designated dead address. These events represent the burning of the stablecoin asset.
- **Key fields**: `value`, `to_address`, `token_address`

### Component C: Outstanding supply calculation

- **Purpose**: Determine the total amount of Anzen USDz currently in circulation
- **Logic**: Daily net changes in supply are calculated by subtracting the total redemption volume from the total mint volume for each chain. A cumulative sum of these net changes is performed chronologically to derive the outstanding supply. Missing daily values are filled forward from the last known state to ensure a continuous time series.
- **Key fields**: `amount` (net change), `block_timestamp`

### Component D: USD conversion and aggregation

- **Purpose**: Normalize supply values to a common currency for total valuation
- **Logic**: Outstanding supply quantities are normalized by the decimal precision of the asset. These normalized values are multiplied by end-of-day price feeds to determine the USD-denominated TVL. Values are aggregated at the project level by summing the USD value of outstanding supply across all supported chains.
- **Key fields**: `outstanding_supply`, `price_usd`

*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.

AnzenANZ

Total value locked

Total value locked

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