Base batches users' transactions and submits them to Ethereum, paying a share of the transaction fees to Ethereum validators (expense).

Base is an Ethereum Layer 2 (L2) offering a secure, low-cost, builder-friendly way for anyone, anywhere, to build onchain.

Coinbase team owns and governs the protocol. Coinbase is a public company and its investors include Andreessen Horowitz, Vanguard Group, ARK Investment Management, etc.

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Base

# Base cbBTC outstanding supply Methodology

## 1. Overview

cbBTC outstanding supply measures the total amount of cbBTC tokens currently in circulation across Ethereum and Base blockchains. This metric tracks the cumulative net supply by monitoring mint and burn events through blockchain `Transfer` events. The calculation identifies new token creation (mints) as transfers from the null address and token destruction (burns) as transfers to null or dead addresses, then maintains a running total of the outstanding supply over time.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `Transfer` events for cbBTC token contract at address `0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf`
- **Base blockchain events**: Parsed `Transfer` events for cbBTC token contract at the same address `0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf`
- **Token metadata**: Configuration data including decimal precision for proper unit conversion
- **External price feeds**: End-of-day token price data for USD conversion

## 3. Step-by-step calculation

### Component A: Transfer event collection
- **Purpose**: Gather all cbBTC transfer events across supported blockchains
- **Logic**: Extract `Transfer` events from both Ethereum and Base blockchains for the cbBTC token contract address. Filter out removed or invalid transactions. Each transfer record includes timestamp, transaction details, sender address, recipient address, and transfer amount. The events are labeled with appropriate chain identifiers and market sector classifications.
- **Key fields**: `block_timestamp`, `transaction_hash`, `from_address`, `to_address`, `amount`, `token_address`, `chain_id`

### Component B: Mint and burn identification  
- **Purpose**: Classify transfers as either mints (supply increases) or burns (supply decreases)
- **Logic**: Identify mints as `Transfer` events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`), indicating new token creation. Identify burns as transfers where the `to_address` is either the null address or the dead address (`0x000000000000000000000000000000000000dead`), indicating token destruction. Mint amounts are kept positive while burn amounts are converted to negative values for net calculation.
- **Key fields**: `from_address`, `to_address`, `amount` (with sign correction for burns)

### Component C: Decimal correction and daily aggregation
- **Purpose**: Convert raw token amounts to proper units and aggregate by day
- **Logic**: Apply decimal correction to convert raw blockchain amounts to standard token units using token metadata. Truncate timestamps to daily boundaries and sum all mint and burn amounts for each day, grouped by chain, token address, and other dimension fields. This creates daily net change values for the outstanding supply.
- **Key fields**: `timestamp` (daily), `amount` (decimal-corrected), aggregation dimensions

### Component D: Cumulative supply calculation
- **Purpose**: Calculate running total of outstanding supply over time
- **Logic**: Use window functions to calculate cumulative sum of daily net changes, partitioned by chain and token address, ordered by timestamp. This creates a running total that represents the outstanding supply at each point in time. The calculation maintains separate totals for each chain to track cross-chain supply distribution.
- **Key fields**: `outstanding_supply` (cumulative sum), partition keys

### Component E: Time series completion
- **Purpose**: Ensure continuous daily time series without gaps
- **Logic**: Forward-fill missing days in the time series to create a complete daily sequence. For any missing dates, the system carries forward the last known outstanding supply value, ensuring the metric has complete coverage across the entire time range.
- **Key fields**: `timestamp`, `outstanding_supply` (forward-filled)

### Final aggregation
- **Combining components**: The final metric combines the completed time series from all chains, maintaining chain-specific supply values while ensuring consistent schema and metadata
- **Currency conversion**: Convert token amounts to USD using end-of-day price feeds joined by token address and date
- **Time aggregation**: Data is maintained at daily granularity with timestamp boundaries set to start of day
- **Final calculation**: The outstanding supply represents the cumulative net result of all mints minus all burns from token inception to each given date, expressed in both token units and USD value

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

Base

cbBTC outstanding supply

cbBTC outstanding supply

Competitive landscape

Chain breakdown