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Base

# Base EURC outstanding supply Methodology

## 1. Overview

EURC outstanding supply measures the total amount of Euro Coin (EURC) tokens in circulation on the Base blockchain at any given point in time. This metric answers the business question: "What is the current circulating supply of EURC on Base?" The calculation tracks all mint and burn events from Circle's EURC contracts, maintaining a running cumulative total that reflects the net supply changes over time.

## 2. Data sources

The methodology relies on the following raw data sources:

- **Base blockchain event logs**: Parsed `Mint` and `Burn` events from Circle's EURC smart contracts on Base blockchain
- **Transaction data**: Base blockchain transaction records containing the event logs and metadata (timestamps, transaction hashes, log indices)
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal place correction
- **Contract addresses**: Circle EURC contract addresses on Base for event filtering

## 3. Step-by-step calculation

### Component A: EURC mint events processing
- **Purpose**: Captures all EURC tokens created on Base blockchain
- **Logic**: Extracts `Mint` events from Circle's EURC contracts on Base. Each mint event contains an `amount` field representing newly created EURC tokens. Events are filtered to only include those from official Circle EURC contract addresses. Each record includes block timestamp, transaction hash, log index for uniqueness, and the token contract address.
- **Key fields**: `amount` (tokens minted), `block_timestamp` (when mint occurred), `token_address` (EURC contract), `transaction_hash` and `log_index` for event identification

### Component B: EURC burn events processing  
- **Purpose**: Captures all EURC tokens destroyed on Base blockchain
- **Logic**: Extracts `Burn` events from Circle's EURC contracts on Base. Each burn event contains an `amount` field representing EURC tokens removed from circulation. Events are filtered to only include those from official Circle EURC contract addresses. The data structure matches mint events for consistent processing.
- **Key fields**: `amount` (tokens burned), `block_timestamp` (when burn occurred), `token_address` (EURC contract), `transaction_hash` and `log_index` for event identification

### Component C: Supply change aggregation
- **Purpose**: Combines mints and burns into daily net supply changes
- **Logic**: Unions mint and burn events, treating burn amounts as negative values to represent supply reduction. Events are grouped by day using timestamp truncation, then aggregated to calculate the net supply change for each date. This handles multiple mints and burns occurring on the same day by summing them into a single daily delta.
- **Key fields**: `timestamp` (daily truncation), `outstanding_delta` (net supply change for the day), maintaining chain and token address groupings

### Component D: Cumulative supply calculation
- **Purpose**: Transforms daily changes into running total outstanding supply
- **Logic**: Applies cumulative sum calculation using window function ordered by timestamp and partitioned by chain and token address. Each day's outstanding supply equals the previous day's supply plus the current day's net change (mints minus burns). This creates a time series showing total EURC in circulation at each point in time.
- **Key fields**: `outstanding_supply` (cumulative total), maintaining time-ordered sequence for accurate calculation

### Final aggregation
- **Combining components**: The daily outstanding supply values are forward-filled to ensure complete time series coverage, filling gaps where no mint or burn activity occurred
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day token price feeds and corrected for EURC decimal places
- **Time aggregation**: Data is maintained at daily granularity with forward-filling strategy to handle missing dates
- **Final calculation**: The final metric represents the total EURC tokens in circulation on Base blockchain, expressed in both native token units and USD value, with complete daily coverage through forward-filling of the most recent outstanding supply value

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

Base

EURC outstanding supply

EURC outstanding supply

Competitive landscape

Chain breakdown