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# Cap Circulating asset market cap Methodology

## 1. Overview

The asset market cap circulating metric for CapApp represents the total circulating supply of the CUSD stablecoin expressed in USD. This metric answers the question "What is the total value of CUSD tokens currently in circulation?" For stablecoins like CUSD that maintain a $1 peg, the circulating supply in tokens directly equals the market capitalization in USD. The calculation tracks all mint and burn events to maintain a running total of outstanding tokens.

## 2. Data sources

The calculation relies on these raw data sources:
- **Ethereum Transfer events**: Parsed `Transfer` event logs from the CUSD token contract on Ethereum, capturing all token movements including mints and burns
- **Token metadata**: Token decimal precision information needed to correctly interpret token amounts from blockchain events
- **End-of-day price feeds**: Daily USD price data for the CUSD token used in final currency conversion

## 3. Step-by-step calculation

### Component A: CUSD mint detection
- **Purpose**: Identify all new CUSD token creation events
- **Logic**: Filter Ethereum `Transfer` events where the `from_address` field equals the null address (`0x0000000000000000000000000000000000000000`). This pattern indicates new token minting since tokens are being transferred "from nowhere" to a recipient address. Extract the `value`, `block_timestamp`, and transaction details from these events.
- **Key fields**: `value` (amount minted), `to_address` (recipient), `block_timestamp` (mint time), `transaction_hash` and `log_index` for uniqueness

### Component B: CUSD burn detection  
- **Purpose**: Identify all CUSD token destruction events
- **Logic**: Filter Ethereum `Transfer` events where the `to_address` field equals either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`). This pattern indicates token burning since tokens are being transferred "to nowhere" and removed from circulation. Extract the same transaction details as mints.
- **Key fields**: `value` (amount burned), `from_address` (burn initiator), `block_timestamp` (burn time), `transaction_hash` and `log_index` for uniqueness

### Component C: Net supply calculation
- **Purpose**: Calculate the daily net change in token supply by combining mints and burns
- **Logic**: Union the mint events with burn events, converting burn amounts to negative values to represent supply reduction. Truncate all timestamps to daily boundaries and group by day, summing the positive mint amounts and negative burn amounts to get the net daily supply change.
- **Key fields**: `timestamp` (daily), `amount` (net daily change, positive for mints, negative for burns)

### Component D: Decimal correction
- **Purpose**: Apply proper decimal precision to token amounts
- **Logic**: Use token metadata to determine the correct number of decimal places for the CUSD token and adjust raw blockchain amounts accordingly. This ensures amounts are expressed in human-readable token units rather than the smallest denomination stored on-chain.
- **Key fields**: Corrected `amount` values with proper decimal places applied

### Component E: Outstanding supply tracking
- **Purpose**: Calculate the cumulative outstanding supply at each point in time
- **Logic**: Apply a running sum window function over the daily net changes, ordered by timestamp and partitioned by chain and token address. This creates a cumulative total that represents the outstanding token supply at the end of each day.
- **Key fields**: `outstanding_supply` (cumulative total tokens in circulation)

### Component F: Time series completion
- **Purpose**: Ensure continuous daily time series with no gaps
- **Logic**: Use forward-filling logic to propagate the most recent outstanding supply value to any missing dates in the time series. This ensures the metric has a value for every day since token launch.
- **Key fields**: Gap-filled `outstanding_supply` values for all dates

### Final aggregation
- **Combining components**: The process flows sequentially from mint/burn detection through net calculation, decimal correction, cumulative tracking, and gap filling
- **Currency conversion**: Apply end-of-day USD price conversion to the outstanding supply using token price feeds, though for CUSD this typically equals $1 per token
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with all intraday events summed together
- **Final calculation**: The outstanding supply in USD becomes the asset market cap circulating through a direct field renaming, since for stablecoins the circulating supply value equals market capitalization when the token maintains its $1 peg

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Cap

Circulating asset market cap

Circulating asset market cap

Competitive landscape

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