Liquidity providers deposit funds into Curve and receive trading fees from traders (supply-side fees).

Curve is a non-custodial exchange protocol built originally on Ethereum. Curve was founded by Michael Egorov and launched in 2020.

CRV tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). 

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Curve

# Curve Circulating asset market cap Methodology

## 1. Overview

The Curve asset market cap circulating metric measures the total value of crvUSD tokens in circulation, representing the outstanding debt in Curve's stablecoin protocol. For crvUSD, the circulating market cap is equivalent to the outstanding supply since it's a debt-backed stablecoin where each token represents outstanding debt in the protocol. This metric answers the question: "What is the total USD value of crvUSD tokens currently in circulation?"

The calculation involves extracting debt data from Curve's stablecoin protocol, normalizing token amounts, aggregating daily values, and converting to USD to determine the total circulating market cap.

## 2. Data sources

- **Curve stablecoin protocol data**: Debt tracking system that monitors outstanding crvUSD debts and supply states
- **crvUSD token contract data**: State data from the crvUSD token contract (`0xf939e0a03fb07f59a73314e73794be0e57ac1b4e`) including supply information stored in JSON format
- **End-of-day price feeds**: Token price data used for USD conversion of the supply values
- **Token metadata**: Decimal precision information for crvUSD (18 decimals) used for amount normalization

## 3. Step-by-step calculation

### Component A: Raw supply data extraction
- **Purpose**: Extract outstanding crvUSD debt amounts from Curve's stablecoin protocol
- **Logic**: Query the Curve stablecoin debt tracking system to retrieve debt records for the crvUSD token contract. Extract the `amount` value from JSON-formatted debt data and normalize by dividing by 10^18 to account for the token's 18 decimal places. Filter for the specific crvUSD token address to ensure only relevant debt data is included.
- **Key fields**: `timestamp` for temporal tracking, `chain` for blockchain identification, `token_address` set to the crvUSD contract address, and `amount` representing the normalized debt/supply value

### Component B: Daily aggregation and continuity
- **Purpose**: Aggregate raw debt data into consistent daily values and ensure time series continuity
- **Logic**: Group the normalized debt data by timestamp, chain, and token address with daily granularity. Calculate the average amount for each day to handle any intraday variations in debt reporting. Apply forward-filling logic to ensure no gaps exist in the daily time series, carrying forward the last known value for any missing days.
- **Key fields**: `timestamp` with daily grain, `outstanding_supply` as the averaged daily debt amount, and dimensional keys for grouping

### Component C: USD conversion and business categorization
- **Purpose**: Convert supply values to USD and add business context metadata
- **Logic**: Apply USD conversion using end-of-day token price feeds to convert the outstanding supply from token units to USD value. Add business categorization metadata including market sector as 'stablecoin_issuers', business segment as 'stablecoin_issuer', and product identifier as 'crvusd'. Maintain the timestamp and chain information throughout the conversion process.
- **Key fields**: `outstanding_supply` converted to USD, plus business metadata fields for categorization and reporting

### Final aggregation
- **Combining components**: The final metric directly uses the USD-converted outstanding supply value as the asset market cap circulating, since for crvUSD these concepts are equivalent
- **Currency conversion**: USD conversion occurs using end-of-day price feeds applied to the daily aggregated supply values
- **Time aggregation**: Data is aggregated to daily boundaries with forward-filling to ensure complete time series coverage
- **Final calculation**: The asset market cap circulating equals the outstanding supply in USD, representing the total value of crvUSD tokens in circulation based on the outstanding debt in Curve's stablecoin protocol

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

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

CurveCRV

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown