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Stablecoin issuers

Fathom

# Fathom Circulating asset market cap Methodology

## 1. Overview

This metric calculates the circulating market cap of Fathom's Fathom Dollar stablecoin by tracking the outstanding supply of tokens in circulation. For Fathom, the asset market cap circulating is equivalent to the outstanding supply of Fathom Dollar tokens multiplied by their USD value. The calculation tracks all mint and burn events on the XDC blockchain to maintain a running total of circulating tokens, which represents the market cap since Fathom Dollar is designed to maintain a $1 peg.

## 2. Data sources

- **XDC blockchain events**: Parsed `Transfer` events for the Fathom Dollar token contract on XDC blockchain
- **Token transfer data**: XDC blockchain token transfer records filtering for the specific Fathom Dollar token address (`0x49d3f7543335cf38fa10889ccff10207e22110b5`)
- **External data**: End-of-day token price feeds for USD conversion and token metadata containing decimal precision information

## 3. Step-by-step calculation

### Component A: Fathom Dollar stablecoin mints
- **Purpose**: Identifies when new Fathom Dollar tokens are created and added to circulation
- **Logic**: Filters XDC blockchain token transfer events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`) and the token address matches the Fathom Dollar contract. These represent mint events where tokens are created from nothing. Events are filtered to exclude removed/invalid transactions
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `to_address` for recipient, `transaction_hash` and `log_index` for uniqueness

### Component B: Fathom Dollar stablecoin redemptions
- **Purpose**: Identifies when Fathom Dollar tokens are burned or removed from circulation
- **Logic**: Filters XDC blockchain token transfer events where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`) and the token address matches the Fathom Dollar contract. These represent burn/redemption events where tokens are effectively destroyed. Events are filtered to exclude removed/invalid transactions
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, `from_address` for the address burning tokens, `transaction_hash` and `log_index` for uniqueness

### Component C: Outstanding supply calculation
- **Purpose**: Combines mint and burn events to calculate the net outstanding supply of Fathom Dollar tokens
- **Logic**: Unions mint events (with positive amounts) and burn events (with negative amounts converted by multiplying by -1). Daily aggregation groups all mint and burn events by day. Decimal correction is applied based on token metadata to ensure proper value representation. A cumulative sum calculation uses window functions partitioned by chain and token address, ordered by timestamp, to maintain a running total of outstanding supply over time
- **Key fields**: `timestamp` truncated to day, `amount` representing net daily supply change, `outstanding_supply` as the running cumulative total

### Component D: Time series completion and USD conversion
- **Purpose**: Ensures complete daily time series and converts values to USD
- **Logic**: Forward fill missing dates to create unbroken daily time series, carrying forward the last known outstanding supply value for any missing days. USD conversion applies end-of-day price feeds to convert the outstanding supply from native token units to USD value. Since Fathom Dollar is a stablecoin designed to maintain a $1 peg, this conversion represents the dollar value of circulating supply
- **Key fields**: `outstanding_supply` filled forward for missing dates, USD-converted values using price feeds

### Final aggregation
- **Combining components**: The outstanding supply value calculated from the cumulative mint/burn tracking becomes the `asset_market_cap_circulating` value directly, as the circulating market cap equals the outstanding token supply for a stablecoin
- **Currency conversion**: USD conversion uses end-of-day price feeds applied to the outstanding supply values
- **Time aggregation**: Daily boundary logic truncates timestamps to day level, with forward filling ensuring no gaps in the daily time series
- **Final calculation**: The asset market cap circulating equals the outstanding supply of Fathom Dollar tokens (total mints minus total burns) converted to USD value, representing the total dollar value of Fathom Dollar tokens in circulation

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

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

Fathom

Circulating asset market cap

Circulating asset market cap

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