ZCHF, issued by the Frankencoin Protocol smart contracts under the governance of Frankencoin Pool Shares (FPS) tokenholders, is a decentralized, over-collateralized stablecoin that tracks the value of the Swiss franc (CHF) [S1][S2].

Holders receive a token tracking the Swiss franc (CHF), maintained near parity through over-collateralization and market arbitrage rather than an issuer guarantee, with no hard peg [S2]. A savings module lets ZCHF holders deposit to earn yield funded by the system's equity reserve, at an interest rate set through governance with a multi-day delay before accrual begins [S3]. Protocol-level costs include upfront minting interest, a reserve held back at minting, and a 1,000 ZCHF proposal fee for new collateral types [S3][S2][S4].

ZCHF is issued by a decentralized protocol with no single corporate issuer and does not represent a claim toward any issuer [S4][S5]. The Frankencoin Association, a Swiss non-profit based in Zug, Switzerland, supports the ecosystem but does not control the protocol [S1]. Citing a legal memorandum, the documentation assesses ZCHF as a payment token that neither formally nor functionally qualifies as a security under Swiss law [S4][S5]. A minter redeems by burning ZCHF to close a position and recover collateral, which remains under the position owner's control rather than with a central custodian [S3][S6].

ZCHF is an ERC-20 token native to Ethereum mainnet, with FPS governance voting native to Ethereum [S4][S1][S6]. ZCHF is also available across Polygon, Arbitrum, Base, Optimism, Gnosis Chain, and Avalanche via bridges [S4][S6]. Minting occurs through collateralized positions; new collateral types require a proposal and at least a 3-day initialization period during which qualified FPS holders may veto [S2][S7]. Valuation is oracle-free, determined by an auction and challenge mechanism [S2][S3].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://frankencoin.com" },
    { id: "S2", url: "https://docs.frankencoin.com/positions" },
    { id: "S3", url: "https://docs.frankencoin.com/" },
    { id: "S4", url: "https://docs.frankencoin.com/faq" },
    { id: "S5", url: "https://docs.frankencoin.com/llms-full.txt" },
    { id: "S6", url: "https://docs.frankencoin.com/reserve" },
    { id: "S7", url: "https://docs.frankencoin.com/governance" },
  ]}
/>


# Asset transfer volume methodology

## 1. Overview

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, Tron, Starknet, zkSync Era, and others)
- **Solana instructions**: SPL token transfers, mints, and burns
- **Aptos events**: Token withdraw events
- **Near events**: Token transfer events
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet
- **Cardano UTXO transactions**: Token deposits, withdrawals, and mint/burn events
- **Stellar operations**: Classic token withdrawals and Soroban SEP-41 token transfers
- **Sui transactions**: Token withdrawals and `TreasuryCap` supply changes
- **Algorand transactions**: Asset transfer transactions
- **Injective events**: Token transfer, mint, and burn events
- **Stacks transactions**: Token transfer events
- **Asset metadata**: Token contract addresses and decimal precision
- **External data**: End-of-day price feeds and fiat exchange rates

## 3. Step-by-step calculation

### Component A: Raw transfer volume extraction

- **Purpose**: Extract raw token transfer quantities from onchain events and transactions
- **Logic**: On EVM-compatible chains, token transfer quantities are extracted from ERC-20 `Transfer` events. On Solana, quantities are extracted from SPL token transfers, mints, and burns. On Aptos, Near, Algorand, Injective, and Stacks, transfer volumes are parsed from native token transfer and withdrawal events. On Polkadot Asset Hub, volumes are extracted from `Transferred` events emitted by the `assets` pallet. On Cardano, UTXO withdrawals and mint events are aggregated to capture all token movements. On Stellar, classic token withdrawals and Soroban SEP-41 transfer, mint, and burn events are parsed. On Sui, token withdrawals are combined with mint events derived from `TreasuryCap` supply changes.
- **Key fields**: `timestamp` (the day of the transfer) `token_address` (the contract or asset identifier) `amount` (the raw transfer quantity)

### Component B: Premint and preburn correction

- **Purpose**: Exclude non-circulating token movements to isolate genuine economic transfer volume
- **Logic**: For supported chains, raw transfer volumes are corrected by subtracting premints and preburns. Premints are defined as tokens minted directly into designated project treasury or premint addresses, while preburns are represented by tokens burned directly from these non-circulating addresses. On EVM-compatible chains, Solana, Injective, Stacks, and Stellar Soroban, these flows are identified by filtering transfers where the sender or recipient matches a known treasury address. On Algorand, transfers between asset configuration addresses and treasury addresses are subtracted. On Cardano, deposits to and withdrawals from treasury addresses during mint or burn transactions are netted out.
- **Key fields**: `amount` (the corrected transfer quantity) `token_address` (the contract or asset identifier) `timestamp` (the day of the transfer)

### Component C: Decimal normalization and zero-filling

- **Purpose**: Normalize token quantities to human-readable units and ensure continuous daily time series
- **Logic**: Raw token quantities are normalized by the decimal precision retrieved from the asset metadata. For days with no recorded transfer activity, the time series is filled with zero values to maintain a continuous daily record for each asset.
- **Key fields**: `amount` (the normalized transfer quantity) `decimals` (the decimal precision of the token)

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized transfer volumes to USD and aggregate across all chains
- **Logic**: Normalized daily transfer volumes are multiplied by the end-of-day price feeds sourced from market data providers. For assets pegged to fiat currencies other than USD, daily exchange rates are applied using Chainlink FX price feeds to determine the USD-equivalent value. The final daily asset transfer volume is calculated by summing the USD-denominated transfer volumes across all active chains for each asset.
- **Key fields**: `price_usd` (the end-of-day market price of the asset in USD) `amount_usd` (the final transfer volume in USD)

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

Asset transfer volume

Stablecoins

Users can mint ZCHF by providing crypto collateral through an auction mechanism. The protocol uses a novel governance model where token holders vote on collateral types and risk parameters.

Frankencoin is a decentralized protocol that issues ZCHF, a Swiss Franc-pegged stablecoin backed by crypto collateral. ZCHF uses an auction-based mechanism for collateral management without relying on external oracles.

Frankencoin Protocol is a community-governed DeFi protocol focused on bringing a decentralized Swiss Franc stablecoin to multiple blockchains.

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Stablecoin issuers

Frankencoin

Frankencoin ZCHF (ZCHF) is a Swiss Franc stablecoin issued by Frankencoin.

Holders can mint and redeem directly with Frankencoin.

ZCHF has been issued on public blockchains since October 2023 and is native to 8 networks, including Ethereum, Arbitrum One, Avalanche, Base, Gnosis, and OP Mainnet.

Frankencoin ZCHFZCHF