Users deposit funds into Gemini account and receive GUSD at a 1:1 rate.

Gemini is a financial technology company that is the principal architect of GUSD - full-reserve fiat stablecoin that brings US dollar liquidity on-chain.

Gemini is a private company. Gemini's investors include Draper Dragon, Electric Feel Ventures etc.

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Gemini

# Gemini Total value locked Methodology

## 1. Overview

Gemini's Total Value Locked (TVL) represents the total USD value of outstanding GUSD (Gemini Dollar) stablecoin supply. This metric tracks the cumulative net issuance of GUSD tokens by analyzing mint and burn events on Ethereum. The calculation aggregates the outstanding supply of all Gemini products and converts the total to USD using end-of-day price feeds.

## 2. Data sources

- **Ethereum blockchain events**: Parsed ERC-20 `Transfer` events specifically for the GUSD token contract (`0x056fd409e1d7a124bd7017459dfea2f387b6d5cd`)
- **Token metadata**: Contract information including token decimals and symbols for proper amount scaling
- **End-of-day price feeds**: USD price data for accurate currency conversion
- **Chain availability data**: Information about supported blockchain networks

## 3. Step-by-step calculation

### Component A: GUSD mint event identification
- **Purpose**: Identifies new GUSD tokens being minted and added to circulation
- **Logic**: Filters Ethereum `Transfer` events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`) and the `token_address` matches the GUSD contract address. These transfers represent new tokens being created from nothing. Only non-removed (valid) transactions are included.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `token_address`, and `value` (token amount)

### Component B: GUSD burn event identification  
- **Purpose**: Identifies GUSD tokens being burned and removed from circulation
- **Logic**: Filters Ethereum `Transfer` events where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`) and the `token_address` matches GUSD. These transfers represent tokens being destroyed by sending them to unrecoverable addresses. Only non-removed transactions are included.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `from_address`, `token_address`, and `value` (token amount)

### Component C: Daily supply change calculation
- **Purpose**: Combines mint and burn events to calculate net daily supply changes
- **Logic**: Union mint events (with positive amounts) and burn events (with negative amounts), then group by day using `timestamp_trunc`. Apply decimal correction using token metadata to ensure amounts are properly scaled. Aggregate all transactions within each day to get net daily supply change.
- **Key fields**: `timestamp` (daily), `chain`, `product_id`, `token_address`, `token_symbol`, and `amount` (net daily change)

### Component D: Cumulative outstanding supply calculation
- **Purpose**: Calculates the running total of outstanding GUSD tokens over time
- **Logic**: Use a window function to compute cumulative sum of daily net supply changes, partitioned by chain, token address, and token symbol, ordered chronologically by timestamp. This produces the total outstanding supply on each day.
- **Key fields**: `outstanding_supply` (cumulative total)

### Component E: Data continuity and gap filling
- **Purpose**: Ensures continuous daily time series without missing dates
- **Logic**: Apply forward-fill logic to populate missing days with the most recent outstanding supply value. This maintains data continuity and prevents gaps in the time series that could affect downstream analysis.
- **Key fields**: All dimensions preserved with forward-filled `outstanding_supply` values

### Final aggregation
- **Combining components**: Outstanding supply data is converted to USD using end-of-day token price feeds and decimal-corrected amounts
- **Currency conversion**: USD conversion applies end-of-day prices to the outstanding supply amounts, ensuring consistent valuation timing
- **Time aggregation**: Data is maintained at daily granularity with forward-fill strategy to handle missing dates
- **Final calculation**: TVL is calculated by summing the USD-denominated outstanding supply across all chains and products. The `finalize_metric_tvl` macro applies schema validation, ensures no data gaps through forward-filling with zero-fill strategy, and filters out unsupported chains like TON

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Gemini

Total value locked

Total value locked

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