Collators aggregate parachain transactions block candidates and producing state transition proofs for validators based on those blocks.

Hydration is a Polkadot parachain specialized in trading, lending, and stablecoin issuance.

HDX holders own and govern the protocol. Hydration’s investors include KR1 plc, Hypersphere, etc.

website

twitter

github

telegram

discord

medium

governance

etherscan

Blockchains (L2)

Hydration

# Hydration Circulating asset market cap Methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for specific assets within the Hydration ecosystem. For stablecoins like HOLLAR, this metric reflects the total outstanding supply issued on the network. The value is determined by multiplying the daily circulating supply of the asset by its end-of-day market price, providing an indicator of the total onchain liquidity and assets under management (AUM) for the protocol.

## 2. Data sources

- **Blockchain events**: Token supply state records from `atoken` contracts on Hydration Substrate
- **External data**: End-of-day price feeds for tokenized assets

## 3. Step-by-step calculation

### Component A: Token supply extraction

- **Purpose**: Retrieve the daily outstanding supply of tokenized assets.
- **Logic**: Total supply values are extracted from `atoken` supply state records. For the HOLLAR stablecoin, supply data is isolated using its specific contract address. Amounts are normalized by decimal precision to represent the true circulating volume of the asset.
- **Key fields**: `total_supply`, `atoken_address`

### Component B: Supply continuity and gap filling

- **Purpose**: Ensure a continuous time series for market capitalization.
- **Logic**: Because onchain supply values are only recorded when changes occur, a forward-filling mechanism is applied. The last known supply value for each asset is carried forward to every subsequent day until a new state change is detected. This ensures that market capitalization is calculated for every day in the reporting period.

### Component C: USD conversion and final aggregation

- **Purpose**: Normalize the circulating supply to a dollar-denominated market capitalization.
- **Logic**: The daily circulating supply for each asset is multiplied by the corresponding end-of-day price from external price feeds. These values are aggregated by product and chain. Any remaining days without data are filled with zeros to maintain consistency across the dataset.
- **Key fields**: `outstanding_supply`, `price_usd`, `timestamp`

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

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

HydrationHDX

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown