DOLA, issued by the Inverse Finance Protocol smart contracts under the governance of INV tokenholders, is a debt-backed stablecoin soft-pegged to the U.S. dollar (USD) at a 1:1 ratio and backed by overcollateralized onchain loans plus a reserve module. [S1][S2]

Holders receive a token pegged to one U.S. dollar (USD) and backed by more than 1 USD of collateral per unit, comprising overcollateralized loans on the FiRM lending market secured by assets such as wstETH, wBTC, and sUSDe in per-borrower escrows, and a Peg Stability Module that accepts USDS 1:1 and holds reserves in sUSDS. [S2][S3][S4] DOLA itself is non-yield-bearing; minting through the module is free and redemption carries a 20 basis point (0.20%) fee. [S2]

Inverse Finance is a decentralized, open-source protocol that states it is not affiliated with any central authority or organization, and it is not issued by a single corporate entity; all products are issued by smart contracts governed by INV tokenholders. [S1][S5] The holder's claim is an ERC-20 stablecoin token, not a fund interest, security, or e-money. [S2][S3] Access is open to any wallet with no KYC, and users are responsible for complying with their own local laws under an as is, no-warranty disclaimer. [S5][S3] DOLA is redeemable at par through the module against USDS, and borrowers repay DOLA to release collateral held in isolated Personal Collateral Escrows. [S2][S3]

DOLA is an ERC-20 token issued natively on Ethereum mainnet and available on Optimism, Base, and Arbitrum via bridging rather than independent native issuance. [S2][S3] Governance-authorized Fed smart contracts mint DOLA against FiRM borrowing and the Peg Stability Module within supply ceilings, and repayment burns it. [S2][S4] Settlement is instant and onchain. [S4]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.inverse.finance/inverse-finance/" },
    { id: "S2", url: "https://docs.inverse.finance/inverse-finance/inverse-finance/products/tokens/dola" },
    { id: "S3", url: "https://docs.inverse.finance/inverse-finance/llms-full.txt" },
    { id: "S4", url: "https://docs.inverse.finance/inverse-finance/inverse-finance/products/dola-feds.md" },
    { id: "S5", url: "https://docs.inverse.finance/inverse-finance/inverse-finance/about/disclaimer.md" },
  ]}
/>


# DOLA Total value locked Methodology

## 1. Overview

Total value locked (TVL) for DOLA measures the total value of the outstanding stablecoin supply issued by the protocol. For stablecoin issuers, TVL represents the tokenized value of user deposits and collateralized debt that has been minted into circulation. This metric serves as a primary indicator of the protocol's scale and the market demand for its synthetic assets.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events for the DOLA asset, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata (decimals)

## 3. Step-by-step calculation

### Component A: DOLA mint and redemption tracking

- **Purpose**: To identify all issuance and removal of the DOLA stablecoin from circulation.
- **Logic**: ERC-20 `Transfer` events for the DOLA contract address are parsed. Mints are identified as transfers originating from the null address. Redemptions (burns) are identified as transfers sent to either the null address or the dead address.
- **Key fields**: `from_address`, `to_address`, `value`, and `token_address`.

### Component B: Outstanding supply calculation

- **Purpose**: To determine the net circulating supply of DOLA on a daily basis.
- **Logic**: Daily mint volumes and redemption volumes are netted to calculate the daily change in supply. A cumulative sum of these net changes is calculated across the historical time series to determine the total outstanding supply. Gaps in daily activity are addressed by filling forward the last known cumulative balance to ensure a continuous time series.

### Component C: USD normalization and TVL aggregation

- **Purpose**: To convert the outstanding supply into a standardized USD-denominated TVL metric.
- **Logic**: Supply amounts are normalized by the asset's decimal precision. The normalized daily supply is multiplied by end-of-day price feeds to calculate the total USD value. This value is then aggregated as the final TVL for the DOLA product.
- **Key fields**: `outstanding_supply` and `price_usd`.

*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.

Total value locked

Stablecoins

Borrowers deposit funds into Inverse Finance and receive DOLA stablecoin.

Inverse Finance is a non-custodial stablecoin protocol built on Ethereum. Inverse Finance was founded by Nour Haridy and launched in 2020.

INV tokenholders own and govern the protocol. They currently take all of the fees paid by borrowers (revenue).

governance

github

twitter

discord

etherscan

website

Stablecoin issuers

Inverse Finance

Inverse Finance DOLA (DOLA) is a U.S. dollar stablecoin issued by Inverse Finance.

Holders can mint and redeem directly with Inverse Finance in USDS.

DOLA has been issued on Ethereum as an ERC-20 token since February 2021, with bridged versions on five more.

Inverse Finance DOLADOLA