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).

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Inverse Finance

# Inverse Finance Circulating asset market cap Methodology

## 1. Overview

The asset market cap circulating metric for Inverse Finance measures the total value of circulating DOLA stablecoin tokens in USD. This metric represents the market capitalization based on the outstanding supply of DOLA tokens, calculated by tracking all mint and burn events to determine the circulating supply and converting it to USD value. For Inverse Finance, the circulating market cap is equivalent to the USD value of all DOLA tokens currently in circulation.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events for the DOLA token contract (`0x865377367054516e17014ccded1e7d814edc9ce4`) on Ethereum, capturing mints from the null address and burns to null/dead addresses
- **End-of-day price feeds**: Token price data for DOLA to enable USD conversion of supply values
- **Token metadata**: DOLA token information including decimal precision (18 decimals) for proper amount calculations

## 3. Step-by-step calculation

### Component A: DOLA token mint tracking
- **Purpose**: Identifies when new DOLA tokens are minted and added to circulation
- **Logic**: Extracts Ethereum `Transfer` events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`) and the token address matches the DOLA contract address. These transfers represent new tokens being minted into circulation. Events marked as removed are excluded from the calculation.
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `token_address` for DOLA identification, `from_address` and `to_address` for mint validation

### Component B: DOLA token burn tracking  
- **Purpose**: Identifies when DOLA tokens are burned and removed from circulation
- **Logic**: Extracts Ethereum `Transfer` events where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`) and the token address matches the DOLA contract. These transfers represent tokens being burned and removed from circulation. Events marked as removed are excluded.
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, `token_address` for DOLA identification, `from_address` and `to_address` for burn validation

### Component C: Daily net supply changes
- **Purpose**: Combines mints and burns to calculate daily net changes in DOLA supply
- **Logic**: Mint amounts are treated as positive values while burn amounts are treated as negative values. All events are grouped by day using timestamp truncation to the day level. The token amounts are corrected for DOLA's 18 decimal precision to get actual token quantities.
- **Key fields**: Daily aggregated `amount` values representing net supply changes, `timestamp` truncated to day level

### Component D: Cumulative outstanding supply calculation
- **Purpose**: Calculates the total outstanding DOLA supply at each point in time
- **Logic**: Uses a cumulative sum window function ordered by timestamp to calculate running totals of outstanding supply. This creates a time series showing how the total circulating DOLA supply evolves day by day as mints add to supply and burns reduce it.
- **Key fields**: `outstanding_supply` as the cumulative sum of all historical net supply changes

### Final aggregation
- **Combining components**: The outstanding supply values from the cumulative calculation become the base for the final metric
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day DOLA token prices through the standard USD conversion process
- **Time aggregation**: Daily boundary logic ensures consistent day-level calculations with forward-filling applied to handle any missing dates in the time series
- **Final calculation**: The USD-converted outstanding supply value directly represents the asset market cap circulating, as the market cap equals the circulating supply multiplied by the token price

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

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

Inverse FinanceINV

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown