DAI-MATIC, issued by the ioTube Protocol smart contracts under the operation of a core-dev team and a Proof-of-Authority witness set, is a wrapped cross-chain token representation that relays an existing third-party ERC20 asset between supported blockchain networks [S1][S2].

Holders receive a one-to-one wrapped proxy token representing the underlying deposited ERC20 asset rather than any fund interest, NAV accrual, dividend, coupon, or yield, since ioTube is a bridge and not an income-distributing instrument [S1][S2]. ioTube discloses a one-time token integration fee of 200 U.S. dollars (USD) per blockchain, a test-token requirement of roughly 1 to 10 USD equivalent, and network-dependent gas costs for transfers [S3][S4][S2].

No operating legal entity, jurisdiction of formation, or corporate structure appears across ioTube's domains; the protocol is operated by a core-dev team rather than a single corporate issuer [S3][S4][S2]. The token confers no holder claim against an issuer; it is a wrapped representation of a pre-existing asset, exchangeable one-to-one at any time [S1][S2]. Operationally, proxy tokens are burned and the underlying asset is released from onchain TokenSafe contracts after a witness supermajority attests, secured by a Proof-of-Authority witness set required to be IoTeX consensus delegates for three months and by audits from Fuzzland [S2].

Supported token standards include XRC20, ERC20, BEP20, and SPL, across IoTeX, Ethereum, BNB Smart Chain, Polygon, and Solana with IoTeX as the central hub [S1][S2]. Deposits lock or burn the origin asset and mint the proxy token once more than two-thirds of registered witnesses endorse the transfer; IoTeX settles with instant finality while Ethereum endorsements wait approximately 12 blocks [S2].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://iotube.org" },
    { id: "S2", url: "https://docs.iotube.org/llms-full.txt" },
    { id: "S3", url: "https://iotube.org/about" },
    { id: "S4", url: "https://iotube.org/faq" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

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

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

Matic DAI StablecoinDAI-MATIC