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JPYC EX

# JPYC EX Circulating asset market cap Methodology

## 1. Overview

The Japanese Yen Stablecoin asset market cap circulating metric measures the total market value of Japanese Yen Stablecoin stablecoin tokens that are currently in circulation. For Japanese Yen Stablecoin, this metric is equivalent to the outstanding supply multiplied by the current USD price. The calculation tracks all mint and burn events across multiple blockchain networks to determine the net circulating supply, then converts this to USD value using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: Parsed ERC20 `Transfer` events for Japanese Yen Stablecoin token across Ethereum, Polygon, and Avalanche networks
- **Token contract data**: Japanese Yen Stablecoin token contract `0xe7c3d8c9a439fede00d2600032d5db0be71c3c29` deployed on multiple chains
- **External data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Decimal precision information for proper unit conversion
- **Special addresses**: Null address (`0x0000000000000000000000000000000000000000`) and dead address (`0x000000000000000000000000000000000000dead`) for identifying mint and burn events

## 3. Step-by-step calculation

### Component A: Japanese Yen Stablecoin mint event extraction
- **Purpose**: Identify all new Japanese Yen Stablecoin tokens created across supported blockchains
- **Logic**: Extract `Transfer` events from blockchain event logs where the `from_address` is the null address and the `token_address` matches the Japanese Yen Stablecoin contract address. Only include events that have not been removed from the blockchain. Filter for the specific Japanese Yen Stablecoin token contract address on each supported chain (Ethereum, Polygon, Avalanche).
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `from_address`, `value` (mint amount), `token_address`, and `chain` identifier

### Component B: Japanese Yen Stablecoin burn event extraction  
- **Purpose**: Identify all Japanese Yen Stablecoin tokens that have been destroyed or removed from circulation
- **Logic**: Extract `Transfer` events where the `to_address` is either the null address or the dead address, indicating tokens being burned or permanently removed. Apply the same token contract and chain filtering as mint events, ensuring only valid non-removed events are included.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `from_address`, `value` (burn amount), `token_address`, and `chain` identifier

### Component C: Daily supply calculation
- **Purpose**: Calculate the net daily change in Japanese Yen Stablecoin supply and cumulative outstanding supply
- **Logic**: Combine mint and burn events into a unified dataset, truncating timestamps to daily boundaries. Treat mint amounts as positive values and burn amounts as negative values. Apply decimal correction to normalize token amounts to proper units. Group events by day, chain, and token to sum the net daily supply changes. Use window functions to calculate cumulative outstanding supply by summing all historical net changes up to each date, partitioned by chain and token address.
- **Key fields**: `timestamp` (daily), `chain`, `token_address`, `amount` (net daily change), `outstanding_supply` (cumulative total)

### Component D: Time series completion
- **Purpose**: Ensure continuous daily time series data with no gaps
- **Logic**: Apply forward-filling logic to propagate the last known outstanding supply value to subsequent days where no mint or burn events occurred. This ensures every day has an outstanding supply value, maintaining data continuity for downstream calculations.
- **Key fields**: `timestamp`, `outstanding_supply` (forward-filled values)

### Final aggregation
- **Combining components**: The outstanding supply values from all chains are maintained separately, with each chain-token combination having its own time series of supply values
- **Currency conversion**: Apply USD conversion using end-of-day price feeds, multiplying the outstanding supply by the daily Japanese Yen Stablecoin token price to get market capitalization in USD
- **Time aggregation**: Data is aggregated and reported on daily boundaries, with each day representing the end-of-day outstanding supply and corresponding market cap
- **Final calculation**: The asset market cap circulating equals the outstanding supply (in tokens) multiplied by the end-of-day USD price per token. This represents the total USD value of all Japanese Yen Stablecoin tokens currently in circulation across all supported blockchain networks.

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

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

JPYC EX

Circulating asset market cap

Circulating asset market cap

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