Users deposit collateral and mint lisUSD.

ListaDAO is a stablecoin issuer and asset management protocol built on Ethereum. ListaDAO, previously Helio protocol, was launched in 2022.

ListaDAO's team & investors own and govern the protocol. They currently take a cut of the total interest paid by lisUSD minters.

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Lista DAO

# Lista DAO Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating measures the total USD value of lisUSD tokens currently in circulation for ListaDAO's stablecoin protocol. This metric represents the market capitalization based on the outstanding token supply, calculated by tracking all mint and burn events for the lisUSD stablecoin on the BNB Smart Chain and multiplying the net outstanding supply by the current token price. The metric answers the business question of what is the total market value of circulating lisUSD tokens at any given time.

## 2. Data sources

- **BSC token transfer events**: Parsed `Transfer` events from BNB Smart Chain for the lisUSD token contract, capturing all token movements including mints and burns
- **Token metadata**: Contract information including token decimals, symbols, and addresses used for amount normalization
- **End-of-day price feeds**: Daily closing prices for lisUSD token used for USD conversion
- **Chain availability data**: Configuration data defining which blockchain networks are included in the calculation

## 3. Step-by-step calculation

### Component A: Stablecoin mints tracking
- **Purpose**: Identifies all new lisUSD tokens created (minted) on the BNB Smart Chain
- **Logic**: Extracts `Transfer` events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`) and the `token_address` matches the lisUSD contract address (`0x0782b6d8c4551b9760e74c0545a9bcd90bdc41e5`). Filters out reverted transactions by excluding records where `removed` is true. Each mint event represents new tokens entering circulation.
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `to_address` for recipient, and transaction identifiers for deduplication

### Component B: Stablecoin redemptions tracking  
- **Purpose**: Identifies all lisUSD tokens removed from circulation (burned)
- **Logic**: Extracts `Transfer` events where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`) and the `token_address` matches the lisUSD contract. Filters out reverted transactions. Each burn event represents tokens being permanently removed from circulation.
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, `from_address` for token holder, and transaction identifiers

### Component C: Outstanding supply calculation
- **Purpose**: Calculates the net circulating token supply over time by combining mints and burns
- **Logic**: Combines mint events (positive amounts) with burn events (negative amounts) and truncates timestamps to daily boundaries. Applies decimal correction using token metadata to normalize amounts to proper decimal places. Groups events by day, token, and chain, then calculates the cumulative sum of net amounts using a window function ordered by timestamp. This running total represents the outstanding supply at each date.
- **Key fields**: `timestamp` for daily aggregation, `amount` for net token flow, `outstanding_supply` as cumulative total, and token identification fields

### Component D: USD conversion and market cap calculation
- **Purpose**: Converts the outstanding supply to USD value to determine market capitalization
- **Logic**: Takes the daily outstanding supply values and converts them to USD using end-of-day token price feeds. The conversion applies the current market price to the total outstanding token supply to calculate the market cap circulating.
- **Key fields**: `outstanding_supply` in token units, price data from end-of-day feeds, and final USD-denominated market cap value

### Final aggregation
- **Combining components**: The outstanding supply calculation flows directly into the final metric, where the USD-converted outstanding supply value becomes the asset market cap circulating
- **Currency conversion**: Outstanding token supply is multiplied by end-of-day USD price feeds to determine total market value
- **Time aggregation**: Data is aggregated to daily boundaries with forward-filling applied to ensure continuous time series without gaps
- **Final calculation**: Asset market cap circulating equals the outstanding supply of lisUSD tokens multiplied by the token's USD price, representing the total market value of all circulating tokens

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

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

Lista DAOLISTA

Circulating asset market cap

Circulating asset market cap

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