Overcollateralized borrowers deposit funds into Lybra Finance and receive eUSD and peUSD stablecoins.

Lybra Finance is a non-custodial stablecoin protocol built on Ethereum. Lybra Finance was founded by a an anonymous team and launched in May 2023.

LBR tokenholders own & govern the protocol. They currently take all of the total fees paid by borrowers (revenue). Lybra Finance launched with a public presale.

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Lybra Finance

# Lybra Finance Circulating asset market cap Methodology

## 1. Overview

Lybra's asset market cap circulating represents the total USD value of circulating stablecoins issued by the Lybra protocol. This metric tracks the outstanding supply of eUSD and peUSD tokens across multiple chains and protocol versions, converting the total circulating supply to USD value. The calculation monitors mint and burn events to maintain an accurate count of tokens in circulation, which directly represents the market capitalization of Lybra's stablecoin assets.

## 2. Data sources

The metric relies on several blockchain and external data sources:
- **Blockchain events**: Parsed `Transfer` events from Ethereum and Arbitrum tracking eUSD and peUSD token movements
- **Protocol events**: Lybra v1 protocol-specific `Mint` and `Burn` event logs from Ethereum
- **Token transfers**: ERC20 transfer events identifying mints (from null address `0x0000000000000000000000000000000000000000`) and burns (to null address or dead address `0x000000000000000000000000000000000000dead`)
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal correction
- **Token data**: Metadata containing decimal information for proper amount normalization

## 3. Step-by-step calculation

### Component A: Stablecoin mint tracking
- **Purpose**: Identifies all instances where new eUSD or peUSD tokens are created
- **Logic**: Monitors `Transfer` events where the `from_address` is the null address, indicating new token creation. Tracks multiple token contracts: eUSD on Ethereum (both v1 and v2 versions), peUSD on Ethereum and Arbitrum. For Lybra v1, also captures protocol-specific `Mint` events directly from contract logs. Filters out removed/invalid transactions and applies incremental processing for efficiency.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `token_address` for token identification, `value` or `amount` for mint quantity, `chain` for blockchain identification

### Component B: Stablecoin burn tracking  
- **Purpose**: Identifies all instances where eUSD or peUSD tokens are destroyed
- **Logic**: Monitors `Transfer` events where the `to_address` is either the null address or the dead address, indicating token destruction. Tracks the same token contracts as mints across Ethereum and Arbitrum. For Lybra v1, captures protocol-specific `Burn` events from contract logs. Applies the same filtering and incremental processing as mints.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `token_address` for token identification, `value` or `amount` for burn quantity, `chain` for blockchain identification

### Component C: Daily net supply calculation
- **Purpose**: Calculates the net change in token supply for each day
- **Logic**: Combines mint and burn data by treating burns as negative amounts. Groups all transactions by day using `timestamp_trunc` to daily boundaries. Aggregates by chain, token address, and product identifier to handle multi-chain deployments. Applies decimal correction using token metadata to normalize amounts across different token implementations.
- **Key fields**: `timestamp` (daily), `chain`, `product_id` (eusd/peusd), `token_address`, `amount` (net daily change after decimal correction)

### Component D: Cumulative outstanding supply
- **Purpose**: Maintains running total of tokens in circulation over time
- **Logic**: Calculates cumulative sum of daily net changes using window functions partitioned by chain and token address, ordered by timestamp. This running total represents the outstanding supply at each point in time. Applies forward filling to ensure continuous daily data without gaps, carrying forward the last known supply value for days without transactions.
- **Key fields**: `outstanding_supply` (cumulative total), `timestamp` (daily), `chain`, `token_address`, `product_id`

### Final aggregation
- **Combining components**: Takes the outstanding supply values calculated from the cumulative mint-burn analysis
- **Currency conversion**: Converts outstanding supply amounts to USD using end-of-day price feeds, maintaining the daily timestamp alignment for accurate pricing
- **Time aggregation**: Maintains daily granularity with forward filling to ensure no gaps in the time series
- **Final calculation**: The asset market cap circulating equals the USD value of outstanding stablecoin supply. The methodology treats outstanding supply directly as market capitalization since stablecoins are designed to maintain $1 parity. Applies finalization macro to ensure proper schema validation and data quality checks before outputting the final metric.

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

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

Lybra FinanceLBR

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown