Users deposit funds into Membrane account and receive EUROe at a 1:1 rate.

Membrane Finance is a financial technology company that is the principal architect of EUROe - an EU regulated, full-reserve euro stablecoin that brings fiat euro liquidity on-chain.

Membrane Finance is a private limited liability company registered in Finland and a subsidiary of Equilibrium Group.

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Membrane Finance

# Membrane Finance Circulating asset market cap Methodology

## 1. Overview

The asset market cap circulating metric for Membrane Finance measures the total USD value of EUROe stablecoin tokens currently in circulation across multiple blockchain networks. This metric tracks the outstanding supply of EUROe tokens by monitoring mint and burn events on-chain, then converting the circulating token amounts to USD values. The calculation provides a real-time view of the total market value of EUROe tokens available in the market, which is essential for understanding the scale and adoption of Membrane Finance's stablecoin offering.

## 2. Data sources

The calculation relies on several key data sources:

- **ERC20 token transfer events**: Parsed `Transfer` events from EUROe token contracts deployed on Ethereum, Polygon, and Arbitrum networks
- **Token contract addresses**: Specific EUROe token contract addresses on each network (Ethereum: `0x820802fa8a99901f52e39acd21177b0be6ee2974`, Polygon: `0x820802fa8a99901f52e39acd21177b0be6ee2974`, Arbitrum: `0xcf985aba4647a432e60efceeb8054bbd64244305`)
- **End-of-day price feeds**: Token price data used for USD conversion of EUROe token amounts
- **Token metadata**: Decimal precision information for proper token amount normalization
- **Special addresses**: Null address (`0x0000000000000000000000000000000000000000`) and dead address (`0x000000000000000000000000000000000000dead`) for identifying mint and burn operations

## 3. Step-by-step calculation

### Component A: EUROe mint event collection
- **Purpose**: Identifies when new EUROe tokens are created and added to circulation
- **Logic**: Filters ERC20 `Transfer` events where the `from_address` equals the null address, indicating tokens being minted from nothing. Collects events from the specific EUROe contract addresses on Ethereum, Polygon, and Arbitrum networks. Only includes valid events where `removed` is false, ensuring the events represent actual on-chain activities rather than reverted transactions.
- **Key fields**: Extracts `block_timestamp` for timing, `value` for mint amount, `token_address` for contract identification, and `chain` for network attribution

### Component B: EUROe burn event collection  
- **Purpose**: Identifies when EUROe tokens are destroyed and removed from circulation
- **Logic**: Filters ERC20 `Transfer` events where the `to_address` equals either the null address or dead address, indicating tokens being burned or sent to an unrecoverable address. Uses the same contract addresses and validation criteria as mint collection to ensure consistency across mint and burn tracking.
- **Key fields**: Captures the same fields as mint events but represents supply reduction rather than increase

### Component C: Daily supply change calculation
- **Purpose**: Combines mints and burns to determine net daily changes in token supply
- **Logic**: Unions mint and burn events, treating mint amounts as positive values and burn amounts as negative values by applying a negative sign to burn amounts. Truncates timestamps to daily boundaries to aggregate all events within each 24-hour period. Applies decimal corrections using token metadata to ensure amounts are normalized to standard decimal precision.
- **Key fields**: Produces daily `timestamp`, `amount` (net positive or negative), `chain`, and `token_address` for tracking supply changes

### Component D: Outstanding supply accumulation
- **Purpose**: Calculates the cumulative outstanding supply over time
- **Logic**: Groups daily net changes by chain and token address, then computes a running cumulative sum ordered by timestamp. This produces the total outstanding supply at each point in time by adding daily net changes to the previous day's outstanding supply. The calculation is partitioned by chain and token address to handle multi-chain deployments correctly.
- **Key fields**: Generates `outstanding_supply` as the cumulative sum of daily net changes, maintaining all dimensional fields for proper partitioning

### Component E: Time series completion
- **Purpose**: Ensures a complete daily time series without gaps
- **Logic**: Forward-fills the outstanding supply values for any missing days where no mint or burn events occurred. This ensures the metric provides a continuous daily series by carrying forward the last known outstanding supply value to subsequent days until new events occur.
- **Key fields**: Maintains the same `outstanding_supply` values while filling temporal gaps

### Final aggregation
- **Combining components**: The final metric uses the time-series complete outstanding supply calculation as the basis for asset market cap circulating, treating the outstanding supply value as equivalent to the circulating market cap in token units
- **Currency conversion**: Converts the outstanding supply from token units to USD values using end-of-day price feeds, applying the conversion without additional decimal corrections since token amounts were already normalized in earlier steps
- **Time aggregation**: Maintains daily granularity with timestamps truncated to day boundaries, ensuring consistent daily reporting periods
- **Final calculation**: The asset market cap circulating equals the outstanding supply of EUROe tokens multiplied by the end-of-day USD price per token, representing the total USD value of all EUROe 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.

Membrane Finance

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown