EURm, issued by the Mento Protocol smart contracts under the governance of MENTO tokenholders, is an algorithmic stablecoin that references the Euro and is stabilized by a diversified onchain reserve managed at the protocol level.

Holders of EURm receive a digital token referencing the Euro (EUR), the asset against which the token maintains its target value. Stability is supported by the Mento Reserve, a collateral pool comprising digital assets including Bitcoin (BTC), Ether (ETH), Celo (CELO), Dai (DAI), USD Coin (USDC), and the cMCO2 carbon credit token, among other digital assets held to back outstanding tokens.

EURm is an algorithmic stablecoin associated with the Mento Labs project rather than a token issued by a single corporate entity holding a banking or fund license. The token operates through protocol smart contracts under the governance of MENTO tokenholders, who direct reserve management and stabilization parameters. The holder claim is a protocol token referencing the Euro and backed by the onchain Mento Reserve rather than a deposit or fund unit. Stabilization and any conversion between EURm and reserve assets occur through the protocol mechanism that maintains the token near its Euro reference value.

EURm is issued onchain as a stablecoin token whose outstanding supply is backed by the Mento Reserve. Stabilization operates through protocol smart contracts that adjust supply against reserve collateral to hold the token near its Euro reference value, with reserve composition tracked onchain across the supported digital assets.

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# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

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

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Stablecoins

Mento maintains the exchange mechanism on Celo that issues local-currency stablecoins (cUSD, cEUR, cBRL, cKES) backed by a diversified on-chain reserve, earning revenue through trading spreads on minting and redemption.

Mento Labs builds multi-currency stablecoin infrastructure for the Celo ecosystem, issuing cUSD, cEUR, cREAL, and cKES with a decentralized FX trading platform.

Mento Labs is a team of economists and engineers spun out of the core Celo development team, led by CEO Markus Franke.

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Stablecoin issuers

Mento Labs

Mento Euro (EURm) is a euro stablecoin issued by Mento Labs.

Holders can mint and redeem directly with Mento Labs.

EURm has been issued on Celo as an ERC-20 token since March 2021.

Mento EuroEURm