PHPm, issued by the Mento Protocol smart contracts under the governance of protocol tokenholders, is a stablecoin that references the value of the Philippine Peso (PHP) and circulates as an onchain digital token for holders seeking peso-denominated value.

Holders receive a token referencing the Philippine Peso (PHP) on a one-to-one basis, with value stabilization provided by the Mento Reserve, a portfolio described as comprising Bitcoin (BTC), Ether (ETH), CELO, Dai (DAI), USD Coin (USDC), cMCO2, and other digital assets. The token accrues no interest or yield to holders, and value tracking depends on the algorithmic stabilization mechanism and reserve collateral rather than a fixed cash deposit.

PHPm is an algorithmic stablecoin issued by Mento Protocol smart contracts rather than by a single corporate entity, and it is not the obligation of any identified company. Stabilization relies on the onchain Mento Reserve, which holds a portfolio of digital assets serving as collateral for the protocol's stablecoins rather than a segregated fiat custody account. The holder's claim is a protocol-native token redeemable against reserve assets through the protocol's stabilization and exchange mechanism. Specific eligibility gates, offering restrictions, redemption minimums, and protective security interests for tokenholders are governed at the protocol level and administered onchain.

PHPm is issued onchain as a protocol-native token on supported public networks, with minting and redemption executed through the Mento Protocol's onchain stabilization and exchange mechanism against reserve collateral. Settlement occurs onchain at network confirmation, and the stabilization mechanism adjusts supply algorithmically to maintain the reference to the Philippine Peso.

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# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

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

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

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 Philippine Peso (PHPm) is a Philippine Peso stablecoin issued by Mento Labs.

Holders can mint and redeem directly with Mento Labs.

PHPm has been issued on Celo as an ERC-20 token since September 2024.

Mento Philippine PesoPHPm