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Midas

# Midas Circulating asset market cap Methodology

## 1. Overview

The Midas asset market cap circulating metric measures the total USD value of all circulating Midas yield-bearing tokens across supported blockchains. This metric represents the market capitalization of Midas protocol tokens (mTBILL, mBASIS, and mF-ONE) by tracking their outstanding supply and converting to USD values using daily price feeds. The calculation treats the circulating supply as equivalent to Total Value Locked (TVL) since these are yield-bearing tokens backed by real-world assets.

## 2. Data sources

- **Blockchain events**: Parsed `Transfer` events from specific Midas token contracts on Ethereum and Base networks
- **Token contract data**: Transfer events from Midas token contracts including mTBILL (`0xdd629e5241cbc5919847783e6c96b2de4754e438`), mBASIS (Ethereum: `0x2a8c22e3b10036f3aef5875d04f8441d4188b656`, Base: `0x1c2757c1fef1038428b5bef062495ce94bbe92b2`), and mF-ONE (`0x238a700ed6165261cf8b2e544ba797bc11e466ba`)
- **External data**: End-of-day price feeds from CoinGecko API for each Midas token (midas-mtbill, midas-basis-trading-token, midas-mf-one)
- **Token metadata**: Token decimal places and contract addresses for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Token mint event extraction
- **Purpose**: Identify token creation events to track new token supply entering circulation
- **Logic**: Extract `Transfer` events where the `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) and `to_address` is any non-zero address. This captures mint events where tokens are created and sent to user addresses. Filter events by the specific Midas token contract addresses for mTBILL, mBASIS, and mF-ONE across Ethereum and Base chains.
- **Key fields**: `block_timestamp`, `token_address`, `value` (raw token amount), `from_address`, `to_address`, `chain`

### Component B: Token burn event extraction  
- **Purpose**: Identify token destruction events to track token supply leaving circulation
- **Logic**: Extract `Transfer` events where the `from_address` is any non-zero address and `to_address` is the zero address (`0x0000000000000000000000000000000000000000`). This captures burn events where tokens are destroyed by sending them to the zero address. Apply the same token contract address filters as mint events.
- **Key fields**: `block_timestamp`, `token_address`, `value` (raw token amount), `from_address`, `to_address`, `chain`

### Component C: Net transfer calculation
- **Purpose**: Combine mint and burn events to calculate net token supply changes
- **Logic**: Union mint events (with positive `amount` values) and burn events (with negative `amount` values) to create a complete transfer history. Apply decimal correction to convert raw token values to standardized decimal format based on each token's decimal configuration. Aggregate transfers by day, chain, and token contract to get daily net supply changes.
- **Key fields**: `amount` (decimal-corrected), `timestamp` (daily), `chain`, `token_address`, `product_id`

### Component D: Outstanding supply calculation
- **Purpose**: Calculate the cumulative outstanding supply of each token over time
- **Logic**: Calculate running cumulative sum of daily net transfers ordered by timestamp for each token contract and chain combination. This produces the outstanding circulating supply for each token on each day. Apply forward-filling to ensure continuous daily time series even when no transfers occur on specific days.
- **Key fields**: `outstanding_supply`, `timestamp`, `chain`, `token_address`, `product_id`

### Component E: USD conversion
- **Purpose**: Convert token supplies to USD values using market prices
- **Logic**: Join outstanding supply data with end-of-day price feeds from CoinGecko using specific token identifiers (midas-mtbill, midas-basis-trading-token, midas-mf-one). Multiply `outstanding_supply` by daily token price to get USD-denominated supply values for each token.
- **Key fields**: `outstanding_supply`, `coingecko_id`, `token_symbol`, USD-converted supply value

### Component F: Capital deployed aggregation
- **Purpose**: Prepare individual token supplies as capital deployed metric
- **Logic**: Take the USD-converted outstanding supply values directly as the capital deployed metric for each token, chain, and date combination. Apply finalization macro for schema validation and gap filling.
- **Key fields**: `capital_deployed`, `timestamp`, `chain_id`, `product_id`

### Final aggregation
- **Combining components**: Sum `capital_deployed` values across all Midas products (mTBILL, mBASIS, mF-ONE) grouped by timestamp, chain, and product to calculate total TVL
- **Currency conversion**: USD conversion occurs at the token supply level using end-of-day CoinGecko prices before aggregation
- **Time aggregation**: Data is aggregated to daily boundaries with forward-filling applied to ensure continuous time series
- **Final calculation**: The asset market cap circulating metric is identical to the calculated TVL, representing the total USD value of all circulating Midas yield-bearing tokens across all supported chains and products

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

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

Midas

Circulating asset market cap

Circulating asset market cap

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Chain breakdown