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Midas

# Midas Capital deployed Methodology

## 1. Overview

Capital deployed for Midas represents the total outstanding supply of Midas tokenized financial products, measured in USD. This metric tracks how much capital has been deployed into Midas yield-generating instruments by calculating the net amount of tokens in circulation (total minted minus total burned). The calculation covers three Midas products: mTBILL (tokenized T-bills), mBASIS (basis trading token), and mF-ONE across Ethereum and Base blockchains.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Blockchain events**: Parsed ERC20 `Transfer` events from Ethereum and Base networks for specific Midas token contracts
- **Token metadata**: Token decimal information for proper amount normalization 
- **External data**: End-of-day price feeds from CoinGecko for USD conversion of token values
- **Token contracts**: Specific smart contract addresses for mTBILL, mBASIS, and mF-ONE tokens on supported chains

## 3. Step-by-step calculation

### Component A: Token mint extraction
- **Purpose**: Identifies when new Midas tokens are minted (capital deployed)
- **Logic**: Extracts ERC20 `Transfer` events where the `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) and `to_address` is any non-zero address. This pattern indicates token minting since tokens are created "from nothing" and sent to a recipient. The extraction covers three specific token contracts: mTBILL (`0xdd629e5241cbc5919847783e6c96b2de4754e438`) on both Ethereum and Base, mBASIS with different addresses per chain (`0x2a8c22e3b10036f3aef5875d04f8441d4188b656` on Ethereum, `0x1c2757c1fef1038428b5bef062495ce94bbe92b2` on Base), and mF-ONE (`0x238a700ed6165261cf8b2e544ba797bc11e466ba`) on Ethereum only.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `value` for token amount, and `token_address` for product identification

### Component B: Token burn extraction  
- **Purpose**: Identifies when Midas tokens are burned (capital withdrawn)
- **Logic**: Extracts ERC20 `Transfer` events where the `from_address` is any non-zero address and `to_address` is the zero address. This pattern indicates token burning since existing tokens are sent to a null address and effectively destroyed. Uses the same token contract addresses as the mint extraction.
- **Key fields**: Same fields as mint extraction, with `value` representing the amount of tokens burned

### Component C: Transfer combination and processing
- **Purpose**: Combines mint and burn events to calculate net token supply changes
- **Logic**: Unions mint events (treating amounts as positive) with burn events (treating amounts as negative). Applies decimal correction to convert raw blockchain amounts to human-readable token amounts using each token's specific decimal configuration. Aggregates all transfers by day, chain, and token address to get daily net supply changes.
- **Key fields**: `amount` (decimal-corrected transfer value), `timestamp` (daily truncated), and classification fields for business categorization

### Component D: Outstanding supply calculation
- **Purpose**: Calculates the running total of outstanding tokens over time
- **Logic**: Applies a cumulative sum window function over the daily net changes, partitioned by chain, version, and token address, and ordered by timestamp. This produces the total outstanding supply for each token on each day. Forward-fills missing dates to ensure complete time series coverage, carrying forward the last known supply value for days with no transfer activity.
- **Key fields**: `outstanding_supply` representing the cumulative net token supply

### Component E: USD conversion
- **Purpose**: Converts token amounts to USD values for standardized reporting
- **Logic**: Joins outstanding supply data with CoinGecko price feeds using product-specific CoinGecko identifiers (midas-mtbill, midas-basis-trading-token, midas-mf-one). Applies end-of-day prices to convert token amounts to USD values.
- **Key fields**: `outstanding_supply` converted to USD denomination

### Final aggregation
- **Combining components**: The outstanding supply calculation inherently combines mint and burn components through the cumulative sum operation
- **Currency conversion**: USD conversion uses end-of-day CoinGecko prices matched to each product's specific identifier
- **Time aggregation**: Daily aggregation with forward-filling to ensure complete time series
- **Final calculation**: Capital deployed equals the outstanding token supply in USD, representing the net amount of capital currently deployed in each Midas product

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

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