Users make SEPA payments to Monerium and receive EURe at a 1:1 rate. 

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

Monerium is a private company registered in Iceland. Monerium's investors include Algorand, ConsenSys Mesh and The Icelandic Technology Development Fund etc.

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Monerium

# Monerium Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating for Monerium represents the total USD value of EURe (Euro-backed stablecoin) tokens in circulation across Ethereum and Polygon networks. This metric tracks the outstanding supply of EURe tokens by monitoring mint and burn events, then converting the circulating supply to USD. For Monerium's EURe stablecoin, the circulating market cap equals the outstanding supply since each token is backed 1:1 by Euro reserves.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Blockchain events**: Parsed ERC-20 `Transfer` events from Ethereum and Polygon networks for EURe token contracts
- **Token metadata**: Token decimal precision data for accurate amount calculations
- **External data**: End-of-day USD price feeds for currency conversion from EUR to USD
- **Contract addresses**: Specific EURe token contract addresses on Ethereum (`0x3231cb76718cdef2155fc47b5286d82e6eda273f`) and Polygon (`0x18ec0a6e18e5bc3784fdd3a3634b31245ab704f6`)

## 3. Step-by-step calculation

### Component A: Mint event extraction
- **Purpose**: Captures all EURe token creation events across supported networks
- **Logic**: Filters `Transfer` events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`), indicating new tokens being minted. Events are filtered to only include EURe token contract addresses on Ethereum and Polygon networks. Each mint event captures the `block_timestamp`, `transaction_hash`, `log_index`, recipient address, and transfer `value`.
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `token_address` for contract identification, `chain` for network identification

### Component B: Burn event extraction  
- **Purpose**: Captures all EURe token destruction events across supported networks
- **Logic**: Filters `Transfer` events where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or dead address (`0x000000000000000000000000000000000000dead`), indicating tokens being burned or permanently removed from circulation. Uses the same contract address filtering as mint events.
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, `token_address` for contract identification, `chain` for network identification

### Component C: Daily net flow calculation
- **Purpose**: Combines mint and burn events to calculate daily net supply changes
- **Logic**: Unions mint and burn events, treating burn amounts as negative values. Events are grouped by day using timestamp truncation, and amounts are summed to get net daily supply changes. Decimal correction is applied using token metadata to ensure proper precision. All events are grouped by timestamp, chain, and token address dimensions.
- **Key fields**: Daily `timestamp`, `chain`, `token_address`, net `amount` after decimal correction

### Component D: Outstanding supply calculation
- **Purpose**: Calculates cumulative outstanding supply over time
- **Logic**: Applies a running sum calculation over the daily net flows, partitioned by chain and token address and ordered by timestamp. This creates a cumulative outstanding supply value that represents total tokens in circulation at any given point in time. Forward-filling is applied to ensure continuous daily values even when no mint or burn activity occurs.
- **Key fields**: `outstanding_supply` as cumulative amount, `timestamp` for daily granularity

### Final aggregation
- **Combining components**: The outstanding supply values are aggregated across all supported chains (Ethereum and Polygon) for the complete EURe circulation picture
- **Currency conversion**: Outstanding supply values are converted from EUR to USD using end-of-day exchange rate feeds, providing USD-denominated market cap values
- **Time aggregation**: Data is maintained at daily granularity with forward-filling to ensure no gaps in the time series
- **Final calculation**: The final asset market cap circulating equals the USD-converted outstanding supply, representing the total market value of EURe tokens in circulation across all supported networks

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

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

Monerium

Circulating asset market cap

Circulating asset market cap

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