OpenChat users can send messages to each other containing tokens such as ICP. Users can upgrade to Diamond membership to have access to extra or enhanced features.

OpenChat is a chat application running end-to-end on the Internet Computer blockchain.

CHAT tokenholders own and govern the protocol.

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OpenChat

# OpenChat Circulating market cap Methodology

## 1. Overview

OpenChat circulating market cap measures the total market value of CHAT tokens available for trading, calculated by multiplying the token price by the circulating supply. Circulating supply represents the total token supply minus tokens held in the protocol treasury. This metric provides insight into the tradeable value of the OpenChat ecosystem's native token.

## 2. Data sources

The calculation relies on several key data sources:

- **OpenChat event logs**: On-chain events from the Internet Computer blockchain containing token mint, burn, and treasury transfer activities
- **Protocol smart contract events**: Parsed OpenChat protocol events including `mint`, `burn`, `transfer_to_treasury`, and `transfer_from_treasury` operations
- **Token price feeds**: End-of-day CHAT token price data from CoinGecko price feeds
- **Event payload data**: JSON-formatted event data containing token amounts and transaction indices

## 3. Step-by-step calculation

### Component A: Event data processing and deduplication
- **Purpose**: Clean and prepare raw OpenChat event data for analysis
- **Logic**: Raw events are deduplicated using a combination of `timestamp`, `user`, `name`, `source`, and `payload` fields to ensure each unique event is counted only once. Events are filtered to include only `mint`, `burn`, `transfer_to_treasury`, and `transfer_from_treasury` event types. Token amounts are extracted from JSON payload fields and converted from integer format by dividing by 1e8 to get decimal token amounts.
- **Key fields**: `timestamp` for event timing, `name` for event type identification, `amount` for token quantities, `payload` for additional event data

### Component B: Maximum token supply calculation
- **Purpose**: Track the total token supply over time by processing mint and burn events
- **Logic**: Mint events increase the token supply while burn events decrease it. Daily changes are calculated by aggregating mint amounts as positive values and burn amounts as negative values, grouped by day. A running sum is applied over these daily changes to calculate the cumulative maximum token supply for each day from the protocol's inception to present.
- **Key fields**: `token_supply_maximum` representing cumulative token supply, `timestamp` for daily boundaries, `amount` from mint/burn events

### Component C: Treasury balance calculation
- **Purpose**: Track tokens held in the OpenChat treasury that are not circulating
- **Logic**: Treasury transfers into the treasury (`transfer_to_treasury` events) increase the treasury balance as positive amounts, while transfers out of the treasury (`transfer_from_treasury` events) decrease the balance as negative amounts. Daily changes are aggregated and a running sum calculates the cumulative treasury balance over time.
- **Key fields**: `treasury_balance` representing cumulative treasury holdings, `amount` from treasury transfer events

### Component D: Price data retrieval
- **Purpose**: Obtain daily CHAT token prices for market cap calculation
- **Logic**: End-of-day CHAT token prices are retrieved from CoinGecko price feeds using the OpenChat project identifier. Prices are processed daily and include currency conversion and decimal correction through standard Token Terminal price processing macros.
- **Key fields**: `price` representing USD token price, `timestamp` for daily alignment

### Final aggregation
- **Combining components**: Maximum token supply and treasury balance are joined on matching timestamps to calculate circulating supply as maximum supply minus treasury balance. This circulating supply is then joined with price data on matching daily timestamps.
- **Currency conversion**: Token prices are already denominated in USD from CoinGecko feeds, requiring no additional conversion
- **Time aggregation**: All data is processed and aggregated to daily boundaries using timestamp truncation to ensure consistent daily reporting
- **Final calculation**: Circulating market cap equals circulating supply multiplied by token price, where circulating supply equals maximum token supply minus treasury balance

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

Project valuation based on token price times circulating supply.

OpenChatCHAT

Circulating market cap

Circulating market cap

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