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OpenEden

# OpenEden Circulating asset market cap Methodology

## 1. Overview

The OpenEden Digital asset market cap circulating metric measures the total USD value of circulating TBILL tokens across supported blockchains. This metric represents the market capitalization of OpenEden's tokenized Treasury bill product by tracking the outstanding supply of TBILL tokens and converting their value to USD. The calculation treats the Total Value Locked (TVL) as equivalent to the asset market cap circulating, since TBILL tokens represent direct claims on underlying Treasury bill assets.

## 2. Data sources

The calculation relies on several key data sources:
- **Blockchain events**: Parsed ERC20 `Transfer` events from Ethereum and Arbitrum for specific TBILL token contracts
- **Token metadata**: Token decimal information for accurate amount calculations  
- **External data**: End-of-day price feeds from CoinGecko for the `openeden-tbill` token to enable USD conversion
- **Contract addresses**: Two specific TBILL token contracts - `0xdd50c053c096cb04a3e3362e2b622529ec5f2e8a` on Ethereum and `0xf84d28a8d28292842dd73d1c5f99476a80b6666a` on Arbitrum

## 3. Step-by-step calculation

### Component A: TBILL token mint tracking
- **Purpose**: Identifies when new TBILL tokens are minted and added to circulation
- **Logic**: Filters ERC20 `Transfer` events where the `from_address` equals the zero address (`0x0000000000000000000000000000000000000000`) and the `to_address` is not the zero address. This captures mint events where tokens are created from nothing and sent to user addresses. The events are filtered to only include the two specific TBILL token contract addresses on Ethereum and Arbitrum.
- **Key fields**: `block_timestamp`, `token_address`, `from_address`, `to_address`, and `value` (token amount)

### Component B: TBILL token burn tracking  
- **Purpose**: Identifies when TBILL tokens are burned and removed from circulation
- **Logic**: Filters ERC20 `Transfer` events where the `to_address` equals the zero address and the `from_address` is not the zero address. This captures burn events where tokens are sent to the zero address for destruction. The same token contract address filtering applies as with mints.
- **Key fields**: `block_timestamp`, `token_address`, `from_address`, `to_address`, and `value` (token amount)

### Component C: Net token flow calculation
- **Purpose**: Combines mints and burns to calculate the net change in token supply
- **Logic**: Unions mint events (with positive `amount` values) and burn events (with negative `amount` values) into a single dataset. Applies decimal correction using token metadata to ensure accurate token amount representation. Aggregates the corrected amounts by day, chain, and token contract to get daily net token flow.
- **Key fields**: `amount` (decimal-corrected token quantities), `chain`, `token_address`, daily timestamps

### Component D: Outstanding supply calculation
- **Purpose**: Tracks the cumulative outstanding supply of TBILL tokens over time
- **Logic**: Uses a running cumulative sum over the daily net token flows, partitioned by chain and token address, ordered by timestamp. This creates a time series of total outstanding token supply. Applies forward-filling to ensure the supply value is carried forward for dates with no token activity.
- **Key fields**: `outstanding_supply` (cumulative token balance), partitioned dimensions for accurate calculation

### Component E: USD conversion
- **Purpose**: Converts token amounts to USD values for financial reporting
- **Logic**: Joins the outstanding supply data with end-of-day price feeds from CoinGecko for the `openeden-tbill` token. Multiplies the outstanding supply by the daily USD price to get the total USD value of circulating tokens.
- **Key fields**: `outstanding_supply` (token amount), price data from CoinGecko, resulting USD values

### Final aggregation
- **Combining components**: Sums the USD values across all chains (Ethereum and Arbitrum) and token contracts to get the total capital deployed, which equals the TVL
- **Currency conversion**: USD conversion happens at the individual chain level before aggregation, using end-of-day CoinGecko prices for the `openeden-tbill` token
- **Time aggregation**: Data is aggregated to daily boundaries throughout the calculation process
- **Final calculation**: The asset market cap circulating equals the TVL, which equals the total USD value of outstanding TBILL tokens across all supported chains. This represents the market value of all circulating tokenized Treasury bills in the OpenEden Digital ecosystem.

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

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

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Circulating asset market cap

Circulating asset market cap

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