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OpenEden

# OpenEden Capital deployed Methodology

## 1. Overview

Capital deployed for OpenEden Digital represents the total outstanding supply of TBILL tokens in USD terms. This metric measures the amount of capital currently deployed in OpenEden's tokenized Treasury bill product across Ethereum and Arbitrum networks. The calculation tracks token minting and burning events to maintain a running total of outstanding token supply, which represents the total capital deployed in the protocol.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Blockchain events**: Parsed ERC20 `Transfer` events from Ethereum and Arbitrum networks
- **Token contracts**: Specific TBILL token contracts on Ethereum (`0xdd50c053c096cb04a3e3362e2b622529ec5f2e8a`) and Arbitrum (`0xf84d28a8d28292842dd73d1c5f99476a80b6666a`)
- **External data**: End-of-day token price feeds from CoinGecko for the 'openeden-tbill' token
- **Token metadata**: Token decimal information for proper amount conversion

## 3. Step-by-step calculation

### Component A: TBILL token mint tracking
- **Purpose**: Identifies when new TBILL tokens are minted (capital deployed)
- **Logic**: Extracts `Transfer` events where the `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) and `to_address` is any non-zero address. This pattern indicates token minting in ERC20 contracts. The query filters for TBILL token contracts on both Ethereum and Arbitrum networks and extracts the transfer `value`, `block_timestamp`, and transaction details.
- **Key fields**: `block_timestamp`, `token_address`, `amount` (from `value` field), `chain`, and protocol classification fields

### Component B: TBILL token burn tracking
- **Purpose**: Identifies when TBILL tokens are burned (capital withdrawn)
- **Logic**: Extracts `Transfer` events where the `to_address` is the zero address and `from_address` is any non-zero address. This pattern indicates token burning in ERC20 contracts. The same TBILL token contracts are monitored, and burn amounts are treated as negative values to represent capital reduction.
- **Key fields**: `block_timestamp`, `token_address`, `amount` (negative value from `value` field), `chain`, and protocol classification fields

### Component C: Transfer aggregation and decimal correction
- **Purpose**: Combines mint and burn data and corrects for token decimals
- **Logic**: Unions the mint events (positive amounts) with burn events (negative amounts) to create a comprehensive transfer history. Raw token amounts are corrected using token decimal metadata to convert from wei-like units to proper token amounts. All transfers are then aggregated by day, chain, and token address to get daily net mint/burn amounts.
- **Key fields**: `timestamp` (daily), `chain`, `token_address`, `amount` (decimal-corrected daily net change)

### Component D: Outstanding supply calculation
- **Purpose**: Calculates the cumulative outstanding token supply over time
- **Logic**: Applies a cumulative sum (running total) over the daily net transfer amounts, ordered by timestamp and partitioned by chain and token address. This running sum represents the total outstanding supply of TBILL tokens at any given point in time.
- **Key fields**: `timestamp`, `chain`, `token_address`, `outstanding_supply` (cumulative sum)

### Component E: Time series completion
- **Purpose**: Ensures continuous daily time series with no gaps
- **Logic**: Applies forward-fill logic to propagate the most recent outstanding supply value to any missing dates. This ensures the metric has values for every day in the time range, even when no mint or burn events occurred.
- **Key fields**: `timestamp`, `outstanding_supply` (forward-filled)

### Final aggregation
- **Combining components**: The outstanding supply values from all processing steps flow through to the final calculation
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day CoinGecko price feeds for the 'openeden-tbill' token identifier
- **Time aggregation**: Data is maintained at daily granularity with `timestamp_grain` set to 'day'
- **Final calculation**: The capital deployed metric equals the USD value of outstanding TBILL token supply, calculated as outstanding supply multiplied by the token's USD price. The finalization macro applies standardized schema formatting, data validation, and a 'fill_zeros' strategy for missing values, along with chain availability filtering.

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

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