Overcollateralized borrowers deposit funds into Prisma Finance and receive mkUSD stablecoin.

Prisma Finance is a non-custodial stablecoin protocol built on Ethereum. Prisma Finance was founded by an anonymous team and launched in the fall of 2023.

PRISMA tokenholders own & govern the protocol. They currently take all of the total fees paid by borrowers (revenue). Prisma Finance’s investors include Michael Egorov, OKX Ventures, and Frax Finance.

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Prisma Finance

# Prisma Finance Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating measures the total USD value of mkUSD stablecoins in circulation for Prisma Finance. For this stablecoin issuer protocol, the circulating market cap is equivalent to the outstanding supply of mkUSD tokens, representing the total value of stablecoins that have been minted and not yet redeemed. This metric tracks the protocol's total stablecoin issuance and provides insight into the scale of Prisma Finance's stablecoin operations.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Ethereum token transfer events**: Parsed `Transfer` events for the mkUSD token contract on Ethereum, specifically tracking transfers involving null addresses to identify mints and burns
- **Bridge transaction logs**: Prisma Finance bridge-specific events (`mkUSD_ReceiveFromChain_event` and `mkUSD_SendToChain_event`) used to identify cross-chain transfers that should be excluded from supply calculations
- **Token metadata**: Configuration data providing decimal precision and symbol information for the mkUSD token
- **End-of-day price feeds**: Daily USD price data for mkUSD to convert token amounts to USD values

## 3. Step-by-step calculation

### Component A: mkUSD mint identification
- **Purpose**: Identifies new mkUSD tokens being minted into circulation
- **Logic**: Extracts token transfer events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`), indicating new token creation. Filters specifically for the mkUSD token contract (`0x4591dbff62656e7859afe5e45f6f47d3669fbb28`) on Ethereum. Excludes any transactions that appear in the bridge transaction denylist to prevent counting cross-chain transfers as new mints.
- **Key fields**: `block_timestamp`, `transaction_hash`, `value` (mint amount), `token_address`, `to_address` (recipient)

### Component B: mkUSD burn identification  
- **Purpose**: Identifies mkUSD tokens being removed from circulation through burning
- **Logic**: Extracts token transfer events where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`), indicating token burning. Uses the same mkUSD token contract filter and bridge transaction exclusion as mints.
- **Key fields**: `block_timestamp`, `transaction_hash`, `value` (burn amount), `token_address`, `from_address` (sender)

### Component C: Bridge transaction filtering
- **Purpose**: Creates a denylist of cross-chain bridge transactions to prevent double-counting
- **Logic**: Combines transaction hashes from mkUSD bridge events (`mkUSD_ReceiveFromChain_event` and `mkUSD_SendToChain_event`) to identify transfers that represent cross-chain movements rather than actual mints or burns
- **Key fields**: `transaction_hash` for exclusion matching

### Component D: Daily flow aggregation
- **Purpose**: Combines mints and burns into net daily supply changes
- **Logic**: Unions mint transactions (positive amounts) with burn transactions (negative amounts), then aggregates by day. Applies decimal correction to normalize token amounts to standard precision. Groups all transactions by date, chain, product, and token to calculate daily net supply changes.
- **Key fields**: `timestamp` (daily), `amount` (net daily change), `token_address`, `token_symbol`

### Component E: Cumulative supply calculation
- **Purpose**: Calculates running outstanding supply over time
- **Logic**: Uses a cumulative sum window function ordered by date to track total outstanding supply. Each day's outstanding supply equals the previous day's supply plus the net daily change (mints minus burns). This creates a running total that represents the cumulative mkUSD tokens in circulation.
- **Key fields**: `outstanding_supply` (cumulative amount), `timestamp`

### Final aggregation
- **Combining components**: The daily supply changes feed into the cumulative calculation, which then gets forward-filled for any missing dates to ensure a continuous time series
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day price feeds, applying the standard conversion methodology
- **Time aggregation**: Data is aggregated at daily boundaries, with forward-filling applied to maintain consistent daily values even when no transactions occur
- **Final calculation**: For asset market cap circulating, the outstanding supply value (in USD) is directly used as the circulating market cap, since for a stablecoin issuer like Prisma Finance, the circulating market cap equals the total value of stablecoins outstanding

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

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

Prisma FinancePRISMA

Circulating asset market cap

Circulating asset market cap

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