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 Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total amount of mkUSD stablecoin tokens currently in circulation for Prisma Finance. This metric tracks the cumulative net issuance (mints minus burns) of the mkUSD token over time, providing insight into the protocol's stablecoin adoption and usage. The calculation identifies mint and burn events from Ethereum blockchain data, excludes cross-chain bridge transactions to avoid double-counting, and maintains a running total of outstanding tokens.

## 2. Data sources

The calculation relies on several key data sources:

- **Ethereum token transfer events**: All ERC-20 transfer events for the mkUSD token (`0x4591dbff62656e7859afe5e45f6f47d3669fbb28`) on Ethereum, including transaction metadata, addresses, and transfer amounts
- **Prisma Finance bridge events**: Parsed `ReceiveFromChain` and `SendToChain` events from Prisma Finance v1 smart contracts on Ethereum, used to identify cross-chain bridge transactions
- **Token metadata**: Token decimal information and symbol data for proper amount normalization
- **End-of-day price feeds**: Token price data for USD conversion of the final outstanding supply values

## 3. Step-by-step calculation

### Component A: Bridge transaction identification
- **Purpose**: Creates an exclusion list of transaction hashes that represent cross-chain bridge operations
- **Logic**: Collects all transaction hashes from Prisma Finance mkUSD `ReceiveFromChain` and `SendToChain` events on Ethereum. These transactions represent tokens being moved between chains rather than actual minting or burning, so they must be excluded to prevent double-counting in the supply calculation
- **Key fields**: `transaction_hash` values from bridge events

### Component B: Stablecoin mint capture  
- **Purpose**: Identifies all mkUSD token minting events on Ethereum
- **Logic**: Filters Ethereum token transfer events for the mkUSD token where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`). This pattern indicates new tokens being minted into circulation. Excludes any transactions that appear in the bridge transaction list and filters out removed events from blockchain reorganizations
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `from_address`, `token_address`, `value` (token amount)

### Component C: Stablecoin burn capture
- **Purpose**: Identifies all mkUSD token burning events on Ethereum  
- **Logic**: Filters Ethereum token transfer events for the mkUSD token where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`). This pattern indicates tokens being permanently removed from circulation. Excludes bridge transactions and removed events, same as mint capture
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `from_address`, `token_address`, `value` (token amount)

### Component D: Daily flow aggregation
- **Purpose**: Combines mint and burn events into daily net token flows
- **Logic**: Merges mint and burn data, truncating all timestamps to daily boundaries. Burn amounts are converted to negative values to represent token destruction. Applies decimal correction using token metadata to ensure proper unit conversion. Groups all transactions by day and sums the net flow (positive for mints, negative for burns)
- **Key fields**: `timestamp` (daily), `chain`, `market_sector_id`, `business_segment_id`, `product_id`, `token_address`, `amount` (decimal-corrected net flow)

### Component E: Cumulative supply calculation
- **Purpose**: Calculates the running total of outstanding tokens over time
- **Logic**: Uses a window function to compute the cumulative sum of daily net flows, partitioned by chain and token address and ordered by timestamp. This running total represents the outstanding supply at each point in time, starting from the protocol's launch
- **Key fields**: `outstanding_supply` (cumulative sum of net flows)

### Final aggregation
- **Combining components**: The daily flows are processed through a cumulative sum calculation to produce outstanding supply values for each day
- **Gap filling**: Forward-fills missing days to ensure a continuous time series without gaps, maintaining the last known supply value for days without transactions
- **Currency conversion**: Converts the outstanding supply from token units to USD using end-of-day price feeds
- **Time aggregation**: Data is aggregated at daily boundaries, with timestamps truncated to day-level precision
- **Final calculation**: The outstanding supply represents the cumulative net issuance of mkUSD tokens, calculated as the running sum of all mints minus burns, excluding cross-chain bridge transactions, converted to USD value

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

Circulating supply of stablecoins issued by the project.

Prisma FinancePRISMA

Outstanding supply

Outstanding supply

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