Republic Pre-IPO tokens are backed by SPV exposure to underlying private-company shares; investors gain economic interest in implied valuation movements. Tokens trade 24/7 on Solana DEXes.

Republic issues tokenized exposure products including the Republic Note (revenue-share token) and tokenized pre-IPO equities such as SpaceX (Republic Pre-IPO), tradable on Solana DEXes.

Republic is a global private-market investment platform founded in 2016, enabling retail and accredited investors to invest in startups, pre-IPO companies, real estate, and crypto.

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Republic

# Republic Capital deployed Methodology

## 1. Overview

The capital deployed metric for Republic Note measures the total outstanding supply of NOTE tokens in USD terms. This metric represents the amount of capital that has been deployed through the protocol by tracking the net issuance (mints minus burns) of NOTE tokens over time. The calculation identifies mint and burn events from Avalanche blockchain token transfers, aggregates them daily, calculates cumulative outstanding supply, and converts to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: Parsed `Transfer` events from Avalanche for the NOTE token contract (`0x7c6a937943f135283a2561938de2200994a8f7a7`)
- **Token transfers**: Avalanche token transfer records capturing mint and burn activities through zero-address interactions
- **External data**: End-of-day price feeds from CoinGecko for Republic Note token (identifier: `republic-note`)
- **Token metadata**: Decimal precision data for proper unit conversion of NOTE token amounts

## 3. Step-by-step calculation

### Component A: NOTE token mint identification
- **Purpose**: Identify all NOTE token minting events from blockchain transfers
- **Logic**: Extract `Transfer` events from Avalanche where the NOTE token contract address matches `0x7c6a937943f135283a2561938de2200994a8f7a7` and the `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) while the `to_address` is any non-zero address. This pattern indicates new tokens being minted into circulation.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `from_address`, `token_address`, `value` (raw token amount)

### Component B: NOTE token burn identification  
- **Purpose**: Identify all NOTE token burning events from blockchain transfers
- **Logic**: Extract `Transfer` events from Avalanche where the NOTE token contract address matches `0x7c6a937943f135283a2561938de2200994a8f7a7` and the `to_address` is the zero address while the `from_address` is any non-zero address. This pattern indicates tokens being removed from circulation.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `from_address`, `token_address`, `value` (raw token amount)

### Component C: Net supply calculation
- **Purpose**: Combine mint and burn events to calculate net supply changes
- **Logic**: Union mint events (with positive `amount` values) and burn events (with negative `amount` values) into a single dataset. Apply decimal correction using token metadata to convert raw blockchain amounts to proper decimal representation. Group by day using timestamp truncation and sum the net `amount` changes to get daily supply variations.
- **Key fields**: `timestamp` (daily), `amount` (decimal-corrected net change), `token_address`, `chain`

### Component D: Cumulative supply tracking
- **Purpose**: Calculate the running total of outstanding NOTE tokens over time
- **Logic**: Apply a window function partitioned by chain, version, and token address, ordered by timestamp, to calculate the cumulative sum of daily net supply changes. This produces the `outstanding_supply` representing total tokens in circulation at each point in time.
- **Key fields**: `outstanding_supply` (cumulative token amount), `timestamp`, dimensions for partitioning

### Component E: Time series completion
- **Purpose**: Ensure continuous daily time series with no gaps
- **Logic**: Apply forward-filling logic to propagate the most recent `outstanding_supply` value to any missing dates within the data range. This ensures the metric has values for every day in the analysis period.
- **Key fields**: `outstanding_supply` (forward-filled), `timestamp`, dimensional attributes

### Final aggregation
- **Combining components**: The final metric uses the time-series completed outstanding supply data as the base for capital deployed calculation
- **Currency conversion**: Apply end-of-day USD prices from CoinGecko using the Republic Note identifier (`republic-note`) to convert token amounts to USD values
- **Time aggregation**: Daily boundary logic uses timestamp truncation to day level, with all events within a 24-hour period aggregated together
- **Final calculation**: The capital deployed value equals the outstanding supply of NOTE tokens multiplied by the end-of-day USD price, representing the total USD value of capital deployed through NOTE token issuance

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

Value of capital allocated into investments by an asset manager.

Republic

Capital deployed

Capital deployed

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Chain breakdown