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 Total value locked Methodology

## 1. Overview

Republic Note's Total Value Locked (TVL) represents the total value of NOTE tokens outstanding in the protocol. This metric is calculated by tracking the cumulative supply of NOTE tokens through mint and burn events on the Avalanche blockchain. The TVL equals the outstanding supply of NOTE tokens converted to USD, reflecting the total capital deployed in Republic Note's asset management protocol.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Avalanche token transfer events**: Parsed `Transfer` events for the NOTE token contract (`0x7c6a937943f135283a2561938de2200994a8f7a7`) on Avalanche blockchain
- **Token metadata**: Decimal precision and symbol information for the NOTE token
- **End-of-day price feeds**: CoinGecko price data for 'republic-note' token used for USD conversion

## 3. Step-by-step calculation

### Component A: NOTE token mint tracking
- **Purpose**: Identifies when new NOTE tokens are created and issued
- **Logic**: Extracts Avalanche token transfer events where the `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) and `to_address` is any non-zero address for the NOTE token contract. These transfers represent mint events where new tokens are created from nothing. Each mint event includes the `amount` of tokens created, `block_timestamp`, and recipient address
- **Key fields**: `amount` (raw token quantity), `block_timestamp` (event timing), `from_address` (zero for mints), `to_address` (recipient), `token_address` (NOTE contract address)

### Component B: NOTE token burn tracking  
- **Purpose**: Identifies when NOTE tokens are destroyed or removed from circulation
- **Logic**: Extracts Avalanche token transfer events where the `to_address` is the zero address and `from_address` is any non-zero address for the NOTE token contract. These transfers represent burn events where tokens are sent to the zero address, effectively destroying them. The `amount` field captures the quantity of tokens burned
- **Key fields**: `amount` (raw token quantity burned), `block_timestamp` (event timing), `from_address` (burner address), `to_address` (zero for burns), `token_address` (NOTE contract address)

### Component C: Outstanding supply calculation
- **Purpose**: Calculates the net outstanding supply of NOTE tokens over time
- **Logic**: Combines mint and burn events into a unified dataset, treating mints as positive amounts and burns as negative amounts. Applies decimal correction to convert raw token amounts to proper decimal precision. Aggregates net daily changes by summing all mint and burn amounts for each day. Calculates cumulative outstanding supply using a running sum ordered by timestamp, where each day's outstanding supply equals the previous day's supply plus the net daily change. Applies forward-fill logic to ensure continuous daily time series without gaps
- **Key fields**: `outstanding_supply` (cumulative token supply), `timestamp` (daily), `amount` (net daily change), `token_address` (NOTE contract)

### Component D: USD conversion
- **Purpose**: Converts outstanding NOTE supply to USD value
- **Logic**: Takes the outstanding supply of NOTE tokens and converts to USD using end-of-day price feeds from CoinGecko for the 'republic-note' token identifier. Matches daily outstanding supply amounts with corresponding daily prices to calculate USD-denominated values
- **Key fields**: `outstanding_supply` (USD value), `coingecko_id` (republic-note), `token_symbol` (NOTE)

### Final aggregation
- **Combining components**: The outstanding supply in USD directly represents the capital deployed in the protocol, which equals the TVL
- **Currency conversion**: Uses CoinGecko end-of-day prices for 'republic-note' token to convert NOTE amounts to USD
- **Time aggregation**: Data is aggregated to daily boundaries using day-truncated timestamps, with forward-filling applied to ensure complete daily coverage
- **Final calculation**: TVL equals the sum of capital deployed, which equals the outstanding supply of NOTE tokens converted to USD. Since Republic Note operates on a single token model, the outstanding supply of NOTE tokens represents the total value locked in the protocol

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Republic

Total value locked

Total value locked

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