Securitize operates through its proprietary compliance protocol and smart contract infrastructure that automates regulatory requirements for digital securities. The platform generates revenue through issuance fees, ongoing compliance services, and transaction fees from secondary market trading, while leveraging blockchain technology to provide programmable compliance and automated investor verification.

The platform provides end-to-end infrastructure for digitizing traditional securities and real-world assets through blockchain tokenization. Securitize offers compliant token issuance services, investor management tools, and secondary market solutions that bridge traditional finance with decentralized technologies while maintaining regulatory compliance.

Securitize is a digital securities platform that enables the compliant issuance, management, and trading of tokenized securities on blockchain networks.

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Securitize

# Securitize Capital deployed Methodology

## 1. Overview

The Securitize capital deployed metric measures the total USD value of outstanding tokenized assets managed by Securitize across multiple blockchain networks. This metric represents the aggregate capital invested in Securitize's tokenized funds and investment products, calculated by tracking the outstanding supply of each token and converting it to USD value. The calculation covers five main tokenized assets: BUIDL (BlackRock USD Institutional Digital Liquidity Fund), ACRED (Apollo Diversified Credit Fund), VBILL (Backed Treasury Bills), HLSCOPE (Hamilton Lane Senior Credit Opportunities Fund), and BCAP (Blockchain Capital Fund).

## 2. Data sources

The calculation draws from multiple blockchain data sources and external pricing feeds:

- **EVM chain token transfer events**: Parsed `Transfer` events from Ethereum, Avalanche, Arbitrum, Optimism, Polygon, BSC, zkSync Era, and Ink networks, specifically filtering for mint events (transfers from zero address) and burn events (transfers to zero address)
- **Aptos native events**: Native `Issue_event` and `Burn_event` data from BuidlToken and AcredToken smart contracts on Aptos
- **Solana token balance data**: Daily token account balance snapshots tracking `post_balance` values for specific mint addresses on Solana
- **Historical NAV feeds**: Scraped net asset value data from Securitize sources for BCAP and HLSCOPE fund tokens
- **End-of-day price feeds**: CoinGecko price data for tokens with market-determined pricing
- **Token metadata**: Contract addresses, decimal places, and chain-specific token configurations

## 3. Step-by-step calculation

### Component A: EVM chain mint and burn tracking
- **Purpose**: Captures token issuance and redemption events across EVM-compatible blockchains
- **Logic**: Extracts `Transfer` events where `from_address` equals the zero address (indicating token mints) or `to_address` equals the zero address (indicating token burns). Each token has specific contract addresses on different chains. For example, BUIDL operates on Ethereum at two addresses, plus Avalanche, Arbitrum, Optimism, and Polygon. VBILL operates on Ethereum, BSC, and Avalanche. Burns are treated as negative amounts to calculate net supply changes
- **Key fields**: `block_timestamp`, `transaction_hash`, `token_address`, `value` (token amount), `chain` identifier, and business classification fields

### Component B: Aptos native event processing
- **Purpose**: Tracks token mints and burns on Aptos using native contract events
- **Logic**: Processes `BuidlToken_Issue_event` and `BuidlToken_Burn_event` for BUIDL, and `AcredToken_Issue_event` and `AcredToken_Burn_event` for ACRED. The `value` field from these events represents the token amount, which is divided by 1e6 for decimal normalization. Burn events are treated as negative amounts
- **Key fields**: `block_timestamp`, `transaction_hash`, `value` amount, and hardcoded token addresses for each asset

### Component C: Solana balance aggregation
- **Purpose**: Calculates total token supply on Solana by aggregating individual account balances
- **Logic**: Uses token balance change data filtering for specific mint addresses: BUIDL (`GyWgeqpy5GueU2YbkE8xqUeVEokCMMCEeUrfbtMw6phr`), ACRED (`FubtUcvhSCr3VPXEcxouoQjKQ7NWTCzXyECe76B7L3f8`), and VBILL (`34mJztT9am2jybSukvjNqRjgJBZqHJsHnivArx1P4xy1`). Sums the `post_balance` values across all token accounts to determine total circulating supply
- **Key fields**: `block_date`, `token_account`, `mint` address, `post_balance`, and `chain_id`

### Component D: Supply calculation and decimal correction
- **Purpose**: Combines mint/burn data and applies proper decimal adjustments
- **Logic**: Unions mint events (positive amounts) with burn events (negative amounts) for each token. Applies decimal correction based on token-specific decimal places using the `correct_decimals` macro. Aggregates transactions to daily level using `timestamp_trunc` to day granularity. Calculates running cumulative supply using window functions partitioned by chain, version, and token address
- **Key fields**: Corrected `amount` values, daily `timestamp`, cumulative `outstanding_supply`

### Component E: Time series completion
- **Purpose**: Ensures continuous daily data without gaps
- **Logic**: Forward-fills missing days using the `fill_forward` macro to propagate the last known outstanding supply value to subsequent days until a new transaction occurs. This creates a complete daily time series showing the outstanding supply on each day
- **Key fields**: Forward-filled `outstanding_supply` values across continuous daily timestamps

### Component F: USD conversion methodology
- **Purpose**: Converts token amounts to USD values using appropriate pricing methods
- **Logic**: Applies different conversion strategies based on token characteristics. BUIDL and VBILL tokens maintain a 1:1 USD peg so no conversion is needed. ACRED uses a hardcoded $1000 net asset value before March 14, 2025, then switches to CoinGecko market prices using the `apollo-diversified-credit-securitize-fund` identifier. BCAP uses historical NAV data scraped from Securitize sources before May 29, 2025, then CoinGecko prices using the `blockchain-capital` identifier. HLSCOPE uses historical NAV data before March 21, 2025, then CoinGecko prices using the `hamilton-lane-senior-credit-opportunities-securitize-fund` identifier
- **Key fields**: USD-denominated `outstanding_supply`, `coingecko_id`, historical `nav` values

### Component G: Token address migration handling
- **Purpose**: Manages transitions between different token contract addresses over time
- **Logic**: Handles specific token migrations where assets moved to new contracts. BCAP transitioned from Ethereum address `0x1f41e42d0a9e3c0dd3ba15b527342783b43200a9` to zkSync Era address `0x57fd71a86522dc06d6255537521886057c1772a3` on January 15, 2025. HLSCOPE migrated from address `0x6461b7fa6d2701d66f8af07960e044faf010d932` to `0x4c5ca366e26409845624e29b62c388a06961a792` on December 20, 2024. The logic ensures only the active contract address is counted for each time period
- **Key fields**: `token_address`, `timestamp` for date-based filtering

### Final aggregation
- **Combining components**: Unions the USD-denominated outstanding supply values from all eight intermediate models representing different tokens and chains (BUIDL EVM, BUIDL Solana, ACRED EVM, ACRED Solana, VBILL EVM, VBILL Solana, HLSCOPE, and BCAP). Each row represents a daily outstanding supply value for a specific token on a specific chain
- **Currency conversion**: All amounts are already converted to USD in the intermediate models using the appropriate methodology for each token type and time period
- **Time aggregation**: Data is aggregated at daily granularity with consistent timestamp truncation to day boundaries across all components
- **Final calculation**: The `finalize_metric_capital_deployed` macro applies standardized schema validation, ensures proper dimensional consistency, and implements a fill_zeros strategy for missing values. The result represents the total capital deployed across all Securitize tokenized assets on each day

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

Value of capital allocated into investments by an asset manager.

SecuritizeSECZ

Capital deployed

Capital deployed

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