# BTC+ BTC+ outstanding supply Methodology

## 1. Overview

BTC+ outstanding supply measures the total circulating amount of the yield-bearing Bitcoin asset issued by Solv Protocol. This metric represents the total volume of BTC+ assets held by users across all supported blockchain networks. It is utilized to assess the scale, liquidity, and adoption of the yield-optimized strategies within the Solv Vaults ecosystem.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events from BTC+ asset contracts, covering Ethereum, Arbitrum, BSC, Base, and 3 other chains
- **External data**: End-of-day price feeds for Bitcoin

## 3. Step-by-step calculation

### Component A: BTC+ issuance and redemption tracking

- **Purpose**: Identify all instances where BTC+ assets are created or destroyed to determine net supply changes.
- **Logic**: ERC-20 `Transfer` events are parsed for specific BTC+ contract addresses across all supported chains. Mints are identified as transfers where the sender is the null address, and burns are identified as transfers where the recipient is the null address. The values from these events are aggregated by day and chain to calculate the net change in the circulating supply.
- **Key fields**: `from_address`, `to_address`, `value`

### Component B: Cumulative supply calculation

- **Purpose**: Determine the total amount of BTC+ in circulation at any point in time.
- **Logic**: The net supply changes identified in Component A are summed chronologically to create a running total of the outstanding supply per chain. For days where no mint or burn events occur, the previous day's total is carried forward to ensure a continuous daily time series.
- **Key fields**: `block_timestamp`, `value`

### Component C: Normalization and USD conversion

- **Purpose**: Standardize asset quantities and calculate the total market value of the outstanding supply in USD.
- **Logic**: Asset amounts are normalized by decimal precision. The resulting supply values are multiplied by end-of-day Bitcoin price feeds to derive the USD-denominated outstanding supply. All data is aggregated with daily granularity using UTC day boundaries.
- **Key fields**: `supply`, `price_usd`

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

BTC+ outstanding supply

Liquid staking

Bitcoin holders deposit Bitcoin into Solv Protocol and receive yield from onchain strategies (supply-side fees).

Solv Protocol offers financial services for Bitcoin, including lending, liquid staking, yield generation, and fund management.

Solv Protocol team & investors own and govern the protocol. They currently take a cut of the total yield generated (revenue). Solv Protocol's investors include IOSG, Blockchain Capital, Binance Labs, etc.

BTC+

BTC+ outstanding supply

BTC+ outstanding supply

Chain breakdown