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.

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# Solv Protocol BTC+ outstanding supply Methodology

## 1. Overview

The BTC+ outstanding supply metric measures the total amount of BTC+ tokens currently in circulation across multiple blockchain networks. BTC+ is a Bitcoin-backed token issued by Solv Protocol that can be minted and burned, affecting the outstanding supply. This metric tracks the cumulative net issuance (mints minus burns) of BTC+ tokens across Ethereum, Arbitrum, BSC, Base, Avalanche, Berachain, and HyperEVM networks, providing both native token amounts and USD equivalent values using Bitcoin pricing.

## 2. Data sources

- **Blockchain events**: Parsed ERC-20 `Transfer` events from Ethereum, Arbitrum, BSC, Base, Avalanche, Berachain, and HyperEVM blockchains
- **Token metadata**: Token decimal precision data for accurate amount calculations
- **External data**: End-of-day Bitcoin price feeds from CoinGecko API (using 'bitcoin' coingecko_id)
- **Configuration data**: Chain availability filters and BTC+ token contract addresses for each supported blockchain

## 3. Step-by-step calculation

### Component A: BTC+ token mint detection
- **Purpose**: Identifies when new BTC+ tokens are created and added to circulation
- **Logic**: Filters token transfer events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`), indicating token creation. Processes transfers for specific BTC+ token contract addresses across seven EVM chains: Ethereum (`0xcea2daf93617b97504e05affc5bcf9b3922d3034`), and a common address (`0x4ca70811e831db42072cba1f0d03496ef126faad`) across Arbitrum, BSC, Base, Avalanche, Berachain, and HyperEVM. Each chain uses its respective WBTC token address for value mapping.
- **Key fields**: Uses `block_timestamp` for timing, `to_address` for recipient identification, `value` for mint amounts, and applies decimal normalization using token metadata

### Component B: BTC+ token burn detection  
- **Purpose**: Identifies when BTC+ tokens are destroyed and removed from circulation
- **Logic**: Filters token transfer events where the `to_address` is the null address (`0x0000000000000000000000000000000000000000`), indicating token destruction. Uses the same BTC+ token contract addresses as mint detection across all seven supported chains. Burn values are recorded as negative amounts to represent supply reduction.
- **Key fields**: Uses `block_timestamp` for timing, `from_address` for sender identification, `value` converted to negative amounts for burns, and applies decimal normalization

### Component C: Daily supply change aggregation
- **Purpose**: Combines mint and burn events to calculate net daily supply changes by chain
- **Logic**: Unions mint and burn event data, truncates timestamps to daily boundaries, and sums net value changes grouped by date, token address, and chain. This creates daily snapshots of supply changes across all supported networks.
- **Key fields**: Aggregates daily `timestamp`, `token_address`, `chain`, and net `value` representing supply changes

### Component D: Cumulative supply calculation
- **Purpose**: Transforms daily changes into running total outstanding supply
- **Logic**: Applies cumulative sum calculation using window functions partitioned by token address and chain, ordered by timestamp. This creates a running total of outstanding supply over time for each BTC+ token on each blockchain.
- **Key fields**: Maintains `timestamp`, `timestamp_grain` as 'day', `token_address`, `chain`, and calculated cumulative `supply`

### Component E: Time series completion
- **Purpose**: Ensures continuous daily data without gaps
- **Logic**: Applies forward-fill logic to populate missing days with the last known supply value, creating a complete daily time series for each token-chain combination
- **Key fields**: Maintains all dimensions while filling forward the `supply` values for missing dates

### Final aggregation
- **Combining components**: Outstanding supply data flows through a single pipeline combining all seven chains, with the main metric model selecting from the fact table and applying cross-chain aggregation
- **Currency conversion**: Converts BTC+ token amounts to USD using end-of-day Bitcoin prices from CoinGecko API, since BTC+ tokens are Bitcoin-backed assets
- **Time aggregation**: Maintains daily granularity with `timestamp_grain` set to 'day', ensuring consistent daily boundary logic across all chains
- **Final calculation**: Applies finalization macro with 'fill_zeros' strategy and chain availability filters to produce the final outstanding supply metric in both native token amounts and USD equivalent values

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

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BTC+ outstanding supply

BTC+ outstanding supply

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