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 xSolvBTC outstanding supply Methodology

## 1. Overview

The xSolvBTC outstanding supply metric measures the total circulating supply of xSolvBTC tokens across multiple blockchain networks. xSolvBTC (formerly known as SolvBTC.BBN) represents a Bitcoin-backed vault token that can be minted and burned. This metric tracks the net outstanding supply by monitoring mint and burn events across 10 EVM-compatible chains, providing both native token amounts and USD-equivalent values using Bitcoin pricing.

## 2. Data sources

The calculation uses the following raw data sources:
- **Token transfer events**: Parsed `Transfer` events from Ethereum, Arbitrum, BSC, Base, Avalanche, Berachain, Ink, Sonic, HyperEVM, and Linea networks
- **Token metadata**: Token decimal information for proper value normalization
- **Price feeds**: End-of-day Bitcoin price feeds from CoinGecko for USD conversion

## 3. Step-by-step calculation

### Component A: Mint event identification
- **Purpose**: Identifies new xSolvBTC tokens created through minting
- **Logic**: Extracts `Transfer` events where the `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) for each chain's specific xSolvBTC token contract. Values are normalized by dividing the raw transfer amount by 10 raised to the power of the token's decimal places. Each chain has a predefined xSolvBTC token address and corresponding WBTC reference address.
- **Key fields**: `block_timestamp`, `to_address` (recipient), `token_address` (WBTC reference), `chain`, and normalized `value`

### Component B: Burn event identification  
- **Purpose**: Identifies xSolvBTC tokens removed from circulation through burning
- **Logic**: Extracts `Transfer` events where the `to_address` is the zero address for each chain's xSolvBTC token contract. Values are normalized using the same decimal adjustment process but treated as negative amounts to represent supply reduction.
- **Key fields**: `block_timestamp`, `from_address` (sender), `token_address` (WBTC reference), `chain`, and negative normalized `value`

### Component C: Daily supply change aggregation
- **Purpose**: Combines mint and burn events into net daily supply changes
- **Logic**: Unions mint and burn events, truncates timestamps to daily boundaries, and aggregates the sum of all value changes by day, token address, and chain. This creates a daily net change in supply for each chain.
- **Key fields**: Daily `timestamp`, `token_address`, `chain`, and aggregated `value` representing net supply change

### Component D: Cumulative supply calculation
- **Purpose**: Calculates the running total outstanding supply over time
- **Logic**: Applies a cumulative sum window function partitioned by token address and chain, ordered by timestamp. This creates a running total of supply changes to determine the outstanding supply at any given day.
- **Key fields**: `timestamp`, `timestamp_grain` (day), `token_address`, `chain`, and cumulative `supply`

### Component E: Data continuity assurance
- **Purpose**: Ensures continuous daily data without gaps
- **Logic**: Uses forward-filling logic to propagate the last known supply value to subsequent days where no mint or burn events occurred, maintaining data continuity across the time series.
- **Key fields**: All previous fields with gaps filled using the most recent known supply value

### Final aggregation
- **Combining components**: The model processes each chain's data separately and maintains chain-specific supply tracking throughout the calculation
- **Currency conversion**: USD values are calculated by multiplying the native token supply by end-of-day Bitcoin prices from CoinGecko, since xSolvBTC represents a Bitcoin-backed token
- **Time aggregation**: All calculations use daily boundaries with timestamps truncated to day precision
- **Final calculation**: The final metric represents the total outstanding supply of xSolvBTC tokens on each chain, available in both native token units and USD equivalent values, with chain availability filters applied to ensure data quality

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

USD value of xSolvBTC outstanding supply.

Solv ProtocolSOLV

xSolvBTC outstanding supply

xSolvBTC outstanding supply

Competitive landscape

Chain breakdown