# xSolvBTC xSolvBTC outstanding supply Methodology

## 1. Overview

xSolvBTC outstanding supply measures the total circulating volume of the yield-bearing Bitcoin asset within the Solv Protocol ecosystem. This metric represents the aggregate value of Bitcoin-collateralized assets held by users across various yield-generating strategies in Solv Vaults. XSolvBTC, previously referred to as SolvBTC.BBN, serves as a liquid receipt asset for Bitcoin deposited into the protocol's institutional-grade vault infrastructure.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events from xSolvBTC contracts, covering Ethereum, Arbitrum, BSC, Base, and 6 other chains
- **External data**: End-of-day price feeds for Bitcoin

## 3. Step-by-step calculation

### Component A: Mint and burn event extraction

- **Purpose**: Identify the creation and destruction of xSolvBTC assets to determine supply changes
- **Logic**: ERC-20 `Transfer` events are filtered for the specific xSolvBTC contract addresses on each supported chain. Transfers where the sender address is the null address are identified as mints, while transfers where the recipient address is the null address are identified as burns. These events are captured to quantify every change in the total supply of the asset.
- **Key fields**: `from_address`, `to_address`, `value`

### Component B: Cumulative supply aggregation

- **Purpose**: Calculate the total quantity of xSolvBTC in circulation at any given time
- **Logic**: The net change in supply is calculated daily by aggregating the values of all identified mints and burns. A cumulative running sum of these daily changes is performed per chain and asset to establish the total outstanding supply. For days where no on-chain transfer events occur, the previous day's supply value is persisted to ensure a continuous time series.
- **Key fields**: `block_timestamp`, `value`

### Component C: USD conversion and final normalization

- **Purpose**: Normalize asset quantities and convert the total supply into a standardized USD value
- **Logic**: Asset amounts are normalized by decimal precision. The resulting token quantities are multiplied by end-of-day Bitcoin price feeds. Values are aggregated to provide a comprehensive view of the outstanding supply across all supported blockchain networks.
- **Key fields**: `supply`, `price_usd`

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

USD value of xSolvBTC outstanding supply.

xSolvBTC 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.

xSolvBTC

xSolvBTC outstanding supply

xSolvBTC outstanding supply

Chain breakdown