Validators process transactions and receive fees from users (supply-side fees).

The Open Network (TON) is a smart contract platform for decentralized applications (a blockchain). The Open Network was founded by Telegram and launched in 2019.

GRAM holders own and govern the protocol. They currently take (burn) a cut of the total transaction fees paid by users (revenue). The Open Network's investors include KuCoin Ventures, MEXC Ventures, DWF Labs, etc.

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# TON USDT outstanding supply Methodology

## 1. Overview

USDT outstanding supply measures the total amount of USDT tokens currently in circulation on the TON blockchain. This metric tracks the net issuance of USDT by monitoring transfers to and from the designated USDT treasury address. The calculation identifies when new USDT tokens are issued (transfers from treasury) versus when tokens are redeemed or burned (transfers to treasury), providing a running total of circulating supply over time.

## 2. Data sources

The calculation uses the following raw data sources:
- **TON Jetton Transfer events**: Parsed blockchain events from TON that capture all Jetton token transfers, including transfer amounts, source and destination addresses, and transaction status
- **TON transaction data**: Transaction-level data that includes aborted transaction flags to identify and exclude failed transfers
- **End-of-day token price feeds**: External price data used for USD conversion of token amounts
- **Token metadata**: Information about the specific USDT Jetton master contract address and treasury address on TON

## 3. Step-by-step calculation

### Component A: USDT transfer extraction
- **Purpose**: Identifies and extracts all valid USDT transfers on the TON blockchain
- **Logic**: Filters TON Jetton Transfer events to include only transfers where the `jetton_master` field matches the specific USDT contract address `0:B113A994B5024A16719F69139328EB759596C38A25F59028B146FECDC3621DFE`. Excludes any transfers where the `transaction_aborted` flag is true to ensure only successful transfers are counted. Normalizes transfer amounts by dividing by 1e6 to account for USDT's 6 decimal places.
- **Key fields**: `block_timestamp` for timing, `source` and `destination` addresses for transfer direction, `token_address` as the USDT identifier, and `amount` as the normalized transfer value

### Component B: Issuance and redemption identification
- **Purpose**: Classifies USDT transfers as either new issuances or redemptions based on treasury involvement
- **Logic**: Identifies transfers involving the USDT treasury address `0:23fa979918f1fe702db9100bf843e87c7015eccd39a4721e9b6bac170bc04ce3`. Transfers TO the treasury address are treated as redemptions and assigned negative amounts (reducing circulating supply). Transfers FROM the treasury address are treated as new issuances and assigned positive amounts (increasing circulating supply). Combines both types of transfers into a single dataset with appropriate positive/negative signs.
- **Key fields**: `block_timestamp`, `chain_id` set to 'ton', `token_address`, and `amount` with proper positive/negative signs based on transfer direction

### Component C: Daily aggregation
- **Purpose**: Aggregates individual transfers into daily net supply changes
- **Logic**: Groups all issuance and redemption transfers by day using timestamp truncation to the daily level. Sums all positive amounts (issuances) and negative amounts (redemptions) within each day to calculate the net daily change in outstanding supply. This produces a time series of daily supply deltas rather than individual transfer records.
- **Key fields**: `timestamp` truncated to daily boundaries, `timestamp_grain` set to 'day', and `outstanding_delta` representing the net daily supply change

### Component D: Cumulative supply calculation
- **Purpose**: Converts daily supply changes into a running total of outstanding supply
- **Logic**: Applies a window function to calculate the cumulative sum of daily supply changes over time, partitioned by chain and token address and ordered by timestamp. This running sum represents the total outstanding USDT supply at each point in time. The calculation assumes a starting supply of zero and builds up the total based on observed issuances and redemptions.
- **Key fields**: `outstanding_supply` as the cumulative running total of circulating USDT tokens

### Component E: Time series completion
- **Purpose**: Ensures continuous daily time series without gaps
- **Logic**: Applies forward-filling logic to populate any missing dates in the time series. For days where no transfers occurred, the outstanding supply value from the previous day is carried forward to maintain a complete daily record. This ensures consistent reporting even during periods of no activity.
- **Key fields**: All existing fields with forward-filled `outstanding_supply` values for missing dates

### Final aggregation
- **Combining components**: The intermediate results are processed through standardization steps that map the TON-specific data to Token Terminal's standard schema format
- **Currency conversion**: Outstanding supply amounts are converted to USD values using end-of-day token price feeds through the `convert_to_usd_and_correct_decimals` macro, with decimal correction disabled since amounts are already properly normalized
- **Time aggregation**: Daily boundary logic maintains consistent timestamp handling and ensures proper time series continuity
- **Final calculation**: The metric produces daily outstanding supply values in USD, representing the total circulating USDT supply on TON at each point in time, with chain mapping from 'ton' to 'ethereum' for standardized reporting purposes

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

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USDT outstanding supply

USDT outstanding supply

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