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Real-world asset (RWA) issuers

Theo

# Theo Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating for Theo represents the total USD value of Theo Short Duration US Treasury Fund tokens in circulation. This metric measures the market capitalization of Theo's circulating token supply by tracking token mints and burns to calculate outstanding supply, then converting to USD using market prices. For Theo, this metric is equivalent to their total value locked (TVL), as it represents the total value of assets under management in their treasury fund product.

## 2. Data sources

- **Ethereum token transfers**: Parsed `Transfer` events from Ethereum blockchain for the Theo Short Duration US Treasury Fund token contract (`0x5fa487bca6158c64046b2813623e20755091da0b`)
- **End-of-day price feeds**: CoinGecko price data for the 'theo-short-duration-us-treasury-fund' token
- **Token metadata**: Token decimal information for proper unit conversion

## 3. Step-by-step calculation

### Component A: Theo Short Duration US Treasury Fund mint tracking
- **Purpose**: Identifies when new Theo Short Duration US Treasury Fund tokens are minted and added to circulation
- **Logic**: Filters Ethereum `Transfer` events where the `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) and `to_address` is not the zero address. These represent mint events where tokens are created from nothing and sent to recipients. The `amount` field captures the number of tokens minted.
- **Key fields**: `block_timestamp` for timing, `amount` for mint quantity, `token_address` for contract identification

### Component B: Theo Short Duration US Treasury Fund burn tracking  
- **Purpose**: Identifies when Theo Short Duration US Treasury Fund tokens are burned and removed from circulation
- **Logic**: Filters Ethereum `Transfer` events where the `to_address` is the zero address and `from_address` is not the zero address. These represent burn events where tokens are sent to the zero address (effectively destroyed). The `amount` is made negative to represent supply reduction.
- **Key fields**: `block_timestamp` for timing, `amount` (negated) for burn quantity, `token_address` for contract identification

### Component C: Outstanding supply calculation
- **Purpose**: Calculates the net circulating supply of Theo Short Duration US Treasury Fund tokens over time
- **Logic**: Combines mint and burn events into a single dataset, with mints as positive amounts and burns as negative amounts. Applies decimal correction using token metadata to convert raw token units to proper decimal representation. Aggregates daily by summing all transfer amounts for each day. Calculates cumulative outstanding supply using a running sum ordered by date, representing the net tokens in circulation at each point in time.
- **Key fields**: `outstanding_supply` as the cumulative circulating token balance, `timestamp` for daily boundaries

### Component D: USD conversion
- **Purpose**: Converts token supply quantities to USD market value
- **Logic**: Joins the outstanding supply data with end-of-day CoinGecko price feeds for the 'theo-short-duration-us-treasury-fund' token. Multiplies the `outstanding_supply` by the daily token price to calculate the USD value of circulating tokens. Forward-fills missing price data to ensure continuous time series coverage.
- **Key fields**: `outstanding_supply` converted to USD value using daily prices

### Final aggregation
- **Combining components**: The USD-denominated outstanding supply represents the capital deployed metric, which is then aggregated across all tokens and chains for the protocol
- **Currency conversion**: Uses CoinGecko end-of-day prices to convert Theo Short Duration US Treasury Fund token quantities to USD values
- **Time aggregation**: Data is aggregated daily using day-truncated timestamps, with forward-filling applied to maintain continuous time series
- **Final calculation**: The total USD value of outstanding Theo Short Duration US Treasury Fund token supply becomes both the capital deployed and TVL metrics. For Theo, the asset market cap circulating metric directly uses this TVL value, making it equivalent to the total market value of circulating Theo Short Duration US Treasury Fund tokens.

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Theo

Circulating asset market cap

Circulating asset market cap

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