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Tradable

# Tradable Circulating asset market cap Methodology

## 1. Overview

The asset market cap circulating metric for Tradable measures the total USD value of circulating token supply across all Tradable investment products. This metric represents the market capitalization of outstanding tokens that can be traded in the secondary market. For Tradable products, the circulating market cap equals the Total Value Locked (TVL), as it represents the total value of investment tokens issued and outstanding. The calculation tracks mint and burn events of product tokens to determine circulating supply, then converts to USD using market prices.

## 2. Data sources

- **zkSync Era token transfer events**: Parsed `Transfer` events from the zkSync Era blockchain for 5 specific Tradable product token contracts
- **Token metadata**: Protocol-specific decimal place information for proper token amount normalization
- **CoinGecko end-of-day price feeds**: Daily token prices for USD conversion using product-specific CoinGecko identifiers
- **Product configuration data**: Mapping of product IDs to token addresses and CoinGecko price feed identifiers

## 3. Step-by-step calculation

### Component A: Mint event extraction
- **Purpose**: Identifies when new Tradable investment tokens are created (minted)
- **Logic**: Extracts token transfer events from zkSync Era blockchain data where the `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) and the `to_address` is any non-zero address. This pattern indicates token minting. Filters for 5 specific Tradable product token addresses: US Buy Now Pay Later Finance Provider Senior Secured Term Notes (`0x6ff4fafd8d604614c704a5936d9146c0af19bd1e`), North America Rent Financing Platform Senior Secured Term Notes (`0xac4de1e9a9e83524f24af77972dd39d588de8164`), Gov't Contractor Financier Senior Secured Term Notes (`0xa8f8ea0a2ca288a3a758ea700b10cd38d8c68721`), LatAm Fintech Senior Secured Term Notes (`0x5abe0a2ead1357f70e73f5b60e227df64a54ddd5`), and Singapore Fintech Senior Secured Loan (`0x5c8c39e167c604b036afd3fbb65426f9fe78ce6d`)
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `token_address`, `value` (mint amount), `to_address` (recipient), `product_id`

### Component B: Burn event extraction  
- **Purpose**: Identifies when Tradable investment tokens are destroyed (burned)
- **Logic**: Extracts token transfer events where the `to_address` is the zero address and the `from_address` is any non-zero address. This pattern indicates token burning. Uses the same 5 Tradable product token addresses as mint extraction. Burn amounts will be treated as negative values in supply calculations
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `token_address`, `value` (burn amount), `from_address` (sender), `product_id`

### Component C: Outstanding supply calculation
- **Purpose**: Determines the net circulating token supply for each Tradable product
- **Logic**: Combines mint and burn events into a single dataset, treating burn amounts as negative values. Applies decimal correction to normalize token amounts based on each token's specific decimal places. Aggregates transfer amounts daily by summing all mint and burn activities within each day. Calculates cumulative outstanding supply using a running sum window function partitioned by chain, version, and token address, ordered by timestamp. Applies forward-fill logic to ensure continuous daily time series data with no gaps
- **Key fields**: `timestamp` (daily), `chain`, `product_id`, `token_address`, `amount` (daily net transfers), `outstanding_supply` (cumulative)

### Component D: USD conversion
- **Purpose**: Converts token supply amounts to USD values using market prices
- **Logic**: Maps each Tradable product to its corresponding CoinGecko price feed identifier. Product mappings include US Buy Now Pay Later Finance Provider Senior Secured Term Notes to `tradable-apac-diversified-finance-provider-sstn`, North America Rent Financing Platform Senior Secured Term Notes to `tradable-na-rent-financing-platform-sstn`, Gov't Contractor Financier Senior Secured Term Notes to `tradable-na-rent-financing-platform-sstn`, LatAm Fintech Senior Secured Term Notes to `tradable-latam-fintech-sstn`, and Singapore Fintech Senior Secured Loan to `tradable-singapore-fintech-ssl-2`. Multiplies outstanding supply amounts by end-of-day token prices from CoinGecko to calculate USD values
- **Key fields**: `outstanding_supply` (token amount), `coingecko_id`, `token_symbol`, USD converted amounts

### Component E: Capital deployed aggregation
- **Purpose**: Standardizes supply data as capital deployed metric
- **Logic**: Takes USD-converted outstanding supply values and applies metric finalization logic including schema validation, ID validation, and gap filling. Ensures consistent daily time series data across all products and chains
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `capital_deployed` (USD value)

### Component F: TVL calculation
- **Purpose**: Aggregates total value locked across all Tradable products
- **Logic**: Sums capital deployed amounts across all products for each day and chain combination. This represents the total USD value of all outstanding Tradable investment tokens. Applies TVL metric finalization including forward-fill logic to handle missing data points
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `tvl` (aggregated USD value)

### Final aggregation
- **Combining components**: The asset market cap circulating uses TVL values directly without additional aggregation, as TVL represents the total circulating market value
- **Currency conversion**: USD conversion occurs during outstanding supply calculation using CoinGecko end-of-day price feeds and product-specific price identifiers
- **Time aggregation**: All calculations operate on daily boundaries using timestamp truncation to day level, with forward-fill logic ensuring continuous time series
- **Final calculation**: Asset market cap circulating equals the TVL value, which represents the sum of USD-valued outstanding token supply across all Tradable products. The final metric applies standardization through the finalize metric macro and chain availability filtering

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

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

Tradable

Circulating asset market cap

Circulating asset market cap

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