The platform operates across multiple blockchains including Ethereum, Polygon, Solana, Base, and others, allowing users to buy, sell, and transfer tokens 24/7. VNX maintains regulatory compliance through its TVTG registration as a Token Generator and Service Provider, ensures transparency through asset allocation lookups and regular reporting, and generates revenue through token issuance and platform services.

VNX creates blockchain-based tokens that represent physical assets, offering VEUR, VCHF, VGBP (fiat-referenced tokens) and VNXAU (gold-backed tokens). These multichain digital assets enable users to trade, transfer, and utilize real-world assets in DeFi protocols while maintaining regulatory compliance and full transparency through allocated physical backing.

VNX is a Liechtenstein-licensed blockchain company regulated by the Financial Market Authority (FMA) that specializes in tokenizing real-world assets including fiat currencies and precious metals.

twitter

website

Stablecoin issuers

# VNX Circulating asset market cap Methodology

## 1. Overview

The VNX asset market cap circulating metric represents the total market capitalization of assets managed by VNX that are available for trading in the circulating supply. This metric aggregates pre-calculated asset-level market cap values for all assets associated with VNX products, providing a comprehensive view of VNX's total asset market cap across their tokenized commodity and stablecoin offerings.

## 2. Data sources

The calculation relies on the following data sources:

- **Pre-calculated asset metrics**: Asset-level market cap circulating values that are already calculated and stored in USD
- **VNX product metadata**: Configuration data that maps assets to VNX products, including product identifiers, asset mappings, and market sector classifications
- **Token metadata**: Token symbols and asset identification information
- **Product classification data**: Tags that categorize VNX products into market sectors such as tokenized commodities and stablecoins

## 3. Step-by-step calculation

### Component A: Product-asset mapping extraction
- **Purpose**: Establishes the relationship between VNX products and their underlying assets
- **Logic**: Extracts VNX product configurations from project metadata, focusing on products where `data_id` equals 'vnx' and asset metadata contains valid asset identifiers. For each product, the system extracts the `asset_id`, token `symbol`, and determines the market sector classification by examining product tags. Priority is given to 'tokenized-commodities' and 'stablecoins' tags, with the first tag used as fallback for other classifications.
- **Key fields**: `product_id`, `asset_id`, `token_symbol`, and `market_sector_id` derived from product tags

### Component B: Asset market cap retrieval
- **Purpose**: Sources pre-calculated asset market cap circulating values
- **Logic**: Retrieves asset market cap circulating metrics from the metrics system, filtering specifically for records where `metric_id` equals 'asset_market_cap_circulating'. These values are already denominated in USD and represent the circulating market cap for each asset on each day.
- **Key fields**: `timestamp`, `chain_id`, `token_address`, `asset_id`, and `value` (market cap in USD)

### Component C: Asset-product association
- **Purpose**: Links asset metrics with VNX product information
- **Logic**: Performs an inner join between asset market cap data and VNX product mapping based on matching `asset_id` values. This ensures only assets that are part of VNX products are included in the calculation. The join also adds business context including business line classification as 'asset_management' and market sector information.
- **Key fields**: Combined data including `timestamp`, `chain_id`, `product_id`, `market_sector_id`, `token_address`, `token_symbol`, and market cap values

### Final aggregation
- **Combining components**: Asset market cap values are aggregated using SUM grouped by timestamp, timestamp grain (day), chain, business classification fields, product identifier, version, token address, and token symbol to handle any potential duplicate records per day
- **Currency conversion**: No currency conversion is needed as source values are already in USD
- **Time aggregation**: Daily aggregation with SUM ensures single values per day per asset
- **Final calculation**: The aggregated `outstanding_supply` value (which represents market cap) is used directly as `asset_market_cap_circulating`. For VNX, these two metrics are equivalent. The finalization process applies schema standardization and fills any data gaps with zeros to ensure complete time series coverage.

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

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

VNXVNX

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown