How settled value is measured
Transfers are counted from nine EVM chains and the XRP Ledger. The exclusions below are applied once, in the query that builds the published series, never in the browser.
Mints and burns are removed: any transfer where either side is the zero address. That is 9,294,124 of 18,897,545 rows — roughly half of this database touches the zero address, and treating it as an ordinary wallet would be wrong by about half. On the XRP Ledger there is no zero address, so the same job is done by excluding transfers to and from the issuing account, which is where issuance and redemption happen there.
One population that rule removes is added back, since 25 September 2026. On celo, BRLA settles a payment as a mint into a customer's address and a burn from the same address seconds later, with no transfer in between, so removing mints removes the whole payment. Each mint into an address that has never been either side of a transfer is therefore counted as settled value, at the same official rate on the same day, inside the figure for its token, currency and chain. The two populations are disjoint by construction, a mint being exactly a row the transfer side excludes, so nothing is counted twice. How those addresses are identified, and the rail on its own, is “The settlement layer a transfer count cannot see”.
Issuer-held balances are removed. BRZ has no mint-and-burn policy: the issuer parks tokens in treasury instead, so the zero-address rule catches nothing for it. Nine wallets are registered — three treasury addresses, plus six that have held the bnb reserve in turn since a single 2021 mint, because the reserve rotates and registering only the current one leaves years of it unexcluded. Two further wallets are nBRL's issuers, whose 400,000,000 round trip is 99.0% of that token's gross flow and is not activity.
Amounts use each token's applied decimal exponent. An earlier rule excluded nine (chain, token) pairs whose declared and applied exponents disagree; that exclusion was withdrawn in August 2026 once the disagreement was traced to metadata blanket-claiming 18 decimals rather than to a wrong applied value. Applying it literally would have dropped BRZ on bnb — 70,886 rows and R$859M — rather than adjusting it. One token still needs a hand correction: MXNB, by a further ten to the minus six.
MMXN is dropped from every figure. Its entire history is one unverified 2021 mint that would otherwise be 93.8% of all Mexican peso supply.
Mexican peso figures are a lower bound rather than a measurement. MXNB trades on five chains and this database holds transfer rows for two of them, so every MXN figure containing MXNB understates by an unknown amount.
US dollar figures are converted at the official rate on the day of the transfer, then summed. Pricing a week of volume at one week-end rate would misprice every day but one.
The last period is always dropped. See “Why the series stops before the data does”.