Accuracy of circulation data

Because Haven Protocol is a privacy chain, circulating supply figures can only be derived from a specific metadata field against each conversion. This field is deliberately visible so that the quantity of each asset can be calculated.

This data is accessible via the RPC, allowing 3rd party platforms​​​​​​​ such as Havex to access conversion data. It’s also used to update the supply page: https://explorer.havenprotocol.org/supply

The actual supply calculation is based on a simple running total, adding or subtracting the metadata value from a tally of each asset as they are minted or burnt.

This approach relies on the metadata logged against each transaction being correct.

The Haven 2.0 update (November 2021) implemented additional validation layers, ensuring the conversion metadata field is always present and correct. This update was made following the June 2021 exploit, where some malicious conversions were completed without metadata. Most of the assets minted during the hack were removed in the subsequent roll-back, but a small proportion remained, so there are some assets in circulation that are not visible in the supply figure.

For precise details, see the post hack report:

https://havenprotocol.medium.com/haven-protocol-technical-overview-of-june-2021-exploits-6f4573fbf216

Although it was possible to determine the approximate value of funds minted in the xJPY to xBTC hack, it was impossible to follow subsequent conversions, so we can’t remedy this discrepancy with a simple adjustment.

To increase the accuracy of the supply data, a patch has been applied to the logic that calculates circulation to reset the counter whenever the value hits zero. Before this update, the supply could show a negative figure, as coins from the exploit skewed the counter. The new logic in this patch effectively re-calibrates the supply tally every time the supply figure for any asset goes below zero. The tally will become more accurate each time it happens by resetting the calculation. 

This update is available in a patch here:-

https://github.com/haven-protocol-org/haven-main/commit/fdad914689b4935a36dff574f6afd00bdf112ab2

This update was applied to the explorer node (30th March 2022) – so the supply figures on explorer.havenprotocol.org are included in this re-calibration.