Treasury (net)

Overview

Treasury (net) measures the total value of a project’s onchain treasury, excluding its own native token. It shows how much the project holds in stablecoins or other non-native assets, which it can use to fund operations or invest in growth.

Data sources

• ERC-20 Transfer events and native token transfers
• Transaction traces and logs capturing token movements
• End-of-day token price feeds for USD conversion
• Asset metadata for decimal precision and token identification

Common calculation approaches

Treasury balance tracking

Token balances are established through the summation of ERC-20 Transfer events and native token transfers associated with designated treasury addresses. This approach is utilized for projects such as BitDAO and Sky to maintain a running history of holdings based on net flows into and out of controlled wallets.

Cross-chain asset aggregation

For protocols with operations distributed across multiple networks, treasury assets are aggregated from various blockchain deployments. For example, non-native holdings are summed across all supported chains for Aave and CoW Protocol to provide a unified view of available capital.

Native token filtering

Governance tokens are identified and filtered from the total valuation to ensure the metric only reflects external, liquid assets. This logic is applied to holdings from projects including Lido Finance and Sky to distinguish between protocol-issued supply and non-native treasury reserves.

Note: The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.