Market makers offer trades through order book & make money on bid-ask spreads paid by takers.

0x is a non-custodial exchange protocol built on Ethereum. 0x was founded by Amir Bandeali & Will Warren and launched in 2016.

ZRX tokenholders own and govern the protocol. They currently do not take any of the total trading fees paid by traders (revenue). 0x’s investors include Coinbase Ventures, Jump Capital, Pantera Capital, etc.

governance

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etherscan

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Exchanges (DEX)

# 0x Treasury Methodology

## 1. Overview

The 0x treasury metric measures the total USD value of all tokens held in 0x protocol's treasury address. This metric tracks the protocol's financial reserves by monitoring token balances across all ERC20 tokens and ETH held in the designated treasury address (`0x0bb1810061c2f5b2088054ee184e6c79e1591101`) on Ethereum. The calculation provides a daily snapshot of the treasury's total value in USD terms, answering the business question: "What is the current value of 0x protocol's treasury holdings?"

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from ERC20 token contracts showing inflows and outflows to/from the treasury address
- **Ethereum transaction traces**: Native ETH transfer data to track ETH balance changes in the treasury address
- **End-of-day token price feeds**: Daily USD price data for all tokens held in the treasury
- **Token metadata**: Token contract information including decimal places and symbols for proper balance calculations

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Calculate the net change in token balances for the treasury address over time
- **Logic**: The system monitors all token movements (both ERC20 transfers and ETH transactions) involving the treasury address `0x0bb1810061c2f5b2088054ee184e6c79e1591101` on Ethereum. For each transaction, it identifies whether tokens are flowing into or out of the treasury address and calculates the net balance change. The calculation handles both incoming transfers (where the treasury is the recipient) and outgoing transfers (where the treasury is the sender), applying appropriate decimal corrections based on each token's decimal places
- **Key fields**: `timestamp` for when the balance change occurred, `account_address` (the treasury address), `token_address` identifying the specific token, `balance` representing the net change in token quantity

### Component B: Cumulative balance calculation  
- **Purpose**: Convert balance changes into running total balances over time
- **Logic**: Using the balance changes from Component A, the system applies a cumulative sum calculation partitioned by time grain, chain, account address, and token address. This transforms individual balance change events into running totals, showing the actual token quantities held at each point in time. The calculation ensures that balance changes are applied chronologically to maintain accurate running totals
- **Key fields**: `balance` now represents the cumulative total quantity of each token held, maintaining the same partitioning dimensions as the balance changes

### Component C: Time series completion
- **Purpose**: Ensure continuous daily data for treasury balances
- **Logic**: The system applies forward-filling to ensure that token balances are represented for every day, even when no transactions occurred. If a token balance was 100 units on day 1 and no transactions occurred on day 2, the balance is forward-filled to show 100 units on day 2 as well. This creates a complete time series with no gaps in the treasury balance data
- **Key fields**: `balance` values are propagated forward to fill missing dates, maintaining the same token-specific balances across time gaps

### Component D: USD conversion
- **Purpose**: Convert token quantities to USD values using daily price feeds  
- **Logic**: The system joins the token balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Each token balance is multiplied by its corresponding USD price to calculate the dollar value of that token holding. Only positive balances are included, and only daily price grain data is used. The calculation filters out any tokens where balance is zero or negative, ensuring only actual holdings contribute to the treasury value
- **Key fields**: `amount` represents the USD value of each token holding (balance multiplied by `price_usd`), with separate records for each token held

### Final aggregation
- **Combining components**: All individual token USD values are summed together to calculate the total treasury value. Each token's USD value contributes to the overall treasury metric, providing a comprehensive view of all holdings
- **Currency conversion**: USD conversion occurs at the daily level using end-of-day price feeds, ensuring consistent pricing methodology across all tokens
- **Time aggregation**: The calculation maintains daily granularity, with each day showing the total treasury value as of that date
- **Final calculation**: The treasury metric equals the sum of all token holdings converted to USD (sum of balance × price_usd for each token), with final formatting applied using fill-zeros strategy to ensure complete time series data and chain availability filtering to maintain data quality standards

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

Total value of a project's onchain treasury, including its native token.

0xZRX

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Treasury

Treasury

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