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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Exchanges (DEX)

# 0x Treasury (net) Methodology

## 1. Overview

The 0x treasury net metric measures the total USD value of external tokens held in 0x protocol's designated treasury address. This metric tracks the organization's diversified treasury holdings, excluding the protocol's native 0x token to focus on external asset accumulation. The calculation aggregates daily token balances across all held assets and converts them to USD value using end-of-day price feeds.

## 2. Data sources

- **Ethereum ERC20 token transfer events**: Parsed `Transfer` events from Ethereum to track token movements in and out of 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 symbols and decimal precision for proper amount calculations

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for the 0x treasury address over time
- **Logic**: Process Ethereum ERC20 `Transfer` events where the treasury address `0x0bb1810061c2f5b2088054ee184e6c79e1591101` is either the sender or recipient. Extract balance changes for each token by calculating the net effect of inbound and outbound transfers. Filter results to include only Ethereum chain data and exclude the native 0x protocol token (`0xe41d2489571d322189246dafa5ebde1f4699f498`) to focus on external asset holdings.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `balance` (net change amount)

### Component B: Cumulative balance calculation
- **Purpose**: Convert daily balance changes into running total balances for each token
- **Logic**: Apply cumulative summation using window functions partitioned by timestamp grain, chain, treasury address, and token address. Order by timestamp to calculate running totals that represent the actual token balance at each point in time. This transforms daily change amounts into absolute balance positions.
- **Key fields**: `balance` (cumulative amount), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Data completeness handling
- **Purpose**: Ensure consistent daily data points for all tokens in the treasury
- **Logic**: Apply forward-fill methodology to propagate the last known balance for each token-date combination when no transactions occurred. This ensures every token has a balance value for every day, maintaining data completeness for downstream aggregations.
- **Key fields**: Forward-filled `balance` values across all date ranges

### Component D: USD conversion
- **Purpose**: Convert token amounts to USD values for aggregation
- **Logic**: Join cumulative token balances with end-of-day price feeds matching on timestamp, chain, and token address. Multiply the token balance by the corresponding USD price to get dollar-denominated values. Filter to include only positive balances and ensure price data uses daily granularity.
- **Key fields**: `amount` (balance multiplied by USD price), `price_usd` from price feeds

### Final aggregation
- **Combining components**: Sum all individual token USD values by date to calculate total treasury worth across all held assets
- **Currency conversion**: USD conversion occurs at the token level using end-of-day price feeds before aggregation
- **Time aggregation**: Daily boundaries based on timestamp values, with forward-filling ensuring continuous data series
- **Final calculation**: The treasury net value represents the sum of all external token holdings (excluding native 0x tokens) in USD terms, providing a comprehensive view of the organization's diversified treasury assets

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

Total value of a project's treasury excluding its native token.

0xZRX

Archived

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown