Overcollateralized borrowers deposit funds into Angle and receive agEUR stablecoin.

Angle is a non-custodial stablecoin protocol built on Ethereum. Angle was co-founded by Pablo Veyrat and launched in 2021. The dashboard does not track the deprecated Core module.

ANGLE tokenholders own and govern the protocol. They currently take a cut of the transaction fees paid by the users and the interest earned on collateral assets (revenue). Angle’s investors include a16z, Fabric Ventures, Wintermute, etc.

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Angle

# Angle Treasury Methodology

## 1. Overview

The Angle treasury metric measures the total USD value of all tokens held in Angle protocol's treasury wallets across multiple blockchain networks. This metric provides insight into the protocol's financial reserves by tracking token balances in designated treasury addresses and converting them to USD values using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: Parsed ERC20 `Transfer` events from Ethereum, Arbitrum, Avalanche, Optimism, and Polygon networks
- **External data**: End-of-day token price feeds providing USD conversion rates
- **Token metadata**: Token symbols and decimal information for proper balance calculations
- **Protocol configuration**: Hardcoded treasury wallet addresses for each supported blockchain network

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Tracks token balance changes for Angle protocol's treasury addresses across multiple chains
- **Logic**: Processes parsed `Transfer` events to identify inflows and outflows for specific treasury addresses on each chain. For Arbitrum, monitors addresses `0x55f01ddae74b60e3c255bd2f619febdfce560a9c` and `0xaa2daccab539649d1839772c625108674154df0b`. For Avalanche, tracks `0xccd44983f597ae4d4e2b70cf979597d63a10870d` and `0x43a7947a1288e65faf30d8ddb3ca61eaabd41613`. For Ethereum, monitors `0x0c2553e4b9dfa9f83b1a6d3eab96c4baab42d430` and `0xdc4e6dfe07efca50a197df15d9200883ef4eb1c8`. For Optimism, tracks `0xd245678e417aee2d91763f6f4efe570ff52fd080` and `0x3245d3204eeb67afba7b0ba9143e8081365e08a6`. For Polygon, monitors `0x3b9d32d0822a6351f415beab05251c1457ff6f8d` and `0xda2d2f638d6fcbe306236583845e5822554c02ea`
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `balance` (net change from transfers)

### Component B: Cumulative balance calculation
- **Purpose**: Computes running totals of token balances over time for each treasury address and token
- **Logic**: Uses window functions to calculate cumulative sums of balance changes, partitioned by timestamp grain, chain, account address, and token address, ordered chronologically. This creates a time series of actual token holdings rather than just balance changes
- **Key fields**: `balance` (cumulative running total), maintaining all dimensional keys for proper partitioning

### Component C: Data continuity management
- **Purpose**: Ensures complete time series data by forward-filling missing data points
- **Logic**: Applies forward-fill logic to propagate the last known balance forward for periods where no balance changes occurred. This prevents gaps in the time series and ensures treasury values are reported for all time periods
- **Key fields**: Maintains all existing fields while filling gaps in the time series

### Component D: USD value conversion
- **Purpose**: Converts token balances to USD values using market prices
- **Logic**: Joins token balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Multiplies token balances by corresponding USD prices, filtering out zero or negative balances and ensuring only daily price granularity is used
- **Key fields**: `amount` (USD value of token holdings), derived from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: All USD-denominated token holdings are summed to create total treasury value per chain and timestamp
- **Currency conversion**: Uses end-of-day price feeds with proper decimal adjustment for each token type
- **Time aggregation**: Maintains daily timestamp granularity throughout the calculation
- **Final calculation**: The treasury metric represents the sum of all token holdings (in USD) across all monitored treasury addresses, aggregated by chain and timestamp, with zero-fill strategy applied for missing data points

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

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

AngleANGLE

Treasury

Treasury

Competitive landscape

Chain breakdown