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 (net) Methodology

## 1. Overview

The Angle treasury net metric measures the total USD value of tokens held in Angle protocol's treasury addresses across multiple blockchain networks. This metric provides insight into the protocol's financial reserves and asset holdings, calculated by tracking token balance changes in predefined treasury wallets and converting the cumulative holdings to USD values using end-of-day price feeds.

## 2. Data sources

The calculation relies on several key data sources:

- **Blockchain events**: Parsed `Transfer` events from Ethereum, Arbitrum, Avalanche, Optimism, and Polygon networks that track token movements into and out of treasury addresses
- **Treasury addresses**: Predefined smart contract and wallet addresses that serve as Angle's treasury on each supported chain
- **External data**: End-of-day token price feeds for USD conversion of token balances
- **Token metadata**: Token symbol and decimal information for proper balance calculation and display
- **Configuration data**: Hardcoded lists of treasury addresses and excluded native tokens for each blockchain network

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes in Angle's treasury addresses across all supported chains
- **Logic**: The system monitors parsed `Transfer` events on five blockchain networks (Ethereum, Arbitrum, Avalanche, Optimism, Polygon) to identify when tokens move into or out of predefined treasury addresses. For each chain, specific wallet addresses are monitored: Arbitrum uses `0x55f01ddae74b60e3c255bd2f619febdfce560a9c` and `0xaa2daccab539649d1839772c625108674154df0b`, Avalanche monitors `0xccd44983f597ae4d4e2b70cf979597d63a10870d` and `0x43a7947a1288e65faf30d8ddb3ca61eaabd41613`, Ethereum tracks `0x0c2553e4b9dfa9f83b1a6d3eab96c4baab42d430` and `0xdc4e6dfe07efca50a197df15d9200883ef4eb1c8`, Optimism follows `0xd245678e417aee2d91763f6f4efe570ff52fd080` and `0x3245d3204eeb67afba7b0ba9143e8081365e08a6`, and Polygon observes `0x3b9d32d0822a6351f415beab05251c1457ff6f8d` and `0xda2d2f638d6fcbe306236583845e5822554c02ea`
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `balance` (change amount), `token_symbol`

### Component B: Token filtering and exclusions
- **Purpose**: Remove native tokens and protocol-specific tokens from treasury calculations
- **Logic**: Each chain excludes specific tokens from the treasury calculation. Arbitrum excludes `0x656b80b667a46869144047e6e6c0000c81610253`, Avalanche excludes `0x5ee94c25e3d5113cd055537340b9d19cfa4d9217`, Ethereum excludes `0x31429d1856ad1377a8a0079410b297e1a9e214c2`, Optimism excludes `0x58441e37255b09f9dc957f1c41658ff665`, and Polygon excludes `0x900f717ea076e1e7a484ad9dd2db81ceec60ebf1`. This filtering ensures that native tokens or protocol-specific tokens that shouldn't count toward treasury value are excluded from the calculation
- **Key fields**: `token_address` (used for exclusion filtering)

### Component C: Cumulative balance calculation
- **Purpose**: Convert balance changes into running cumulative balances for each token in each treasury address
- **Logic**: Balance changes from transfer events are converted to cumulative balances using window functions that sum all balance changes over time for each combination of timestamp grain, chain, treasury address, and token address. This creates a running total that represents the current balance of each token at any point in time
- **Key fields**: `balance` (cumulative balance), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component D: Data continuity and forward filling
- **Purpose**: Ensure continuous time series data by filling gaps in balance records
- **Logic**: The system applies forward-fill logic to maintain continuous balance data across all time periods. When a token balance doesn't change on a particular day, the previous day's balance is carried forward. This prevents gaps in the time series and ensures accurate representation of holdings over time
- **Key fields**: `timestamp`, `balance` (forward-filled values)

### Component E: USD conversion
- **Purpose**: Convert token balances to USD values using market prices
- **Logic**: Token balances are multiplied by corresponding end-of-day price data to calculate USD values. The system joins balance data with price feeds using timestamp, chain identifier, and token address. Only positive balances are included in the USD conversion, and the calculation uses daily price granularity to ensure consistent valuation
- **Key fields**: `balance` (token quantity), `price_usd` (end-of-day price), `amount` (USD value result)

### Final aggregation
- **Combining components**: All USD-converted token balances across all treasury addresses and chains are summed to create the total treasury net value
- **Currency conversion**: Token quantities are multiplied by end-of-day USD prices to get dollar values for each holding
- **Time aggregation**: Data is aggregated at daily boundaries using the timestamp grain field
- **Final calculation**: The treasury net metric represents the sum of all token holdings (in USD) across all monitored treasury addresses on all supported blockchain networks, excluding the specified native tokens from each chain

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

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

AngleANGLE

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown