Aragon develops smart contract frameworks and other products which is funded by Aragon treasury.

Aragon develops and manages smart contract frameworks for creating and managing decentralized organizations. Aragon was founded by Luis Cuende and Jorge Izquierdo and launched in 2016.



ANT tokenholders own and govern the protocol. Aragon does not currently charge fees for providing the smart contract frameworks. Aragon's investors include Tim Draper, Boost VC, CoinFund, etc.

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Aragon

# Aragon Treasury Methodology

## 1. Overview

The Aragon treasury metric measures the total USD value of all tokens held across Aragon's official treasury addresses on Ethereum. This metric provides insight into Aragon's financial position and resource management by tracking the aggregate value of all digital assets under the organization's control. The calculation involves identifying token movements in specified treasury addresses, maintaining running balances over time, and converting those balances to USD values using end-of-day price feeds.

## 2. Data sources

The treasury calculation relies on several key data sources:

- **Ethereum blockchain events**: Parsed `Transfer` events from ERC-20 token contracts to track token movements into and out of treasury addresses
- **Ethereum transaction data**: Native ETH transfer records from transaction traces to capture ETH balance changes
- **End-of-day price feeds**: Daily USD price data for all tokens held in the treasury addresses
- **Token metadata**: Token symbols and decimal precision information for proper balance calculations
- **Treasury address configuration**: Hardcoded list of official Aragon treasury addresses on Ethereum

## 3. Step-by-step calculation

### Component A: Treasury balance change tracking
- **Purpose**: Identifies and processes all token movements affecting Aragon treasury addresses
- **Logic**: The system monitors two specific Ethereum addresses (`0xfb633f47a84a1450ee0413f2c32dc1772ccaea3e` and `0xcafe1a77e84698c83ca8931f54a755176ef75f2c`) that serve as official Aragon treasury addresses. For each address, the calculation processes all incoming and outgoing `Transfer` events for ERC-20 tokens as well as native ETH transfers. When tokens are received by a treasury address, they create positive balance changes. When tokens are sent from a treasury address, they create negative balance changes. The system captures the exact timestamp, token address, and amount for each balance change event.
- **Key fields**: `timestamp` for when the balance change occurred, `account_address` identifying the treasury address, `token_address` specifying which token was transferred, `balance` representing the net change amount (positive for incoming, negative for outgoing)

### Component B: Cumulative balance calculation
- **Purpose**: Maintains running totals of each token held in each treasury address over time
- **Logic**: Using the balance changes from Component A, the system calculates cumulative balances by summing all historical balance changes for each unique combination of treasury address and token. This creates a running total that shows exactly how much of each token is held at any point in time. The calculation uses window functions to maintain accurate running sums ordered by timestamp.
- **Key fields**: `balance` representing the cumulative token amount held at each point in time, partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: Data gap filling
- **Purpose**: Ensures continuous daily data by forward-filling balance values for dates with no transactions
- **Logic**: Since treasury balances remain constant between transaction dates, the system uses forward-filling to propagate the most recent known balance forward to fill gaps in the daily time series. This ensures that every day has a complete picture of treasury holdings, even when no transactions occurred on that day.
- **Key fields**: `balance` values are carried forward across date gaps while maintaining the same `account_address` and `token_address` combinations

### Component D: USD conversion
- **Purpose**: Converts individual token balances to USD values using end-of-day prices
- **Logic**: For each token balance on each day, the system joins with end-of-day price feeds to obtain the USD price for that specific token and date. The conversion multiplies the token balance by the USD price, applying safe multiplication to handle potential null or invalid price data. Only positive balances are included in the final calculation to exclude any tokens that have been fully withdrawn.
- **Key fields**: `amount` representing the USD value of each token holding, calculated by multiplying `balance` and `price_usd`

### Final aggregation
- **Combining components**: All USD values from Component D are summed together to create a single daily treasury value that represents the total worth of all tokens held across all treasury addresses
- **Currency conversion**: Uses end-of-day price feeds with safe multiplication to handle edge cases where price data might be missing or invalid
- **Time aggregation**: Daily boundaries are maintained throughout the calculation, with all balance changes and price conversions aligned to daily timestamps
- **Final calculation**: The final treasury metric is the sum of all individual token USD values for each day, providing a comprehensive view of Aragon's total treasury value over time

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

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

AragonANT

Treasury

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