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 (net) Methodology

## 1. Overview

Treasury net measures the total USD value of all token holdings across Aragon's treasury addresses on Ethereum. This metric answers the question "What is the current net worth of Aragon's treasury?" by tracking token balances in specific treasury addresses, converting them to USD, and aggregating the total value. The calculation uses a balance change approach that processes all token transfer events affecting the treasury addresses to maintain accurate running balances.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events for ERC-20 tokens and native ETH transfers
- **Transaction data**: Ethereum transaction traces and logs containing token transfer information
- **External data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token contract information including symbols and decimal precision

## 3. Step-by-step calculation

### Component A: Balance change extraction
- **Purpose**: Identifies all token balance changes for Aragon treasury addresses
- **Logic**: Processes Ethereum token transfer events to calculate net balance changes for specific Aragon treasury addresses. The system tracks transfers in and out of two main treasury addresses: `0xfb633f47a84a1450ee0413f2c32dc1772ccaea3e` and `0xcafe1a77e84698c83ca8931f54a755176ef75f2c`. For each token transfer event, the system determines whether the treasury address was the sender or receiver and calculates the corresponding balance change (positive for incoming, negative for outgoing transfers). Excludes specific tokens like ANT token (`0xa117000000f279d81a1d3cc75430faa017fa5a2e`) from the calculation.
- **Key fields**: `timestamp`, `account_address`, `token_address`, `balance` (net change amount), `token_symbol`

### Component B: Cumulative balance tracking
- **Purpose**: Maintains running totals of token balances over time
- **Logic**: Applies cumulative sum calculations using window functions to convert balance changes into absolute balance amounts. The system partitions by timestamp grain, chain, account address, and token address, then orders by timestamp to calculate running totals. This ensures each data point represents the total balance at that point in time rather than just the change.
- **Key fields**: `balance` (converted to cumulative total), `timestamp`, `timestamp_grain`

### Component C: Data continuity management
- **Purpose**: Ensures continuous time series data by filling forward missing balance data
- **Logic**: Uses a fill-forward mechanism to propagate the most recent balance value to subsequent time periods where no transfers occurred. This prevents gaps in the time series and ensures treasury values are reported for every day, even when no token movements happened. The fill-forward operates across all dimensions including timestamp grain, chain, account address, and token address.
- **Key fields**: `balance` (forward-filled values), `timestamp`

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using market prices
- **Logic**: Joins token balance data with end-of-day price feeds to calculate USD values. The system matches balances with prices based on timestamp, chain, and token address. Only processes positive balances and uses daily price granularity. The conversion multiplies the token balance by the corresponding USD price, accounting for token decimal precision.
- **Key fields**: `amount` (USD value), `price_usd`, `balance`

### Final aggregation
- **Combining components**: All USD-converted token balances for treasury addresses are included in the final dataset without additional aggregation, as each row represents a specific token's value in the treasury at a given time
- **Currency conversion**: Uses end-of-day token prices with safe multiplication to prevent overflow errors during USD conversion
- **Time aggregation**: Data is maintained at daily granularity with timestamp grain set to 'day'
- **Final calculation**: The treasury net value equals the sum of all positive token balances (in USD) held across all Aragon treasury addresses at each point in time, with zero-filling applied for missing data points to ensure continuous reporting

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

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

AragonANT

Treasury (net)

Treasury (net)

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