Players buy/sell NFTs on the Axie marketplace. Players can also breed Axies or mint runes or charms against a fee.

Axie Infinity is a non-custodial game & marketplace built on Ethereum and other adjacent blockchains. Axie Infinity was founded by Trung Nguyen, Aleksander Larsen & Jeffrey Zirlin and launched in 2018.

AXS tokenholders own and govern the protocol. They currently take a cut of the total marketplace sales and all of the breeding, rune and charm fees paid by players (revenue). Axie Infinity's investors include ConsenSys, Hashed, Collaborative Fund, etc.

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Axie Infinity

# Axie Infinity Treasury Methodology

## 1. Overview

The Axie Infinity treasury metric measures the USD value of token holdings in Axie Infinity's treasury on a daily basis. This metric tracks the protocol's financial reserves by monitoring balances of key tokens (WETH and AXS) and converting them to USD values. The calculation captures how Axie's treasury value fluctuates over time, providing insight into the protocol's financial health and asset management. The metric accounts for Axie's migration from Ethereum to the Ronin sidechain in April 2021.

## 2. Data sources

The calculation relies on the following data sources:
- **API-scraped treasury data**: Daily treasury balance data obtained from Axie Infinity's internal systems through API scraping, containing WETH and AXS token amounts
- **End-of-day price feeds**: CoinGecko price feeds for WETH and AXS tokens used for USD conversion
- **Token metadata**: Mapping information connecting token symbols to CoinGecko identifiers for price lookups

## 3. Step-by-step calculation

### Component A: Raw treasury data extraction
- **Purpose**: Extracts daily treasury balances for WETH and AXS tokens from API-scraped data
- **Logic**: The system retrieves daily snapshots of treasury balances from Axie Infinity's API data. For each timestamp, two separate records are created - one for WETH balances using the `treasury_weth` field and one for AXS balances using the `treasury_axs` field. Each token amount is cast to a high-precision numeric format to maintain accuracy. The data includes timestamp information and raw token amounts before any conversions.
- **Key fields**: `timestamp` (daily snapshot date), `treasury_weth` (WETH token balance), `treasury_axs` (AXS token balance), `amount` (processed token balance)

### Component B: Chain assignment and token identification  
- **Purpose**: Assigns appropriate blockchain identifiers and token metadata based on Axie's migration history
- **Logic**: A critical business rule applies chain assignment based on the migration date of April 28, 2021. Records with dates before this threshold are assigned to the 'ethereum' chain, while dates on or after are assigned to 'ronin' chain, reflecting Axie's migration from Ethereum mainnet to the Ronin sidechain. Each token record is also tagged with its corresponding CoinGecko identifier - 'weth' for WETH tokens and 'axie-infinity' for AXS tokens - enabling price lookups. Token symbols ('WETH' and 'AXS') are standardized for consistency.
- **Key fields**: `chain` (ethereum or ronin), `coingecko_id` (price feed identifier), `token_symbol` (standardized token name)

### Component C: USD conversion
- **Purpose**: Converts token amounts to USD values using external price feeds
- **Logic**: Token amounts are converted to USD using end-of-day price data from CoinGecko. The conversion process matches each token's CoinGecko identifier with the corresponding price feed data for the specific date. This ensures that treasury values reflect market prices at the time of each snapshot, accounting for token price volatility.
- **Key fields**: `treasury` (USD-converted treasury value)

### Component D: Metadata enrichment and standardization
- **Purpose**: Adds categorization metadata and standardizes the data format
- **Logic**: Each treasury record is enriched with standardized metadata fields including market sector classification ('gaming'), business segment ('game'), timestamp grain ('day'), and chain identifier. The product identifier is set to null as this represents protocol-level treasury data rather than specific product metrics. This standardization ensures consistency with other Token Terminal metrics.
- **Key fields**: `market_sector_id` (gaming), `business_segment_id` (game), `timestamp_grain` (day), `product_id` (null), `contract_name` (token symbol)

### Final aggregation
- **Combining components**: The processed treasury data maintains separate records for each token type (WETH and AXS) rather than combining them, allowing for granular analysis of treasury composition by token type
- **Currency conversion**: USD conversion occurs using end-of-day CoinGecko price feeds matched to the specific date and token identifier, ensuring accurate market valuations
- **Time aggregation**: Data is maintained at daily granularity with forward-filling applied to ensure continuous time series coverage where data gaps exist
- **Final calculation**: The final metric represents the daily USD value of Axie Infinity's treasury holdings, with separate records for each token type and chain, filtered to include only dates through July 31, 2023

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

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

Axie InfinityAXS

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Treasury

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