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 (net) Methodology

## 1. Overview

Treasury net measures the total USD value of Axie Infinity's treasury holdings excluding the native AXS token. This metric answers the question of how much non-native asset value the protocol has accumulated in its treasury, primarily consisting of WETH (Wrapped Ethereum) holdings. The calculation tracks treasury balances across Axie's migration from Ethereum to the Ronin sidechain, converting token amounts to USD using end-of-day price feeds.

## 2. Data sources

- **Treasury API data**: Daily treasury balance snapshots from Axie Infinity's internal API containing WETH and AXS token holdings
- **External price data**: End-of-day price feeds from CoinGecko for USD conversion
- **Token metadata**: Token symbol mappings to CoinGecko IDs for price lookups
- **Chain transition data**: Migration date information tracking Axie's move from Ethereum to Ronin sidechain

## 3. Step-by-step calculation

### Component A: Raw treasury data extraction
- **Purpose**: Extracts daily treasury balance data from Axie Infinity's API
- **Logic**: Pulls treasury balance snapshots containing WETH and AXS holdings with daily timestamps. Applies chain mapping logic where balances before April 28, 2021 are attributed to Ethereum, and balances on or after this date are attributed to the Ronin sidechain, reflecting Axie's migration to their custom sidechain. Each record includes the timestamp, token symbol (WETH or AXS), and raw token amount.
- **Key fields**: `daily_timestamp` for the balance snapshot date, `token_symbol` identifying the asset type, `amount` containing the raw token balance, `chain` indicating whether the balance exists on Ethereum or Ronin based on the migration timeline, and `coingecko_id` mapping token symbols to price feed identifiers

### Component B: Treasury filtering
- **Purpose**: Filters treasury holdings to exclude native AXS tokens
- **Logic**: Removes all AXS token balances from the dataset, focusing only on non-native assets held in the treasury. This filtering ensures the metric captures external asset accumulation rather than native token holdings. The primary remaining asset after filtering is WETH (Wrapped Ethereum).
- **Key fields**: Retains `daily_timestamp`, `chain`, `token_symbol`, `coingecko_id`, and `amount` fields, but only for non-AXS tokens, with the filtered amount renamed to `treasury_net`

### Component C: USD conversion
- **Purpose**: Converts token amounts to USD values using market prices
- **Logic**: Matches each token balance with end-of-day prices from CoinGecko using the `coingecko_id` field. Multiplies the raw token amount by the corresponding USD price to calculate the dollar value of each treasury holding. The conversion uses end-of-day prices aligned with the balance snapshot timestamps.
- **Key fields**: Maintains all previous fields while adding USD-denominated values, with `treasury_net` now representing the USD value rather than raw token amounts

### Final aggregation
- **Combining components**: The filtered and USD-converted treasury balances are structured with standard metric schema fields including timestamp grain (daily), market sector (gaming), business segment (game), and chain attribution
- **Currency conversion**: Uses CoinGecko end-of-day price feeds matched by token symbol and date to convert raw token amounts to USD values
- **Time aggregation**: Data is aggregated at daily intervals with forward-filling applied to handle any gaps in the treasury data snapshots
- **Final calculation**: The treasury net value represents the total USD value of all non-AXS tokens held in Axie Infinity's treasury on each day, with data cutoff at July 31, 2023. The methodology ensures continuity across the Ethereum-to-Ronin migration while focusing on external asset accumulation rather than native token holdings.

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

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

Axie InfinityAXS

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Treasury (net)

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