Liquidity providers deposit funds into Balancer and receive trading fees from traders (supply-side fees). In addition, Balancer provides liquidity providers with additional yield using boosted pools.

Balancer is a non-custodial exchange protocol built on Ethereum. Balancer was founded by Fernando Martinelli and launched in 2018.

BAL tokenholders own and govern the protocol. They currently take a cut of the total trading and yield fees (revenue). Balancer's investors include DeFiance Capital, Three Arrows Capital, Alameda Research, etc.

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Balancer

# Balancer Treasury Methodology

## 1. Overview

The Balancer treasury metric measures the total USD value of assets held across all official Balancer treasury addresses on Ethereum. This metric tracks the organization's treasury holdings by monitoring token balances in real-time and converting them to USD values using end-of-day price feeds. The calculation provides a daily snapshot of Balancer's total treasury value, helping stakeholders understand the financial health and asset composition of the protocol's treasury.

## 2. Data sources

The calculation relies on several key data sources:
- **Ethereum blockchain events**: Parsed `Transfer` events from ERC-20 tokens to track token movements into and out of treasury addresses
- **Ethereum transaction traces**: Transaction trace data to monitor ETH movements for the treasury addresses
- **End-of-day price feeds**: Daily token price data in USD for converting token balances to dollar values
- **Token metadata**: Token contract information including decimal places and symbols for proper balance calculations

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Monitor all token movements (incoming and outgoing) for Balancer's four official treasury addresses on Ethereum
- **Logic**: The system tracks balance changes by parsing `Transfer` events for ERC-20 tokens and transaction traces for ETH movements. The four monitored treasury addresses are: `0x10a19e7ee7d7f8a52822f6817de8ea18204f2e4f`, `0xb618f903ad1d00d6f7b92f5b0954dcdc056fc533`, `0xce88686553686da562ce7cea497ce749da109f9f`, and `0x0efccbb9e2c09ea29551879bd9da32362b32fc89`. For each address, the system identifies when tokens flow in (positive balance changes) or out (negative balance changes) by monitoring when these addresses appear as recipients or senders in transfer events
- **Key fields**: The component tracks `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` change amounts

### Component B: Cumulative balance calculation  
- **Purpose**: Convert daily balance changes into running cumulative balances for each token in each treasury address
- **Logic**: Using window functions, the system calculates running totals of balance changes ordered by timestamp and partitioned by day, chain, account address, and token address. This transforms individual transfer events into point-in-time balance snapshots
- **Key fields**: The cumulative `balance` field represents the total amount of each token held in each treasury address at each point in time

### Component C: Time series completion
- **Purpose**: Ensure continuous daily data by filling forward missing dates in the time series
- **Logic**: The forward-fill process identifies gaps in the daily time series and propagates the last known balance forward to missing dates. This ensures that treasury balances are reported consistently even on days with no transactions
- **Key fields**: All dimension fields (`timestamp_grain`, `chain_id`, `account_address`, `token_address`) and the filled `balance` values

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation across different assets
- **Logic**: The system joins token balances with end-of-day price feeds, matching on timestamp, chain, and token address. Each token balance is multiplied by its corresponding USD price using safe multiplication to handle potential null values. Only positive balances are included in the conversion
- **Key fields**: The `amount` field contains the USD value of each token balance, calculated as balance multiplied by `price_usd`

### Final aggregation
- **Combining components**: All USD values from different tokens and treasury addresses are summed together to create a single daily treasury value
- **Currency conversion**: Token balances are converted to USD using end-of-day price feeds, ensuring consistent valuation timing across all assets
- **Time aggregation**: Data is aggregated at daily granularity with timestamp grain set to 'day'
- **Final calculation**: The final treasury value represents the sum of all positive token balances across all four treasury addresses, converted to USD and aggregated by day

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

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

BalancerBAL

Treasury

Treasury

Competitive landscape

Chain breakdown