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.

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Balancer

# Balancer Treasury (net) Methodology

## 1. Overview

Balancer treasury net worth measures the total USD value of all tokens held across Balancer's treasury addresses on Ethereum. This metric tracks the protocol's financial reserves by calculating the daily net worth of tokens held in designated treasury wallets, excluding the protocol's native BAL token to focus on diversified treasury assets. The calculation aggregates token balances across multiple treasury addresses and converts them to USD using end-of-day price feeds.

## 2. Data sources

- **Ethereum token events**: Parsed ERC-20 `Transfer` events on Ethereum for tracking token movements into and out of treasury addresses
- **Ethereum transaction logs**: Complete transaction data for comprehensive balance tracking and validation
- **End-of-day price feeds**: Daily token price data for USD conversion of treasury holdings
- **Token metadata**: Token symbol, decimal, and address information for proper token identification and processing

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes across Balancer's treasury addresses on Ethereum
- **Logic**: Process all token transfer events for four specific treasury addresses: `0x10a19e7ee7d7f8a52822f6817de8ea18204f2e4f`, `0xb618f903ad1d00d6f7b92f5b0954dcdc056fc533`, `0xce88686553686da562ce7cea497ce749da109f9f`, and `0x0efccbb9e2c09ea29551879bd9da32362b32fc89`. The calculation excludes BAL token (`0xba100000625a3754423978a60c9317c58a424e3d`) to focus on treasury diversification rather than native token holdings. Token balance changes are calculated by processing inbound and outbound transfers, accounting for mints, burns, and other balance-affecting events.
- **Key fields**: `account_address` (treasury wallet), `token_address` (ERC-20 token), `balance` (net change amount), `timestamp` (event time), `chain_id` (always "ethereum")

### Component B: Cumulative balance calculation
- **Purpose**: Calculate running token balances over time for each treasury address and token combination
- **Logic**: Apply window function to sum balance changes chronologically within each partition of timestamp grain, chain, account address, and token address. This creates a cumulative balance that represents the total tokens held at each point in time. The calculation ensures accurate historical balance tracking by maintaining separate running totals for each unique combination of treasury address and token.
- **Key fields**: `balance` (cumulative token amount), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Data completeness handling
- **Purpose**: Ensure continuous time series data by filling gaps in balance history
- **Logic**: Forward-fill missing data points using the fill_forward macro to propagate the last known balance value to subsequent dates where no balance changes occurred. This ensures complete daily coverage for treasury net worth calculations even when specific tokens had no transaction activity on certain days.
- **Key fields**: Forward-filled `balance` values across time gaps

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using market prices
- **Logic**: Join balance data with end-of-day price feeds based on matching timestamp, chain, and token address. Multiply token balance by corresponding price to get USD amount. Filter to include only positive balances and daily price grain records to ensure accurate valuation. Use safe multiplication to handle null values appropriately.
- **Key fields**: `amount` (USD value), derived from `balance` × `price_usd`

### Final aggregation
- **Combining components**: Sum all USD amounts across different tokens and treasury addresses to calculate total treasury net worth
- **Currency conversion**: Uses end-of-day token prices joined on exact timestamp, chain, and token address matches
- **Time aggregation**: Daily boundary logic with timestamp grain set to 'day' for consistent daily snapshots
- **Final calculation**: The treasury net worth equals the sum of all positive token balances multiplied by their respective end-of-day USD prices, aggregated across all four treasury addresses, excluding BAL token holdings

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

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

BalancerBAL

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown