Lenders deposit funds into BendDAO and receive interest payments from borrowers (supply-side fees). BendDAO has other business lines in addition, however this dashboard only tracks the BendDAO lending protocol.

BendDAO is a non-custodial NFT lending protocol built on Ethereum. BendDAO was founded by an anonymous team and launched in 2021.

BEND tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

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BendDAO

# BendDAO Treasury Methodology

## 1. Overview

The BendDAO treasury metric measures the total USD value of all tokens held in BendDAO's treasury address on Ethereum. This metric answers the question: "What is the total value of assets controlled by the BendDAO protocol's treasury?" The calculation aggregates token balances from blockchain events, converts them to USD using end-of-day prices, and maintains a continuous time series showing the treasury's value over time.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `Transfer` events for ERC20 tokens to track token movements in and out of the treasury address
- **Ethereum transaction data**: Transaction traces for ETH transfers involving the treasury address
- **External price data**: End-of-day token price feeds for USD conversion of all held tokens
- **Token metadata**: Token contract addresses, symbols, and decimal configurations for proper balance calculations

## 3. Step-by-step calculation

### Component A: Token balance changes
- **Purpose**: Tracks daily net changes in token balances for the BendDAO treasury address
- **Logic**: Processes parsed `Transfer` events and transaction traces to identify all token movements involving the treasury address `0x472fcc65fab565f75b1e0e861864a86fe5bced7b` on Ethereum. Calculates net daily balance changes by token, accounting for both incoming transfers (increases) and outgoing transfers (decreases). Handles both ERC20 token transfers and native ETH movements.
- **Key fields**: `timestamp` for daily aggregation, `account_address` filtered to treasury address, `token_address` for token identification, `balance` representing net daily change, `chain_id` set to ethereum

### Component B: Cumulative balance calculation
- **Purpose**: Converts daily balance changes into running cumulative balances for each token
- **Logic**: Applies a cumulative sum using window functions partitioned by token and account address, ordered by timestamp. This transforms daily net changes into actual token holdings over time, showing the total balance of each token held by the treasury on each date.
- **Key fields**: `balance` field transformed from daily changes to cumulative running totals using sum window function

### Component C: Data completeness and forward-filling
- **Purpose**: Ensures continuous time series data without gaps
- **Logic**: Applies forward-filling logic to propagate the most recent balance forward for dates where no balance changes occurred. This ensures that if the treasury held tokens on day 1 and no transfers occurred on day 2, the same balance is reported for day 2.
- **Key fields**: All dimension fields (`timestamp_grain`, `chain_id`, `account_address`, `token_address`) are preserved while `balance` values are forward-filled

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation
- **Logic**: Joins cumulative token balances with end-of-day price feeds, matching on timestamp, chain, and token address. Multiplies token balance by USD price using safe multiplication to handle potential null values. Filters out zero balances and ensures only daily price granularity is used for consistent valuation.
- **Key fields**: `amount` field created by multiplying `balance` with `price_usd`, filtered where `balance` is greater than zero

### Final aggregation
- **Combining components**: All USD-converted token holdings are summed together to calculate total treasury value. Since the data is already filtered to the specific treasury address, this represents the complete portfolio value.
- **Currency conversion**: USD conversion occurs at the token level using end-of-day prices before final aggregation, ensuring consistent valuation timing across all held assets.
- **Time aggregation**: Daily time boundaries are maintained throughout the calculation, with all balance changes aggregated to daily level and prices matched on daily timestamps.
- **Final calculation**: The final treasury metric equals the sum of all token holdings (in USD) for the BendDAO treasury address on each day, with missing dates filled with zeros using the treasury-specific finalization strategy.

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

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

BendDAOBEND

Treasury

Treasury

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