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 (net) Methodology

## 1. Overview

The BendDAO treasury net metric measures the total USD value of all tokens held in BendDAO's treasury wallet. This metric tracks the protocol's financial reserves by monitoring token balance changes across all assets in the treasury address and converting them to USD values using daily price feeds. The calculation provides insight into the protocol's financial health and asset management over time.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from ERC-20 token contracts to track when tokens move into or out of the treasury address
- **Ethereum transaction traces**: Transaction execution traces to capture all token balance changes, including those from complex smart contract interactions
- **End-of-day token price feeds**: Daily USD price data for all tokens held in the treasury to enable accurate value conversion
- **Token metadata**: Token symbol, decimal places, and contract information for proper balance calculation and display

## 3. Step-by-step calculation

### Component A: Token balance change tracking
- **Purpose**: Tracks all token movements in and out of BendDAO's treasury wallet
- **Logic**: Monitors the specific treasury address `0x472fcc65fab565f75b1e0e861864a86fe5bced7b` on Ethereum for all token transfer events. The system captures both incoming transfers (when the treasury address appears as the recipient) and outgoing transfers (when it appears as the sender). Balance changes are calculated as positive values for incoming transfers and negative values for outgoing transfers. One specific token address `0x0d02755a5700414b26ff040e1de35d337df56218` is excluded from the calculation
- **Key fields**: `timestamp` for when the transfer occurred, `account_address` for the treasury wallet, `token_address` identifying the specific token, and `balance` representing the change amount (positive or negative)

### Component B: Cumulative balance calculation
- **Purpose**: Converts individual balance changes into running totals for each token
- **Logic**: For each token held by the treasury, the system calculates cumulative balances by summing all historical balance changes up to each point in time. This creates a time series showing the treasury's holding of each token on each day. The calculation uses a window function that partitions by timestamp grain, chain, account address, and token address, then orders by timestamp to maintain chronological accuracy
- **Key fields**: `balance` field now represents the total cumulative amount of each token held at each point in time

### Component C: Data gap filling
- **Purpose**: Ensures continuous daily data points even when no transactions occur
- **Logic**: Uses forward-fill logic to propagate the last known balance value for each token to subsequent days where no balance changes occurred. This ensures that if the treasury holds 100 tokens on Monday and no transactions happen Tuesday, the Tuesday balance is recorded as 100 tokens rather than missing data. The fill-forward process maintains separate continuity for each unique combination of chain, account address, and token address
- **Key fields**: `balance` values are carried forward to fill gaps in the time series data

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation
- **Logic**: Joins the token balance data with end-of-day price feeds to convert each token holding to its USD equivalent. The system matches records by timestamp, chain, and token address to ensure accurate price application. Only positive token balances are included in the conversion to avoid negative treasury values from data anomalies. The conversion multiplies the token balance by the corresponding USD price for that token on that specific day
- **Key fields**: `amount` field contains the USD value of each token holding, calculated by multiplying `balance` by `price_usd`

### Final aggregation
- **Combining components**: All USD-denominated token holdings are summed together for each day to calculate the total treasury value. This aggregation treats each token's USD value as an additive component of the overall treasury worth
- **Currency conversion**: USD conversion occurs at the token level using end-of-day prices before aggregation, ensuring accurate valuation of each asset at market rates
- **Time aggregation**: The metric maintains daily granularity, with each day representing the treasury's total value at the end of that trading day
- **Final calculation**: The final treasury net value equals the sum of all individual token USD values held in the treasury address on each day, excluding the specified token and applying chain availability filters

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

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

BendDAOBEND

Treasury (net)

Treasury (net)

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