BitDAO receives contributions from Bybit and the BIT token holders vote on how the assets under management are used. BitDAO has been involved in launching for example ZkDAO and Game7.

BitDAO is a DAO aimed to advance open finance and tokenized economy. BitDAO was founded by crypto exchange Bybit and launched in 2021.

BIT tokenholders own and govern the protocol. They currently manage the treasury. BitDAO’s investors include Founders Fund, Jump Capital, Pantera Capital etc.

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BitDAO

# BitDAO Treasury Methodology

## 1. Overview

The BitDAO treasury metric measures the total USD value of all tokens held across BitDAO's treasury addresses. This metric answers the business question "What is the current value of assets under management in BitDAO's treasury?" The calculation tracks token balances across specified treasury addresses on Ethereum, converts them to USD using end-of-day pricing, and aggregates the total value.

## 2. Data sources

The calculation relies on several raw data sources:

- **Blockchain events**: Parsed Ethereum `Transfer` events for ERC20 tokens to track token movements in and out of treasury addresses
- **Transaction data**: Ethereum transaction records and internal transaction traces to capture ETH transfers and complex multi-step transactions
- **External data**: End-of-day token price feeds for USD conversion and token metadata including symbols and decimal precision information
- **Treasury addresses**: Two specific Ethereum addresses identified as BitDAO treasury wallets: `0x02c2e03c5f241794909d953f5b8fa630856f172c` and `0x78605df79524164911c144801f41e9811b7db73d`

## 3. Step-by-step calculation

### Component A: Treasury balance changes extraction
- **Purpose**: Identifies and processes all token movements affecting BitDAO treasury addresses
- **Logic**: The system processes Ethereum blockchain data to capture all balance changes for the two specified treasury addresses. This includes parsing `Transfer` events for ERC20 tokens, ETH transfers from transaction traces, and internal transfers. The macro `calculate_token_balance_changes` handles both incremental updates and full refresh scenarios, extracting the `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` change amounts
- **Key fields**: `balance` represents the net change in token holdings, `account_address` identifies the treasury wallet, `token_address` specifies which token moved, and `timestamp` marks when the change occurred

### Component B: Cumulative balance calculation  
- **Purpose**: Converts balance changes into running totals to determine current token holdings
- **Logic**: Balance changes are aggregated using window functions to calculate cumulative balances over time. The system partitions data by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`, then orders by `timestamp` to compute running sums. This transforms individual transfer events into point-in-time balance snapshots
- **Key fields**: The cumulative `balance` field shows total tokens held at each point in time for each treasury address and token combination

### Component C: Forward-filling missing data
- **Purpose**: Ensures continuous time series data by filling gaps where no transactions occurred
- **Logic**: The `fill_forward` macro propagates the last known balance forward to fill missing dates. This ensures that the treasury value can be calculated for any day, even when no transactions occurred. The forward-filling is applied across the dimensional combinations of `timestamp_grain`, `chain_id`, `account_address`, and `token_address`
- **Key fields**: The filled `balance` maintains the same structure but now includes interpolated values for missing time periods

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation and reporting  
- **Logic**: Token balances are joined with end-of-day price data based on matching `timestamp`, `chain_id` (mapped to chain), and `token_address`. The system multiplies each token `balance` by its corresponding `price_usd` to calculate the USD value. Only positive balances are included, and the system specifically uses daily price granularity to ensure consistent valuation timing
- **Key fields**: The `amount` field represents the USD value of each token holding, calculated as balance multiplied by USD price

### Final aggregation
- **Combining components**: All USD-valued token balances are summed across both treasury addresses and all tokens to produce a single daily treasury value. The system aggregates by `timestamp`, `timestamp_grain`, and `chain_id` to create the total treasury metric
- **Currency conversion**: USD conversion occurs using end-of-day price feeds, ensuring consistent daily valuation timing across all tokens in the treasury
- **Time aggregation**: The metric is calculated at daily granularity, with each day representing the total USD value of all assets held in both treasury addresses at the end of that day
- **Final calculation**: The final treasury value equals the sum of (token balance × end-of-day USD price) across all tokens held in both specified BitDAO treasury addresses, with forward-filling applied to maintain continuous daily values and zero-filling for missing data points

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

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

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