Traders buy NFTs either via the Blur aggregator or Blur's own marketplace from creators & and other users. When trading via Blur's own marketplace, traders pay royalty fees to the creators (supply-side fees).

Blur is a non-custodial NFT marketplace and a marketplace aggregator protocol built on Ethereum. Blur was founded by a pseudonymous team and launched in 2022.

BLUR tokenholders own and govern the protocol. They currently do not take a cut of the royalty fees paid by traders (revenue). Blur's investors include Paradigm, eGirl Capital, etc.

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Blur

# Blur Treasury Methodology

## 1. Overview

The Blur treasury metric measures the total USD value of all tokens held in Blur's treasury addresses. This metric tracks the protocol's treasury holdings by monitoring token balances across two specific Ethereum addresses and converting the total value to USD using end-of-day price feeds. The calculation provides a daily snapshot of Blur's treasury assets, including both native ETH and ERC20 tokens.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from ERC20 contracts on Ethereum, capturing all token movements involving the treasury addresses
- **Ethereum transaction traces**: Native ETH transfer traces that track ETH movements to and from treasury addresses
- **End-of-day token price feeds**: Daily closing prices for all tokens held in the treasury, used for USD conversion
- **Token metadata**: Token contract information including decimal places and symbols for proper value calculation

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Calculate daily net balance changes for each token at each treasury address
- **Logic**: Process all Ethereum `Transfer` events and ETH transfer traces where either the sender or receiver is one of two specific Blur treasury addresses (`0x988ace2e421e7221d3a54823e57d106db0e84a88` or `0x581e27c21ce60a946f0e866436a025bc89f3fb26`). For each treasury address and token combination, calculate the net balance change per day by summing inflows (where treasury address is receiver) and subtracting outflows (where treasury address is sender). The calculation handles both ERC20 token transfers and native ETH movements.
- **Key fields**: `timestamp` for daily aggregation, `account_address` for treasury identification, `token_address` for token classification, `balance` for net daily change amount

### Component B: Cumulative balance calculation
- **Purpose**: Convert daily balance changes into running total balances for each token
- **Logic**: Apply a cumulative sum window function over the balance changes, partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`, ordered by `timestamp`. This transforms daily net changes into absolute token balances held at each address for each token over time.
- **Key fields**: `balance` field becomes the running cumulative balance rather than daily change

### Component C: Forward-fill missing dates
- **Purpose**: Ensure continuous daily balance data even when no transactions occur
- **Logic**: Use a forward-fill operation to propagate the last known balance forward to subsequent dates where no token activity occurred. This ensures that token holdings are reflected accurately even on days with zero transactions, maintaining a complete daily time series for each token at each address.
- **Key fields**: All dimension fields (`timestamp_grain`, `chain_id`, `account_address`, `token_address`) with forward-filled `balance` values

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using market prices
- **Logic**: Join the filled balance data with end-of-day price feeds on matching `timestamp`, `chain_id`, and `token_address`. Multiply each token balance by its corresponding USD price, using safe multiplication to handle null values or edge cases. Filter to only include balances greater than zero and ensure price data uses daily granularity.
- **Key fields**: `amount` field containing USD-denominated token value after multiplication of `balance` and `price_usd`

### Final aggregation
- **Combining components**: Sum all USD token values across both treasury addresses and all token types to calculate total treasury value per day
- **Currency conversion**: USD values are calculated using end-of-day price feeds with proper decimal adjustment for each token type
- **Time aggregation**: Daily boundary logic aggregates all transactions within each calendar day
- **Final calculation**: The treasury metric equals the sum of all token values (balance × price) across all tokens held in both treasury addresses, providing the total USD value of Blur's treasury holdings per day

*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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Treasury

Treasury

Competitive landscape

Chain breakdown