Liquidity providers deposit funds into Camelot and receive trading fees from traders (supply-side fees).

Camelot is a non-custodial exchange protocol built on Arbitrum. Camelot was founded by the pseudonymous Myrddin and launched in 2022.

GRAIL tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Camelot

# Camelot Treasury (net) Methodology

## 1. Overview

The Camelot treasury net metric measures the total USD value of all tokens held in Camelot's treasury addresses on the Arbitrum blockchain. This metric provides insight into the protocol's treasury holdings and financial position by tracking token balances across multiple treasury addresses and converting them to USD values using end-of-day price feeds.

## 2. Data sources

The calculation relies on several key data sources:
- **Blockchain events**: Parsed Arbitrum `Transfer` events for ERC20 tokens to track token movements into and out of treasury addresses
- **External data**: End-of-day token price feeds for USD conversion of token balances
- **Token metadata**: Token symbol and decimal information for proper balance calculations
- **Configuration data**: Chain availability filters and protocol-specific address configurations

## 3. Step-by-step calculation

### Component A: Treasury balance changes
- **Purpose**: Track token balance changes for each of Camelot's treasury addresses on Arbitrum
- **Logic**: Process Arbitrum `Transfer` events to identify token movements for six specific treasury addresses: `0x3b8c741651e2913c26fa926555a75f09f3255866`, `0x03ff2d78afb69e0859ec6beb4cf107d3741e97ab`, `0x48e365daebe55aa21bb39e4c2876661827d566c5`, `0xf482881968d1f1d99397310636ff9fac070f63c6`, `0xe31d786cc60f2e23ad65646d30546e46227af066`, and `0xe57a86c232b4db760caff9d5fcc3ce893034ca67`. The system calculates net balance changes by analyzing transfers where these addresses are either the sender or receiver, determining the net effect on each address's token holdings
- **Key fields**: Key outputs include `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` change amounts

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into running token balances over time for each treasury address and token combination
- **Logic**: Apply cumulative sum calculations using window functions partitioned by timestamp grain, chain, account address, and token address, ordered by timestamp. This transforms daily balance changes into running totals that represent actual token holdings at each point in time
- **Key fields**: The `balance` field is transformed from incremental changes to cumulative amounts representing total holdings

### Component C: Data completeness handling
- **Purpose**: Ensure continuous time series data by filling forward missing data points
- **Logic**: Apply forward-fill logic to maintain token balance values across timestamps where no balance changes occurred. This ensures that once a treasury holds a token, that balance persists in the dataset until the next actual balance change event
- **Key fields**: All dimension fields are preserved while the `balance` field is forward-filled for missing timestamp combinations

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation across different tokens
- **Logic**: Join token balance data with end-of-day price feeds using timestamp, chain, and token address as join keys. Apply safe multiplication to convert token amounts to USD values, filtering out zero balances and ensuring price data uses daily timestamp grain. Only include tokens with valid price data
- **Key fields**: The `balance` field is converted to `amount` field representing USD values

### Final aggregation
- **Combining components**: Sum USD values across all treasury addresses and tokens to get total treasury value, applying filters to exclude specific tokens like `0x3d9907f9a368ad0a51be60f7da3b97cf940982d8` that should not count toward treasury value
- **Currency conversion**: USD conversion occurs using end-of-day price feeds matched by timestamp, chain, and token address, with safe multiplication to handle potential null values
- **Time aggregation**: Data is aggregated by day using daily timestamp grain, ensuring consistent daily snapshots of treasury value
- **Final calculation**: The final metric represents the sum of all token holdings across all treasury addresses converted to USD, with zero-fill strategy applied for missing data points and chain availability filters ensuring data quality

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

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

CamelotGRAIL

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown