Liquidity providers deposit funds into Clipper and receive returns generated by Clipper’s costless diversified rebalancing liquidity pools (supply-side fees). LP yields are generated from the rebalancing process itself rather than from fees charged to traders.

Clipper is a non-custodial exchange protocol built on Ethereum. Clipper was built by Shipyard Software and launched in 2021.

AdmiralDAO and SAIL token holders own and govern the protocol. They currently receive all trading fees paid by traders (revenue). Clipper's investors include Polychain, Robot Ventures, 0x Labs, etc.

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Clipper

# Clipper Treasury Methodology

## 1. Overview

The Clipper treasury metric measures the total USD value of tokens held across Clipper's treasury addresses on Ethereum. This metric answers the question "What is the current market value of assets held in Clipper's treasury?" and serves as a key indicator of the protocol's financial position and asset reserves. The calculation tracks token balances across specified treasury addresses, converts them to USD using end-of-day prices, and aggregates them into a single daily treasury value.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Ethereum token transfer events**: Parsed `Transfer` events from ERC-20 token contracts on Ethereum that show all token movements into and out of treasury addresses
- **End-of-day token price feeds**: Daily USD price data for tokens held in the treasury addresses
- **Token metadata**: Information about token symbols, decimals, and contract addresses for proper formatting and identification

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Track balance changes for all tokens in Clipper's treasury addresses
- **Logic**: Process Ethereum token transfer events to identify all inbound and outbound token movements for two specific treasury addresses (`0xd8cc0304de58fce5147796606db14500d94b5ef2` and `0x1113db6080ea2b9f92b2e9937ea712b3d730b3f1`). The system captures both incoming transfers (where the treasury address is the recipient) and outgoing transfers (where the treasury address is the sender), calculating net balance changes for each token on each day.
- **Key fields**: `account_address` for treasury identification, `token_address` for token identification, `balance` for net change amount, `timestamp` for timing

### Component B: Cumulative balance calculation  
- **Purpose**: Convert balance changes into running balances over time
- **Logic**: Apply cumulative sum calculations using window functions partitioned by timestamp grain, chain, account address, and token address. This transforms daily balance changes into running totals that represent the actual token balance held at each point in time. The calculation maintains separate running balances for each unique combination of treasury address and token.
- **Key fields**: `balance` representing cumulative token holdings, partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: Data continuity and forward-filling
- **Purpose**: Ensure continuous time series data for treasury tracking
- **Logic**: Apply forward-filling logic to propagate the last known balance for each token on days when no transactions occurred. This ensures that treasury values are reported consistently even during periods of no activity, maintaining the last known balance until a new transaction changes it.
- **Key fields**: Forward-filled `balance` values maintained across time gaps

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using market prices
- **Logic**: Join the token balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Use safe multiplication to convert token amounts to USD values, handling potential null values gracefully. Only include records where the balance is positive to exclude dust amounts and zero balances.
- **Key fields**: `amount` representing USD value calculated as `balance` × `price_usd`

### Final aggregation
- **Combining components**: Sum all token USD values across both treasury addresses to get the total treasury value per day
- **Currency conversion**: USD values are calculated using end-of-day prices with safe multiplication to handle edge cases
- **Time aggregation**: Daily boundaries are maintained with proper timestamp grain handling
- **Final calculation**: The treasury metric represents the sum of all positive token balances (in USD) held across both specified Ethereum treasury addresses on each day, with zero-filling 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 onchain treasury, including its native token.

ClipperSAIL

Treasury

Treasury

Competitive landscape

Chain breakdown