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 (net) Methodology

## 1. Overview

The Clipper treasury net metric measures the total USD value of all tokens held across Clipper's treasury addresses. This metric provides insight into the protocol's financial reserves and asset holdings by tracking token balances across specified treasury wallets and converting them to USD values using end-of-day pricing data. The calculation aggregates holdings from multiple treasury addresses while excluding specific tokens as defined by protocol governance.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from Ethereum blockchain to track token movements into and out of treasury addresses
- **End-of-day token price feeds**: Daily USD price data for token valuation and currency conversion
- **Token metadata**: Token contract information including symbols and decimal precision
- **Ethereum transaction traces**: Transaction data for comprehensive balance tracking and validation

## 3. Step-by-step calculation

### Component A: Treasury balance change tracking
- **Purpose**: Monitors token balance changes for designated Clipper treasury addresses
- **Logic**: The system tracks all token `Transfer` events affecting two specific treasury addresses on Ethereum: `0xd8cc0304de58fce5147796606db14500d94b5ef2` and `0x1113db6080ea2b9f92b2e9937ea712b3d730b3f1`. The calculation processes incoming and outgoing transfers to determine net balance changes for each token at each timestamp. One specific token is excluded from calculations: `0xd8f1460044925d2d5c723c7054cd9247027415b7`
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` (representing the change in token balance)

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running total balances over time
- **Logic**: Balance changes are aggregated using window functions to maintain running totals for each token held by each treasury address. The calculation partitions data by timestamp grain, chain, account address, and token address, then orders by timestamp to create cumulative sums. This ensures accurate tracking of total token holdings at any point in time
- **Key fields**: Cumulative `balance` values representing total token holdings, maintaining the same dimensional structure as the balance changes

### Component C: Data forward-filling
- **Purpose**: Ensures continuous time series data by filling gaps where no transactions occurred
- **Logic**: The system applies forward-filling logic to propagate the most recent balance values across missing timestamps. This creates a complete daily time series where each treasury address has a balance entry for every day, even when no token movements occurred. The forward-filling maintains separate series for each combination of timestamp grain, chain, account address, and token address
- **Key fields**: Filled `balance` values with complete timestamp coverage across all dimensional combinations

### Component D: USD conversion
- **Purpose**: Converts native token balances to USD values for aggregation and reporting
- **Logic**: Token balances are multiplied by corresponding end-of-day USD prices from the price feed system. The conversion matches token addresses and timestamps between balance data and price data, ensuring accurate daily valuations. Only positive balances are included in the conversion to exclude dust amounts or accounting artifacts. The system filters for daily price grain to ensure consistent valuation timing
- **Key fields**: USD-denominated `amount` values representing the dollar value of each token holding

### Final aggregation
- **Combining components**: USD values from all tokens and treasury addresses are summed together to calculate the total treasury net value
- **Currency conversion**: All amounts are already converted to USD in the previous step using end-of-day pricing
- **Time aggregation**: Data is aggregated at daily boundaries with forward-filling ensuring complete time series coverage
- **Final calculation**: The metric represents the sum of all USD-valued token holdings across designated Clipper treasury addresses, providing a comprehensive view of protocol treasury value. Results are processed through standardization macros to ensure consistent formatting and apply chain availability filters for data quality assurance

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

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

ClipperSAIL

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown