Lenders deposit funds into Compound and receive interest payments from borrowers (supply-side fees).

Compound is a non-custodial lending protocol built on Ethereum. Compound was founded by Robert Leshner & Geoffrey Hayes and launched in 2017.

 COMP tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue). Compound’s investors include a16z, Paradigm, Polychain, etc.

governance

github

twitter

discord

etherscan

website

Lending

Compound

# Compound Treasury Methodology

## 1. Overview

The Compound treasury metric measures the total USD value of tokens held across Compound protocol's treasury addresses. This metric answers the question "What is the total value of assets controlled by Compound's treasury?" and provides insight into the protocol's financial reserves and asset management.

The calculation tracks token balance changes across specific treasury addresses on Ethereum, converts these balances to USD using end-of-day prices, and aggregates the total value daily. The methodology includes forward filling to ensure continuous data coverage and excludes certain tokens from the calculation.

## 2. Data sources

- **Ethereum ERC-20 token transfer events**: Parsed `Transfer` events from Ethereum showing token movements into and out of treasury addresses
- **Ethereum transaction logs and traces**: Transaction data capturing token flows and balance changes for treasury addresses  
- **End-of-day token price feeds**: Daily token prices in USD for converting token balances to dollar values
- **Token metadata**: Token symbols, decimal places, and contract information for proper balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for Compound's treasury addresses
- **Logic**: Process Ethereum `Transfer` events and transaction traces to identify all token movements affecting four specific treasury addresses: `0x2775b1c75658be0f640272ccb8c72ac986009e38`, `0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b`, `0x6d903f6003cca6255d85cca4d3b5e5146dc33925`, and `0xf1d8c2eed95d5fc2eade4e6bb15a5969453e89a9`. Extract balance changes from parsed transfer events, identifying when tokens flow into (positive balance change) or out of (negative balance change) these addresses. Exclude the token at address `0xbd62253c8033f3907c0800780662eab7378a4b96` from all calculations
- **Key fields**: `timestamp` for when the balance change occurred, `account_address` for the treasury address, `token_address` for the specific token, `balance` for the change amount, and `token_symbol` for identification

### Component B: Cumulative balance calculation  
- **Purpose**: Convert balance changes into running cumulative balances for each token
- **Logic**: Apply windowing functions to sum balance changes over time, partitioned by timestamp grain, chain, account address, and token address, ordered chronologically by timestamp. This transforms discrete balance change events into continuous balance snapshots showing the total amount of each token held by each treasury address at any point in time
- **Key fields**: `balance` field becomes the cumulative running total rather than individual change amounts

### Component C: Data continuity and forward filling
- **Purpose**: Ensure complete daily data coverage without gaps
- **Logic**: Apply forward filling to propagate the last known balance forward for any missing dates, ensuring each treasury address and token combination has a balance record for every day. This handles cases where no transactions occurred on certain days but balances remained unchanged
- **Key fields**: Forward filled `balance` values maintain the last known amount when no new transactions occurred

### Component D: USD conversion
- **Purpose**: Convert token balances from native units to USD values  
- **Logic**: Join the token balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Multiply each token's balance by its corresponding daily USD price to get dollar values. Filter to include only positive balances and daily price granularity. This step converts all different tokens into a common USD denomination
- **Key fields**: `amount` field represents the USD value calculated as `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all token USD values per day across all treasury addresses and all tokens to get the total treasury value
- **Currency conversion**: USD conversion occurs at the individual token level using end-of-day prices before final aggregation  
- **Time aggregation**: Daily boundary logic groups all token holdings by day
- **Final calculation**: The treasury metric equals the sum of (token balance × daily USD price) for all tokens across all four treasury addresses, excluding the specified token address, with zero values filled for any missing dates

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

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

CompoundCOMP

Treasury

Treasury

Competitive landscape

Chain breakdown