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.

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Compound

# Compound Treasury (net) Methodology

## 1. Overview

Treasury net measures the total USD value of all tokens held in Compound's treasury wallets, excluding governance tokens. This metric provides insight into Compound's financial reserves and asset management, tracking the net value of tokens accumulated through protocol operations, fees, and other treasury activities. The calculation tracks token balances across multiple designated treasury addresses and converts them to USD for aggregated reporting.

## 2. Data sources

- **Ethereum ERC-20 events**: Parsed `Transfer` events from the Ethereum blockchain to track token movements in and out of treasury addresses
- **Token balance tracking**: Ethereum transaction logs and traces used to maintain accurate token balance states over time
- **End-of-day price feeds**: Daily token price data in USD for converting treasury holdings to dollar values
- **Token metadata**: Contract addresses, symbols, and decimal precision information for supported ERC-20 tokens

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Tracks token balance changes across Compound's designated treasury addresses
- **Logic**: Monitors four specific Ethereum addresses (`0x2775b1c75658be0f640272ccb8c72ac986009e38`, `0x3d9819210a31b4961b30ef54be2aed79b9c9cd3b`, `0x6d903f6003cca6255d85cca4d3b5e5146dc33925`, `0xf1d8c2eed95d5fc2eade4e6bb15a5969453e89a9`) for all ERC-20 token transfers. Processes `Transfer` events where these addresses appear as either sender or receiver to calculate net balance changes for each token over time.
- **Key fields**: `timestamp`, `chain_id`, `account_address` (treasury address), `token_address`, `balance` (net change amount)

### Component B: Treasury filtering and exclusions  
- **Purpose**: Applies business logic to exclude governance tokens from treasury calculations
- **Logic**: Filters the tracked balances to only include Ethereum chain data and excludes specific token addresses (`0xc00e94cb662c3520282e6f5717214004a7f26888` for COMP token and `0xbd62253c8033f3907c0800780662eab7378a4b96` for another governance-related token). This ensures the treasury metric reflects investable assets rather than governance tokens that may not represent liquid treasury value.
- **Key fields**: Applies filtering conditions on `chain_id`, `account_address`, and `token_address`

### Component C: Cumulative balance calculation
- **Purpose**: Converts balance changes into running total balances for each token at each treasury address
- **Logic**: Uses window functions to calculate cumulative sums of balance changes over time, partitioned by timestamp grain, chain, treasury address, and token address. Orders by timestamp to create accurate running balances that reflect total token holdings at any given point in time.
- **Key fields**: `balance` (converted from change amounts to cumulative totals using sum window function)

### Component D: Data continuity
- **Purpose**: Ensures complete daily time series data for treasury reporting
- **Logic**: Forward-fills missing data points using the fill_forward macro to carry the last known balance forward for days where no token movements occurred. This creates a continuous daily timeline essential for consistent treasury reporting and prevents gaps in the data series.
- **Key fields**: Maintains all existing fields while filling gaps in the time series

### Component E: USD conversion
- **Purpose**: Converts token balances to USD values for aggregated treasury reporting
- **Logic**: Joins the filled balance data with end-of-day price feeds using timestamp, chain, and token address as join keys. Multiplies each token balance by its corresponding USD price using safe multiplication to handle potential null values. Only includes positive balances and ensures price data comes from daily price feeds.
- **Key fields**: `amount` (calculated as balance multiplied by USD price), filtered for positive balances only

### Final aggregation
- **Combining components**: All USD-converted token balances across the four treasury addresses are summed together to create a single treasury net value per day
- **Currency conversion**: Uses end-of-day USD prices applied to token balances at the daily timestamp boundary
- **Time aggregation**: Data is aggregated and reported on a daily basis, with each day representing the total treasury value as of that day's end
- **Final calculation**: The final treasury net value represents the sum of all USD-converted token balances held across Compound's treasury addresses, excluding governance tokens, providing a comprehensive view of the protocol's liquid asset reserves

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

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

CompoundCOMP

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown