Liquidity providers (LPs) deposit funds into Convex Finance and receive a return on investment (supply-side fees).

Convex Finance is an asset management and staking protocol built on Ethereum. Convex Finance launched in May 2021.

CVX tokenholders own and govern the protocol. They currently take a cut of the total yield generated (revenue).

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Convex Finance

# Convex Finance Treasury Methodology

## 1. Overview

The Convex Finance treasury metric measures the total USD value of tokens held across Convex Finance's treasury addresses. This metric provides visibility into the protocol's financial reserves by tracking token balances in designated treasury wallets and converting them to USD values. The calculation identifies all tokens held in specific treasury addresses, tracks their balance changes over time, and aggregates the total USD value on a daily basis.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events to track token movements into and out of treasury addresses
- **Transaction data**: Ethereum transaction traces to capture internal transfers and contract interactions affecting token balances
- **External data**: End-of-day token price feeds for USD conversion and token metadata for identification and decimal handling
- **Treasury addresses**: Two specific Ethereum addresses designated as Convex Finance treasury wallets: `0x1389388d01708118b497f59521f6943be2541bb7` and `0xe98984ad858075813ada4261af47e68a64e28fcc`

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Tracks all token balance changes for Convex Finance treasury addresses
- **Logic**: Processes parsed `Transfer` events and transaction traces on Ethereum to identify all token movements affecting the two designated treasury addresses. The system captures both incoming and outgoing transfers, recording the timestamp, token address, and balance change amount for each transaction. Balance changes are calculated based on whether the treasury address is the sender or receiver in the transfer event.
- **Key fields**: `timestamp` for when the balance change occurred, `account_address` for the treasury wallet, `token_address` for the specific token, `balance` for the net change amount, and `chain_id` set to Ethereum

### Component B: Cumulative balance calculation  
- **Purpose**: Converts balance changes into running cumulative balances for each token
- **Logic**: Takes the balance changes from Component A and calculates cumulative running totals using window functions partitioned by timestamp grain, chain, account address, and token address. This creates a time series showing the total balance of each token in each treasury address at any point in time.
- **Key fields**: Same fields as Component A but with `balance` now representing cumulative totals rather than changes

### Component C: Time series gap filling
- **Purpose**: Ensures continuous daily data by filling forward missing balance values
- **Logic**: Uses the fill forward methodology to handle days where no balance changes occurred. For each combination of timestamp grain, chain, account address, and token address, the system carries forward the last known balance value to subsequent days until a new balance change occurs. This ensures every day has a balance value even when no transactions occurred.
- **Key fields**: Maintains all previous fields with gap-filled `balance` values across the complete time series

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using end-of-day prices
- **Logic**: Joins the gap-filled token balances with end-of-day price feeds by matching timestamp, chain, and token address. Multiplies each token balance by its corresponding USD price to calculate the USD value. Only processes records where the balance is greater than zero and prices have daily granularity.
- **Key fields**: `amount` representing the USD value of each token holding, along with timestamp and address dimensions

### Final aggregation
- **Combining components**: Aggregates USD values across all tokens and both treasury addresses by summing the `amount` field for each timestamp and chain combination
- **Currency conversion**: Uses end-of-day token prices multiplied by token balances with proper decimal adjustment handled automatically
- **Time aggregation**: Maintains daily granularity with timestamp boundaries aligned to end-of-day pricing data
- **Final calculation**: The treasury metric equals the sum of all USD-denominated token holdings across both Convex Finance treasury addresses, filled with zeros for days with no holdings and filtered by chain data availability periods

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

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

Convex FinanceCVX

Treasury

Treasury

Competitive landscape

Chain breakdown