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 (net) Methodology

## 1. Overview

Treasury net measures the total USD value of tokens held in Convex Finance's treasury addresses. This metric quantifies the protocol's liquid asset reserves by tracking token balances across designated treasury wallets on Ethereum, excluding the protocol's native CVX token. The calculation provides insight into the protocol's financial reserves and treasury management effectiveness.

## 2. Data sources

- **Ethereum blockchain events**: Raw transaction logs and events from the Ethereum blockchain to track token movements
- **ERC20 token transfer events**: Parsed `Transfer` events to identify token inflows and outflows from treasury addresses
- **End-of-day price feeds**: Daily token price data for USD conversion of treasury holdings
- **Token metadata**: Contract information and token details for proper identification and decimal handling

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for Convex Finance's treasury addresses
- **Logic**: Monitor two specific treasury addresses on Ethereum (`0x1389388d01708118b497f59521f6943be2541bb7` and `0xe98984ad858075813ada4261af47e68a64e28fcc`) by processing all token transfer events. Extract inflows (tokens received) and outflows (tokens sent) for each address and token combination. Filter out the protocol's native CVX token (`0x4e3fbd56cd56c3e72c1403e103b45db9da5b9d2b`) as it represents protocol governance tokens rather than liquid treasury assets.
- **Key fields**: `account_address` for treasury wallet identification, `token_address` for token classification, `balance` for net balance changes, `timestamp` for temporal tracking

### Component B: Cumulative balance calculation
- **Purpose**: Build running totals of token holdings over time for each treasury address and token
- **Logic**: Apply cumulative sum calculations partitioned by treasury address and token, ordered by timestamp. This creates a complete balance history showing how holdings of each token evolved over time. Use window functions to maintain running balances that account for all historical inflows and outflows.
- **Key fields**: `balance` representing cumulative token holdings, partitioned by `account_address`, `token_address`, and `timestamp_grain`

### Component C: Data continuity and forward-filling
- **Purpose**: Ensure continuous daily balance records even when no transactions occurred
- **Logic**: Apply forward-filling logic to propagate the last known balance forward to subsequent days when no balance changes occurred. This creates a complete daily time series where each day shows the actual token holdings as of that date, filling gaps between transaction dates.
- **Key fields**: Continuous `timestamp` series with forward-filled `balance` values maintained across all treasury addresses and tokens

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation and reporting
- **Logic**: Join token balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Multiply token balances by corresponding USD prices using safe multiplication to handle potential null values. Filter out zero balances and ensure price data uses daily granularity for consistent valuation.
- **Key fields**: `amount` representing USD-denominated token values, derived from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all USD-denominated token balances across both treasury addresses to calculate total treasury value
- **Currency conversion**: Uses end-of-day price feeds for consistent daily USD valuations
- **Time aggregation**: Maintains daily granularity with forward-filled balance continuity between transaction dates
- **Final calculation**: Total treasury net equals the sum of all USD-converted token balances held across designated treasury addresses, excluding the protocol's native CVX token

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

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

Convex FinanceCVX

Treasury (net)

Treasury (net)

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Chain breakdown