On Cryptex v1, overcollateralized investors deposit funds into Cryptex and mint TCAP tokens. On Cryptex v2, traders trade leveraged perpetual contracts against liquidity pools supplied by liquidity providers.

Cryptex v1 is non-custodial asset management protocol built on Ethereum, while Cryptex v2 is an exchange for perpetual contracts on Arbitrum. Cryptex was founded by Joe Sticco, Preston Van Loon & Thomas Matzner and launched in 2021.

CTX token holders own and govern the protocol. They currently take all of the total withdrawal fees paid by investors and trading fees paid by traders (revenue).

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Cryptex

# Cryptex Treasury Methodology

## 1. Overview

The Cryptex treasury metric measures the total USD value of all tokens held across Cryptex's treasury addresses on Ethereum and Arbitrum networks. This metric provides a comprehensive view of the protocol's financial reserves by aggregating token balances from multiple predefined treasury wallets and converting them to USD values using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: Parsed `Transfer` events from Ethereum and Arbitrum networks to track token movements
- **Transaction data**: Ethereum and Arbitrum transaction records containing token transfer information
- **External data**: End-of-day token price feeds for USD conversion across both networks
- **Token metadata**: Token symbols and decimal specifications for proper balance calculations
- **Treasury addresses**: Hardcoded treasury wallet addresses specific to Cryptex protocol

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Tracks token balance changes across all Cryptex treasury addresses on supported networks
- **Logic**: Identifies and processes token transfer events involving predefined treasury addresses. On Arbitrum, monitors address `0x9474b771fb46e538cfed114ca816a3e25bb346cf`. On Ethereum, tracks two addresses: `0xa54074b2cc0e96a43048d4a68472f7f046ac0da8` and `0xa70b638b70154edfcbb8dbbbd04900f328f32c35`. Uses the calculate_token_balance_changes macro to process all inbound and outbound token transfers for these addresses.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` representing the net change in token holdings

### Component B: Cumulative balance calculation  
- **Purpose**: Converts balance changes into running cumulative balances over time
- **Logic**: Applies window functions to calculate cumulative sums of balance changes, partitioned by timestamp grain, chain, treasury address, and token. This creates a time series of actual token holdings rather than just balance changes.
- **Key fields**: `balance` field transformed from incremental changes to cumulative totals using sum over timestamp-ordered windows

### Component C: Data completeness handling
- **Purpose**: Ensures continuous time series coverage by filling forward missing balance data
- **Logic**: Uses fill_forward macro to propagate the last known balance value forward for dates where no token transfer activity occurred. This maintains accurate balance representations across all time periods.
- **Key fields**: All existing fields with forward-filled `balance` values for missing timestamps

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using market prices
- **Logic**: Joins token balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Multiplies token balance by USD price using safe_multiply function. Filters to include only positive balances and daily price granularity.
- **Key fields**: `amount` field containing USD value calculated as balance multiplied by `price_usd`

### Final aggregation
- **Combining components**: Aggregates USD values from all tokens across all treasury addresses and both supported chains
- **Currency conversion**: Uses end-of-day price feeds to convert token balances to USD at market rates
- **Time aggregation**: Maintains daily granularity with forward-filling to ensure complete time series
- **Final calculation**: Sums all token USD values per day to produce total treasury value, applying finalize_metric_treasury macro with fill_zeros strategy and chain availability filtering

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

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

CryptexCTX

Treasury

Treasury

Competitive landscape

Chain breakdown