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 Treasury (net) Methodology

## 1. Overview

The Cryptex treasury net metric measures the total USD value of all tokens held in Cryptex protocol treasury addresses across Ethereum and Arbitrum chains. This metric provides insight into the protocol's financial reserves by tracking token balances in designated treasury wallets and converting them to USD values using end-of-day price feeds. The calculation aggregates holdings across multiple addresses while excluding specific tokens to focus on liquid treasury assets.

## 2. Data sources

- **Token transfer events**: Parsed `Transfer` events from Ethereum and Arbitrum blockchains to track token movements in and out of treasury addresses
- **End-of-day price feeds**: Daily USD price data for tokens held in treasury addresses
- **Token metadata**: Token symbols, decimal places, and contract information for proper balance calculations
- **Blockchain transaction logs**: Transaction-level data to capture balance changes and ensure accurate tracking

## 3. Step-by-step calculation

### Component A: Balance change extraction
- **Purpose**: Identify and calculate token balance changes for specific Cryptex treasury addresses
- **Logic**: Process token transfer events to determine inflows and outflows for designated treasury addresses. On Arbitrum, track address `0x9474b771fb46e538cfed114ca816a3e25bb346cf`. On Ethereum, track addresses `0xa54074b2cc0e96a43048d4a68472f7f046ac0da8` and `0xa70b638b70154edfcbb8dbbbd04900f328f32c35`, but exclude any holdings of token `0x321c2fe4446c7c963dc41dd58879af648838f98d`. The calculation captures both incoming and outgoing transfers to determine net balance changes for each token at each timestamp.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `balance` (net change), and `token_symbol`

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into running total balances for each token in each address
- **Logic**: Apply window function to sum balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a cumulative running balance that shows the total amount of each token held at any given point in time. The calculation ensures that balance changes are properly aggregated chronologically to maintain accurate token holdings.
- **Key fields**: Cumulative `balance` for each token-address-chain combination over time

### Component C: Data forward-filling
- **Purpose**: Ensure continuous time series data by filling gaps where no balance changes occurred
- **Logic**: Use forward-filling logic to propagate the last known balance forward for periods where no token transfers occurred. This creates a complete daily time series showing token holdings even when no transactions took place. The filling is applied across all dimension combinations of timestamp grain, chain, account address, and token address.
- **Key fields**: Filled `balance` values for complete time series coverage

### Component D: USD conversion
- **Purpose**: Convert token balances from native units to USD values
- **Logic**: Join token balance data with end-of-day price feeds to calculate USD values. Multiply each token balance by its corresponding daily USD price, filtering to include only positive balances and daily price grain. This conversion uses the daily closing price to ensure consistent valuation across all tokens and timestamps.
- **Key fields**: `amount` (USD value of token holdings), derived from multiplying `balance` by `price_usd`

### Final aggregation
- **Combining components**: Sum all USD values across all tokens and treasury addresses for each timestamp to get total treasury net value
- **Currency conversion**: USD conversion occurs at the token level using end-of-day price feeds before aggregation
- **Time aggregation**: Daily grain with forward-filling to ensure continuous data coverage
- **Final calculation**: The treasury net metric represents the sum of all USD-valued token holdings across all specified treasury addresses, providing the total USD value of the protocol's treasury reserves

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

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

CryptexCTX

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown