Liquidity providers deposit funds into Curve and receive trading fees from traders (supply-side fees).

Curve is a non-custodial exchange protocol built originally on Ethereum. Curve was founded by Michael Egorov and launched in 2020.

CRV tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). 

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Curve

# Curve Treasury Methodology

## 1. Overview

The Curve treasury metric measures the total USD value of all tokens held in Curve protocol's treasury address on Ethereum. This metric provides insight into the protocol's financial reserves and asset management. The calculation tracks all token balance changes for the designated treasury address, applies cumulative calculations to maintain running balances, and converts all holdings to USD using end-of-day price feeds.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `Transfer`, `Mint`, and `Burn` events from Ethereum that affect the treasury address balance
- **Token transaction data**: Ethereum transaction logs and traces that modify token balances for the specified treasury address
- **End-of-day price feeds**: Daily token price data in USD for accurate valuation of treasury holdings
- **Token metadata**: Token symbol and decimal information for proper balance calculations and display

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Identifies and processes all token balance changes for Curve's treasury address
- **Logic**: The system monitors Ethereum blockchain events for the specific treasury address `0xe3997288987e6297ad550a69b31439504f513267`. It processes all token `Transfer` events (both incoming and outgoing), `Mint` events that create new tokens, and `Burn` events that destroy tokens. The system tracks balance changes at the daily grain level, recording the net change in token holdings for each token type. All balance changes are normalized to account for token decimal precision and filtered to include only legitimate token operations.
- **Key fields**: `timestamp`, `account_address` (treasury address), `token_address`, `balance` (net change), `token_symbol`

### Component B: Cumulative balance calculation
- **Purpose**: Maintains running totals of token holdings over time
- **Logic**: For each token held by the treasury address, the system calculates cumulative balances using a running sum ordered by timestamp. This ensures that the current balance reflects all historical balance changes up to each point in time. The calculation is partitioned by timestamp grain, chain, account address, and token address to maintain separate running totals for each unique token holding.
- **Key fields**: `balance` (cumulative running total), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Data continuity and gap filling
- **Purpose**: Ensures complete daily data coverage by filling missing dates
- **Logic**: The system uses forward-filling logic to handle days where no balance changes occurred. When a token balance remains unchanged between timestamps, the system carries forward the last known balance to maintain data continuity. This creates a complete daily time series showing the treasury's token holdings even on days with no transactions.
- **Key fields**: Forward-filled `balance` values across all dimensions

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation
- **Logic**: The system joins the forward-filled token balances with end-of-day price feeds using exact timestamp, chain, and token address matches. Each token balance is multiplied by its corresponding USD price using safe arithmetic operations to prevent overflow errors. Only positive balances are included in the conversion process, and only daily price feeds are used to ensure consistency with the daily grain aggregation.
- **Key fields**: `amount` (USD value calculated as balance × price), `price_usd` from price feeds

### Final aggregation
- **Combining components**: All USD-converted token values are summed across all tokens held by the treasury address for each day. The system combines holdings from different tokens into a single daily treasury value.
- **Currency conversion**: Token balances are converted to USD using end-of-day price feeds matched by timestamp, chain, and token address. Safe multiplication prevents arithmetic errors during conversion.
- **Time aggregation**: Data is aggregated at the daily level with timestamp grain set to 'day'. Each day represents the total USD value of all treasury holdings at the end of that day.
- **Final calculation**: The final treasury metric equals the sum of all individual token holdings in USD (balance × price_usd) for the specified treasury address on each day. The result is processed through the finalize treasury metric macro with a 'fill_zeros' strategy to handle periods with no treasury activity, and chain availability filtering is applied to ensure data quality.

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

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

CurveCRV

Treasury

Treasury

Competitive landscape

Chain breakdown