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 (net) Methodology

## 1. Overview

Treasury net represents the USD value of all tokens held in Curve's treasury address, excluding the protocol's native CRV token. This metric measures the diversified treasury holdings of the Curve protocol by tracking token balances in the designated treasury address and converting them to USD values using end-of-day pricing. The calculation excludes CRV tokens to focus on the non-native token holdings that represent treasury diversification.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `Transfer` events, transaction traces, and internal transfers affecting the Curve treasury address
- **End-of-day price feeds**: Daily closing prices for tokens held in the treasury
- **Token metadata**: Token symbols and contract information for identification and classification

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Track all token balance changes for Curve's treasury address on Ethereum
- **Logic**: Monitor all token transfer events where the Curve treasury address (`0xe3997288987e6297ad550a69b31439504f513267`) is either the sender or receiver. Calculate net balance changes by summing inflows (when treasury is receiver) and subtracting outflows (when treasury is sender) for each token. Process all `Transfer` events, transaction traces, and internal transfers that affect this specific address.
- **Key fields**: `timestamp` for when the balance change occurred, `account_address` for the treasury address, `token_address` for the specific token, `balance` for the net change amount, `token_symbol` for token identification

### Component B: Token filtering and exclusion
- **Purpose**: Remove CRV tokens from treasury calculations to focus on diversified holdings
- **Logic**: Filter out all balance changes for the CRV token contract address (`0xd533a949740bb3306d119cc777fa900ba034cd52`). This exclusion ensures the treasury metric only reflects non-native token holdings that represent actual treasury diversification rather than the protocol's own token reserves.
- **Key fields**: `token_address` used for filtering against the CRV contract address

### Component C: Cumulative balance calculation
- **Purpose**: Calculate running totals of token holdings over time
- **Logic**: Apply a cumulative sum calculation using a window function partitioned by token and treasury address, ordered by timestamp. This creates a running balance that shows total token holdings at each point in time rather than just daily changes. The cumulative calculation accounts for all historical transactions affecting each token balance.
- **Key fields**: `balance` transformed into cumulative running total, partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component D: Data forward-filling
- **Purpose**: Create continuous daily time series for all tracked tokens
- **Logic**: Use forward-filling to propagate the last known balance for each token across days with no transaction activity. This ensures consistent daily data points for every token that has ever been held in the treasury, even on days with no balance changes.
- **Key fields**: `timestamp` for the continuous daily series, `balance` values carried forward from the most recent transaction date

### Component E: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation
- **Logic**: Join token balance data with end-of-day price feeds using timestamp, chain, and token address as join keys. Multiply each token balance by its corresponding USD price using safe multiplication to handle potential null values. Only include tokens with positive balances and available price data.
- **Key fields**: `balance` multiplied by `price_usd` to create `amount` in USD terms

### Final aggregation
- **Combining components**: Sum USD values across all tokens held in the treasury address for each day, creating a single treasury net value
- **Currency conversion**: All token amounts converted to USD using end-of-day pricing with safe multiplication handling
- **Time aggregation**: Daily boundary logic with forward-filling to maintain consistent time series across all tracked tokens
- **Final calculation**: The metric represents the total USD value of all non-CRV tokens held in Curve's treasury address, with zero-filling applied for dates with no treasury holdings and chain availability filtering applied to ensure data quality

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

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

CurveCRV

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown