Liquidity providers deposit funds into DFX and receive a share of trading fees (supply-side fees).

DFX is a decentralized foreign exchange protocol deployed on Polygon, Ethereum & Arbitrum. DFX was founded in 2021 by Kevin Zhang and Adrian Li.

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

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DFX Finance

# DFX Finance Treasury (net) Methodology

## 1. Overview

The DFX treasury net metric measures the total USD value of tokens held in DFX protocol's designated treasury addresses on Ethereum. This metric provides visibility into the protocol's financial reserves by tracking token balances across specific treasury wallets, excluding certain tokens, and converting the holdings to USD using daily price feeds. The calculation aggregates all token holdings to show the net treasury value over time.

## 2. Data sources

The calculation relies on several key data sources:
- **Ethereum blockchain events**: Parsed `Transfer` events and other token movement events from Ethereum that affect treasury address balances
- **Transaction data**: Ethereum transaction logs and traces that capture token flows into and out of treasury addresses
- **End-of-day price feeds**: Daily token price data used for USD conversion of treasury holdings
- **Token metadata**: Token information including symbols and contract addresses for proper identification
- **Smart contract events**: Additional contract interaction events that may affect token balances in treasury addresses

## 3. Step-by-step calculation

### Component A: Treasury balance change tracking
- **Purpose**: Identifies and tracks all token balance changes for designated DFX treasury addresses
- **Logic**: Uses blockchain event data to capture token movements affecting two specific treasury addresses (`0x26f539a0fe189a7f228d7982bf10bc294fa9070c` and `0x27e843260c71443b4cc8cb6bf226c3f77b9695af`) on Ethereum. The system processes `Transfer` events, transaction logs, and other balance-affecting events to determine net changes in token holdings for each address and token combination. One specific token (`0x888888435fde8e7d4c54cab67f206e4199454c60`) is explicitly excluded from treasury calculations.
- **Key fields**: Key fields include `timestamp` for when changes occurred, `account_address` for treasury wallet identification, `token_address` for token identification, `balance` representing the net change, and `token_symbol` for display purposes

### Component B: Cumulative balance calculation  
- **Purpose**: Converts balance changes into running cumulative balances for each token in each treasury address
- **Logic**: Takes the balance change data and applies cumulative summation using window functions. For each combination of timestamp grain, chain, account address, and token address, the system calculates running totals of balance changes ordered by timestamp. This transforms individual transaction impacts into total holdings over time.
- **Key fields**: The same fields as Component A, but with `balance` now representing cumulative holdings rather than individual changes

### Component C: Time series continuity
- **Purpose**: Ensures continuous daily data points for consistent reporting
- **Logic**: Applies forward-filling logic to create complete time series data. When no balance changes occur on specific days, the system carries forward the last known balance values to maintain daily continuity. This prevents gaps in the treasury reporting timeline.
- **Key fields**: All previous fields maintained, with forward-filled `balance` values ensuring no missing days

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation and reporting
- **Logic**: Joins the balance data with end-of-day token price feeds using exact matches on timestamp, chain identifier, and token address. Each token balance is multiplied by its corresponding daily USD price to determine the USD value of holdings. Only positive balances are included in USD conversion to exclude any negative or zero positions.
- **Key fields**: Adds `amount` field representing USD value of token holdings, derived from multiplying `balance` by daily `price_usd`

### Final aggregation
- **Combining components**: The system sums all USD-converted token holdings across all treasury addresses to calculate total treasury net value for each day
- **Currency conversion**: USD conversion occurs using end-of-day price feeds with exact timestamp matching, ensuring consistent pricing across all tokens
- **Time aggregation**: Data is aggregated at daily grain level, with forward-filling ensuring complete daily coverage
- **Final calculation**: The final treasury net value represents the sum of all USD-converted token holdings across designated treasury addresses, excluding specified tokens, providing a comprehensive view of DFX 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.

DFX FinanceDFX

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown