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

DODO is a non-custodial exchange protocol built on Ethereum and other blockchains. DODO launched in 2020.

DODO tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). DODO's investors include Pantera Capital, Three Arrows Capital, Binance Labs, etc.

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DODO

# DODO Treasury Methodology

## 1. Overview

The DODO treasury metric measures the total USD value of all tokens held across DODO's official treasury wallet addresses on Ethereum. This metric provides insight into the protocol's financial reserves by tracking the real-time value of ERC-20 tokens and ETH held in designated treasury addresses. The calculation aggregates token balances across multiple addresses and converts them to USD using end-of-day price feeds.

## 2. Data sources

- **Ethereum ERC-20 Transfer events**: Parsed `Transfer` events from Ethereum to track token movements into and out of treasury addresses
- **Ethereum transaction traces**: Internal transaction data and ETH transfers to track native ETH balance changes
- **End-of-day token price feeds**: Daily closing prices for tokens in USD to enable currency conversion
- **Token metadata**: Token contract information including symbols and decimal places for proper balance calculations
- **Treasury address configuration**: Hardcoded list of official DODO treasury wallet addresses on Ethereum

## 3. Step-by-step calculation

### Component A: Treasury balance change tracking
- **Purpose**: Tracks token balance changes for DODO's treasury addresses by processing blockchain events
- **Logic**: The system monitors four specific Ethereum addresses that serve as DODO's official treasury wallets: `0x4447183c50e82a8b0141718c405381a3b1bad634`, `0x6dae6ae227438378c117821c51fd61661faa8893`, `0x95c4f5b83aa70810d4f142d58e5f7242bd891cb0`, and `0xab21016bd4127638b8c555e36636449b33df1c38`. For each address, the system processes all ERC-20 `Transfer` events where the address appears as either sender or receiver, calculating net balance changes for each token. ETH balance changes are tracked through transaction traces and internal transactions. The system maintains daily snapshots of balance changes partitioned by timestamp, chain, account address, and token address.
- **Key fields**: `timestamp` for daily partitioning, `account_address` for treasury wallet identification, `token_address` for token identification, `balance` representing the net change in token holdings, `token_symbol` for display purposes

### Component B: Cumulative balance calculation
- **Purpose**: Converts daily balance changes into running cumulative balances for each token in each treasury address
- **Logic**: Using window functions, the system calculates running sums of balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a cumulative balance history showing the total amount of each token held at any point in time. The calculation uses ordered timestamps to ensure proper chronological accumulation of balance changes.
- **Key fields**: `balance` representing cumulative token holdings, partitioning dimensions for proper window function calculation

### Component C: Forward-filling for continuous time series
- **Purpose**: Creates complete daily time series data by filling forward the last known balance for dates with no transactions
- **Logic**: The fill-forward process ensures that even on days when no transactions occur for a particular token, the treasury still shows the last known balance. This prevents gaps in the time series and provides accurate daily snapshots of treasury holdings. The process fills forward balances across all dimensions including timestamp grain, chain, account address, and token address.
- **Key fields**: `balance` values that are carried forward to fill missing dates in the time series

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using end-of-day pricing data
- **Logic**: Each token balance is multiplied by its corresponding USD price from the end-of-day price feeds. The system joins balance data with price data using timestamp, chain, and token address as matching keys. Only positive balances are included in the conversion process. The multiplication uses safe arithmetic functions to handle potential null or invalid price data gracefully.
- **Key fields**: `amount` representing the USD value of token holdings, calculated as balance multiplied by price

### Final aggregation
- **Combining components**: All USD-converted token balances are summed across all treasury addresses and all tokens to produce a single daily treasury value. The aggregation maintains daily timestamp granularity and chain identification.
- **Currency conversion**: USD conversion occurs at the individual token level using end-of-day price feeds before final aggregation, ensuring accurate valuation timing
- **Time aggregation**: Daily boundaries are maintained throughout the calculation, with all data organized by daily timestamps
- **Final calculation**: The final treasury value equals the sum of all token USD values across all four treasury addresses: (Token1_Balance × Token1_USD_Price) + (Token2_Balance × Token2_USD_Price) + ... for all tokens in all treasury addresses. The finalization process applies a zero-filling strategy for missing data points and includes chain availability filtering 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.

DODODODO

Treasury

Treasury

Competitive landscape

Chain breakdown