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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Exchanges (DEX)

DODO

# DODO Treasury (net) Methodology

## 1. Overview

The DODO treasury net metric measures the total USD value of all tokens held across DODO's treasury addresses on Ethereum. This metric provides insight into the protocol's financial reserves by tracking token balances across multiple treasury wallets and converting them to USD using daily price feeds. The calculation excludes DODO's own token to focus on external assets held in treasury.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from Ethereum blockchain to track token movements in and out of treasury addresses
- **Transaction data**: Ethereum transaction logs and traces to capture all token balance changes
- **External data**: End-of-day token price feeds for USD conversion of token balances
- **Token metadata**: Token symbol and decimal information for proper balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes across DODO's treasury addresses
- **Logic**: Extract token balance changes for four specific Ethereum treasury addresses (`0x4447183c50e82a8b0141718c405381a3b1bad634`, `0x6dae6ae227438378c117821c51fd61661faa8893`, `0x95c4f5b83aa70810d4f142d58e5f7242bd891cb0`, `0xab21016bd4127638b8c555e36636449b33df1c38`) using parsed blockchain events. The system processes `Transfer` events and other token movement events to calculate net balance changes for each token held by these addresses. DODO's own token (`0x43dfc4159d86f3a37a5a4b3d4580b888ad7d4ddd`) is explicitly excluded to focus on external treasury assets.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, `balance`

### Component B: Cumulative balance calculation  
- **Purpose**: Calculate running cumulative balances over time for each token in each treasury address
- **Logic**: Apply window functions to sum balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a running total that shows the cumulative token holdings at each point in time. The cumulative calculation uses `sum() over()` with order by timestamp to build the running balance.
- **Key fields**: Cumulative `balance` values maintained as running sums

### Component C: Forward-fill missing values
- **Purpose**: Handle gaps in the time series where no token transfers occurred
- **Logic**: Use forward-fill logic to propagate the last known balance forward to subsequent time periods when no balance changes occurred. This ensures continuous daily balance records even when there were no token movements affecting the treasury addresses.
- **Key fields**: Forward-filled `balance` values for complete time series

### Component D: USD conversion
- **Purpose**: Convert all token balances to USD values for aggregation
- **Logic**: Join the filled balance data with end-of-day token 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 null values. Only include records with positive balances and daily price granularity.
- **Key fields**: `amount` calculated as balance multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all USD-converted token amounts across all treasury addresses and all tokens to get the total treasury net value
- **Currency conversion**: Uses end-of-day price feeds for USD conversion, with safe multiplication to handle missing price data
- **Time aggregation**: Maintains daily granularity with forward-filling for continuous time series
- **Final calculation**: The final `treasury_net` value represents the sum of all USD-converted token balances held across DODO's treasury addresses, excluding DODO's own token, providing a comprehensive view of the protocol's external asset reserves

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

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

DODODODO

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown