Liquidity providers deposit funds into Dopex and receive premiums from options traders (supply-side fees).

Dopex is a non-custodial exchange for options contracts built on Arbitrum. Dopex was founded by the pseudonymous TzTok-Chad, and was launched in 2021.

DPX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Dopex’s investors include Tetranode, DefiGod, Orca Traders, Pattern Research, etc.

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Dopex

# Dopex Treasury Methodology

## 1. Overview

The Dopex treasury metric measures the total USD value of all tokens held across Dopex's treasury addresses on Arbitrum. This metric tracks the protocol's financial reserves by monitoring token balances in seven specific treasury addresses and converting them to USD using end-of-day price feeds. The calculation provides daily snapshots of treasury value, forward-filling data to ensure continuity even during periods of no treasury activity.

## 2. Data sources

- **Arbitrum token transfer events**: Parsed `Transfer` events from Arbitrum blockchain to track token movements into and out of treasury addresses
- **Arbitrum transaction traces**: Transaction execution traces that provide additional context for balance changes
- **End-of-day token price feeds**: Daily USD prices for all tokens held in the treasury addresses
- **Token metadata**: Token contract information including decimal precision and symbol data for proper balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Tracks token balance changes for all Dopex treasury addresses
- **Logic**: Monitors seven specific treasury addresses on Arbitrum (`0x04e38cdc3559fe6d91291cf4084d16340e4b585f`, `0x7d6fadb02e70bfb6325cfd6ec5605e552115aa76`, `0xb8689b7910954bf73431f63482d7dd155537ea7e`, `0x2fa6f21ecfe274f594f470c376f5bdd061e08a37`, `0x738ee36d7b860cefff526553e28a2b8928de4483`, `0x0a95222b5ed8690a0279993e63903687536ccecd`, `0x880c3cdca73254d466f9c716248339de88e4a97d`) using parsed token transfer events to calculate daily balance changes for each token held by each address
- **Key fields**: `timestamp`, `account_address`, `token_address`, `balance` (the net change in token balance for that day)

### Component B: Cumulative balance calculation  
- **Purpose**: Converts daily balance changes into running cumulative balances
- **Logic**: Applies cumulative sum over time-ordered data partitioned by treasury address and token to maintain accurate running balances, ensuring each data point represents the total token holdings at that point in time
- **Key fields**: `balance` (transformed from daily changes to cumulative totals)

### Component C: Data continuity via forward-filling
- **Purpose**: Ensures continuous daily data even when no treasury transactions occur
- **Logic**: Forward-fills the most recent balance values to create daily records for all treasury address and token combinations, maintaining data completeness across time gaps when addresses have no transaction activity
- **Key fields**: Forward-filled `balance` values extending the most recent known balance

### Component D: USD conversion
- **Purpose**: Converts all token balances to USD values for aggregation
- **Logic**: Joins forward-filled balance data with end-of-day token price feeds, matching on timestamp, chain, and token address. Multiplies token quantities by USD prices, filtering out zero or negative balances to exclude inactive tokens
- **Key fields**: `amount` (calculated as balance multiplied by `price_usd`)

### Final aggregation
- **Combining components**: All USD values are summed across all treasury addresses and tokens to produce a single daily treasury value
- **Currency conversion**: Uses end-of-day USD prices for all tokens with proper decimal handling
- **Time aggregation**: Data is aggregated to daily boundaries with forward-filling to ensure complete daily coverage
- **Final calculation**: The treasury metric equals the sum of all token balances (in USD) across all seven Dopex treasury addresses, with zero-filling applied for any missing data points to maintain consistent daily reporting

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

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

DopexDPX

Treasury

Treasury

Competitive landscape

Chain breakdown