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 (net) Methodology

## 1. Overview

The Dopex treasury net metric measures the total USD value of token holdings across Dopex's treasury addresses on the Arbitrum blockchain. This metric provides insight into the protocol's financial reserves by tracking the cumulative value of all tokens held in designated treasury wallets. The calculation aggregates token balances across multiple treasury addresses, converts them to USD values using end-of-day price feeds, and provides daily snapshots of the total treasury value.

## 2. Data sources

- **Arbitrum blockchain transaction data**: Raw transaction logs and traces from the Arbitrum blockchain that contain token transfer information
- **Parsed ERC20 Transfer events**: Processed `Transfer` events from ERC20 token contracts on Arbitrum that show token movements
- **End-of-day token price feeds**: Daily closing price data for tokens, providing USD conversion rates
- **Token metadata**: Contract information including token symbols, decimal places, and contract addresses for proper balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Identifies and tracks token balance changes for Dopex treasury addresses
- **Logic**: The system monitors seven specific treasury addresses on Arbitrum: `0x04e38cdc3559fe6d91291cf4084d16340e4b585f`, `0x7d6fadb02e70bfb6325cfd6ec5605e552115aa76`, `0xb8689b7910954bf73431f63482d7dd155537ea7e`, `0x2fa6f21ecfe274f594f470c376f5bdd061e08a37`, `0x738ee36d7b860cefff526553e28a2b8928de4483`, `0x0a95222b5ed8690a0279993e63903687536ccecd`, and `0x880c3cdca73254d466f9c716248339de88e4a97d`. The system processes Arbitrum transaction data to identify all token transfers involving these addresses, calculating net balance changes by analyzing inbound and outbound transfers. One specific token address (`0x6c2c06790b3e3e3c38e12ee22f8183b37a13ee55`) is explicitly excluded from the calculation
- **Key fields**: The component tracks `timestamp` for when balance changes occurred, `account_address` for the treasury wallet, `token_address` for the specific token, and `balance` representing the net change in token holdings

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running totals to show current token holdings
- **Logic**: For each combination of treasury address and token, the system calculates cumulative balances over time using window functions. This transforms individual balance change events into running totals that represent the actual token holdings at any point in time. The calculation partitions data by timestamp grain, chain, account address, and token address, then orders by timestamp to create proper cumulative sums
- **Key fields**: Uses the same core fields as Component A but transforms the `balance` field from individual changes to cumulative totals representing actual holdings

### Component C: Data continuity and filling
- **Purpose**: Ensures complete daily data coverage by filling forward missing balance values
- **Logic**: The system uses a fill-forward approach to handle missing data points in the time series. When no balance changes occur for a specific token and address combination on a given day, the system carries forward the last known balance value. This ensures that treasury holdings are properly represented even on days with no token movements, providing a complete daily view of treasury positions
- **Key fields**: Maintains all fields from previous components while ensuring continuous `timestamp` coverage and filled `balance` values

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation and reporting
- **Logic**: The system joins token balance data with end-of-day price feeds to convert each token holding to its USD equivalent. For each token balance on each day, the system multiplies the token amount by the corresponding daily closing price. Only positive balances are included in the conversion process, and the system requires exact matches between timestamp, chain, and token address to ensure accurate price application
- **Key fields**: Combines balance data with price information to create `amount` fields representing USD values of token holdings

### Final aggregation
- **Combining components**: All USD-converted token balances are summed across all treasury addresses and all tokens to create a single daily treasury net value. This aggregation treats each token position as additive, providing the total USD value of all treasury holdings
- **Currency conversion**: USD conversion uses end-of-day closing prices applied to token balances, ensuring consistent daily valuation methodology
- **Time aggregation**: The metric provides daily granularity, with each day's value representing the treasury net worth at the end of that day
- **Final calculation**: The final treasury net value equals the sum of all positive token balances multiplied by their respective end-of-day USD prices across all seven designated treasury addresses, excluding the specified token address, with zero-filling applied for missing data points to ensure complete time series coverage

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

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

DopexDPX

Treasury (net)

Treasury (net)

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