Buyers register new domains and renew existing ones for which they pay a fee (revenue).

Ethereum Name Service (ENS) is an extensible naming system built on Ethereum with similar goals to the Domain Name System (DNS). ENS was founded by Nick Johnson and launched in 2017.

ENS token holders own and govern the protocol. They currently take the full share of all registration and renewal fees.

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Ethereum Name Service

# Ethereum Name Service Treasury Methodology

## 1. Overview

The ENS treasury metric measures the total USD value of all tokens held across ENS's four main treasury addresses on Ethereum. This metric tracks the organization's financial assets by monitoring token balances in real-time and converting them to USD using end-of-day price feeds. The calculation provides daily snapshots of ENS's treasury value, helping stakeholders understand the organization's financial health and asset allocation.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `Transfer` events from ERC20 token contracts to track token movements in and out of treasury addresses
- **Transaction data**: Ethereum transaction logs containing token transfer information and balance changes
- **Token metadata**: Token symbol information and contract address mappings for proper token identification
- **Price feeds**: End-of-day token price feeds providing USD conversion rates for all held tokens
- **Treasury addresses**: Four hardcoded ENS treasury addresses that are monitored for token holdings

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Track real-time token balance changes across all ENS treasury addresses
- **Logic**: The system monitors four specific ENS treasury addresses on Ethereum: `0x283af0b28c62c092c9727f1ee09c02ca627eb7f5`, `0xcf60916b6cb4753f58533808fa610fcbd4098ec0`, `0xd7a029db2585553978190db5e85ec724aa4df23f`, and `0xfe89cc7abb2c4183683ab71653c4cdc9b02d44b7`. For each address, the system processes parsed `Transfer` events from ERC20 tokens to calculate balance changes over time. This includes tracking inbound transfers (increases) and outbound transfers (decreases) for every token held by these addresses.
- **Key fields**: `timestamp` for when changes occurred, `account_address` identifying the treasury wallet, `token_address` for the specific token, `balance` representing the net change in token holdings, and `token_symbol` for token identification

### Component B: Cumulative balance calculation
- **Purpose**: Convert incremental balance changes into running cumulative balances over time
- **Logic**: The system takes the balance change data and applies a running sum calculation partitioned by time grain, chain, account address, and token address. This transforms point-in-time balance changes into cumulative holdings, providing a complete picture of token balances at any given moment. The calculation uses window functions to sum balance changes chronologically.
- **Key fields**: `balance` field transformed from incremental changes to cumulative amounts using running sum over time partitions

### Component C: Time series completion
- **Purpose**: Ensure continuous daily time series data with no gaps
- **Logic**: The forward-fill process identifies any missing dates in the time series and fills them with the last known balance value for each token-address combination. This creates a complete daily timeline showing token holdings even on days when no transactions occurred. The process maintains data continuity essential for accurate treasury valuation over time.
- **Key fields**: `timestamp` extended to cover all dates, `balance` values carried forward to fill gaps in the time series

### Component D: USD conversion
- **Purpose**: Convert all token balances to USD values using daily price data
- **Logic**: Each token balance is joined with corresponding daily price data based on timestamp, chain, and token address. The system multiplies token quantities by their respective USD prices to calculate the USD value of holdings. Only tokens with available price data and positive balances are included in the calculation. The conversion uses end-of-day prices to ensure consistent daily valuations.
- **Key fields**: `amount` calculated as token balance multiplied by `price_usd` from daily price feeds, filtering out zero balances and requiring valid price data

### Final aggregation
- **Combining components**: All USD-converted token values are summed across all treasury addresses and all tokens to produce a single total treasury value for each day
- **Currency conversion**: USD conversion occurs at the individual token level using end-of-day price feeds before aggregation
- **Time aggregation**: Daily boundary logic maintains consistent daily snapshots with forward-filling to handle missing dates
- **Final calculation**: The final treasury value represents the sum of all token holdings across all four ENS treasury addresses, converted to USD and aggregated by day, with zero-filling applied for missing data points

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

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

Ethereum Name ServiceENS

Treasury

Treasury

Competitive landscape

Chain breakdown