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 (net) Methodology

## 1. Overview

The ENS treasury net metric measures the total USD value of tokens held across ENS (Ethereum Name Service) treasury addresses, excluding ENS tokens themselves. This metric provides insight into the organization's treasury holdings and their value over time. The calculation aggregates token balances from multiple treasury addresses, converts them to USD using end-of-day price feeds, and tracks the total treasury value on a daily basis.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from ERC20 token contracts on Ethereum, used to track inflows and outflows for treasury addresses
- **End-of-day token price feeds**: Daily USD price data for tokens held in treasury addresses, providing conversion rates for balance valuation  
- **Token metadata**: Token symbol and decimal information required for proper balance calculations and display

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for all ENS treasury addresses over time
- **Logic**: The calculation processes Ethereum `Transfer` events to identify when tokens flow into or out of four specific ENS treasury addresses: `0x283af0b28c62c092c9727f1ee09c02ca627eb7f5`, `0xcf60916b6cb4753f58533808fa610fcbd4098ec0`, `0xd7a029db2585553978190db5e85ec724aa4df23f`, and `0xfe89cc7abb2c4183683ab71653c4cdc9b02d44b7`. For each transfer event, the system calculates the net balance change for each token at each address. The ENS token itself (`0xc18360217d8f7ab5e7c516566761ea12ce7f9d72`) is explicitly excluded from treasury calculations
- **Key fields**: `account_address` for treasury identification, `token_address` for token classification, `balance` for the net change amount, and `timestamp` for temporal tracking

### Component B: Cumulative balance calculation  
- **Purpose**: Convert balance changes into running total balances for each token at each treasury address
- **Logic**: Balance changes are aggregated using cumulative sum calculations, partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`, and ordered by `timestamp`. This creates a running total of each token balance at each treasury address over time
- **Key fields**: `balance` as the cumulative running total, with partitioning maintaining separate calculations for each token-address combination

### Component C: Data forward-filling
- **Purpose**: Ensure continuous daily data points by filling gaps where no balance changes occurred
- **Logic**: The forward-fill process extends the most recent balance value forward to subsequent days when no transactions occurred, ensuring complete daily coverage. This maintains accurate balance representations even during periods of treasury inactivity
- **Key fields**: `balance` values are forward-filled while maintaining dimensional partitioning by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using market prices
- **Logic**: Token balances are joined with end-of-day price feeds on matching `timestamp`, `chain_id`, and `token_address`. The conversion uses `safe_multiply` to calculate USD values while filtering for positive balances and daily price granularity. Only tokens with available price data are included in the final calculation
- **Key fields**: `amount` as the USD-denominated value, calculated from `balance` multiplied by `price_usd`

### Final aggregation  
- **Combining components**: All USD values across different tokens and treasury addresses are summed together for each timestamp to create a single treasury net value
- **Currency conversion**: USD values are calculated using end-of-day price feeds, with `safe_multiply` ensuring proper handling of null or invalid price data
- **Time aggregation**: Data is aggregated at daily boundaries using the `timestamp_grain` field set to 'day'
- **Final calculation**: The final `treasury_net` value represents the total USD value of all tokens held across all ENS treasury addresses, excluding ENS tokens themselves, providing a comprehensive view of the organization's treasury holdings

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

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

Ethereum Name ServiceENS

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown