Lenders deposit funds into Euler and receive interest payments from borrowers (supply-side fees).

Euler is a non-custodial lending protocol built on Ethereum. Euler was founded by Michael Bentley, Doug Hoyte & Jack Prior and launched in 2021.

EUL tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue). Euler’s investors include Paradigm, Lemniscap, Launchhub Ventures, etc.

governance

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Lending

Euler

# euler Treasury Net Methodology

## 1. Overview

Treasury Net is defined as the total market value of all assets held within the Euler treasury. This metric is used to assess the protocol's financial reserves and capital available for operations, grants, or protocol development. Assets are identified across specific treasury addresses on Ethereum, and the valuation excludes the protocol's native governance asset to provide a more accurate representation of external capital reserves.

## 2. Data sources

- **Blockchain events**: ERC-20 token transfers and native asset transfers on Ethereum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Treasury flow identification

- **Purpose**: Identify and extract all inbound and outbound asset movements for the Euler treasury.
- **Logic**: ERC-20 token transfers and native asset transfers are filtered for specific treasury addresses on Ethereum, including `0xcad001c30e96765ac90307669d578219d4fb1dce` and `0xc7c5afdb61e08be3e2fb09098412b5706eb5c550`. During this process, the protocol's native governance asset (`0xd9fcd98c322942075a5c3860693e9f4f03aae07b`) is explicitly excluded from the dataset to ensure the metric reflects non-native reserves.
- **Key fields**: `account_address`, `token_address`, `value`, `block_timestamp`

### Component B: Cumulative balance calculation and gap filling

- **Purpose**: Determine the daily balance of each asset held in the treasury.
- **Logic**: Daily net flows are aggregated by summing all transfers for each asset and address. These daily flows are then summed chronologically to calculate a running cumulative balance. To ensure a continuous time series, a fill-forward mechanism is applied where the last known balance for an asset is carried forward to subsequent days that have no transfer activity.
- **Key fields**: `timestamp`, `token_address`, `balance`

### Component C: USD conversion and aggregation

- **Purpose**: Normalize asset balances to a common currency for total valuation.
- **Logic**: Asset balances are normalized by decimal precision and multiplied by end-of-day price feeds. Only balances greater than zero are included in the final calculation. The resulting USD values are aggregated by day and chain to produce the final Treasury Net metric.
- **Key fields**: `timestamp`, `amount`, `price_usd`

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

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

EulerEUL

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown