Lenders deposit funds into Gearbox and receive interest payments from borrowers.

Gearbox is a non-custodial lending protocol built on Ethereum. Gearbox was founded by Mikhail Lazarev and launched in 2021.

GEAR tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

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Gearbox

# Gearbox Treasury Methodology

## 1. Overview

The Gearbox treasury metric measures the total USD value of tokens held in Gearbox protocol's treasury address. This metric provides insight into the protocol's financial reserves by tracking all token balances in the designated treasury wallet and converting them to USD values. The calculation aggregates token holdings across different assets to provide a comprehensive view of treasury value over time.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events to track token movements in and out of treasury addresses
- **Transaction data**: Ethereum transaction logs containing token transfer information
- **External data**: End-of-day token price feeds for USD conversion and token metadata for symbol and decimal information
- **Treasury addresses**: Specifically monitors address `0x7b065fcb0760df0cea8cfd144e08554f3cea73d1` on Ethereum

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Tracks all token balance changes for the Gearbox treasury address
- **Logic**: Processes parsed `Transfer` events from Ethereum blockchain to identify when tokens move into or out of the treasury address `0x7b065fcb0760df0cea8cfd144e08554f3cea73d1`. The system calculates net balance changes by analyzing transfer events where the treasury address appears as either sender or recipient. Incoming transfers increase balance while outgoing transfers decrease balance.
- **Key fields**: `timestamp` for when the transfer occurred, `account_address` for the treasury wallet, `token_address` for the specific token, `balance` for the net change amount

### Component B: Cumulative balance calculation  
- **Purpose**: Converts balance changes into running cumulative balances for each token
- **Logic**: Uses window functions to sum balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a running total of how many tokens the treasury holds at each point in time for each different token type.
- **Key fields**: `balance` becomes the cumulative total holding of each token type rather than just the change amount

### Component C: Data continuity
- **Purpose**: Ensures continuous time series data without gaps
- **Logic**: Applies forward-filling to propagate the last known balance value to subsequent time periods where no balance changes occurred. This ensures every day has a balance value for each token, even if no transfers happened on that specific day.
- **Key fields**: Maintains the same balance value from the most recent actual data point

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using market prices
- **Logic**: Joins cumulative token balances with end-of-day price feeds, matching on timestamp, chain, and token address. Multiplies each token balance by its corresponding USD price to get the USD value of holdings. Only includes positive balances and filters for daily price granularity.
- **Key fields**: `amount` represents the USD value of each token holding (balance multiplied by price)

### Final aggregation
- **Combining components**: Sums USD values across all different tokens held by the treasury address to get total treasury value
- **Currency conversion**: Uses end-of-day price feeds matched by timestamp, chain, and token address
- **Time aggregation**: Maintains daily granularity with forward-filling for data continuity  
- **Final calculation**: The treasury metric represents the total USD value of all tokens held by the Gearbox treasury address, calculated as the sum of individual token holdings multiplied by their respective USD prices

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

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

GearboxGEAR

Treasury

Treasury

Competitive landscape

Chain breakdown