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).

governance

github

twitter

discord

etherscan

website

Lending

Gearbox

# Gearbox Treasury (net) Methodology

## 1. Overview

The Gearbox treasury net metric measures the total USD value of all tokens held in the protocol's treasury address. This metric provides insight into the protocol's financial reserves and asset management by tracking the daily market value of all ERC20 tokens held in the designated treasury wallet. The calculation aggregates token balances across all holdings, converts them to USD using end-of-day price feeds, and presents a time series of the treasury's net worth.

## 2. Data sources

- **Ethereum event logs**: Parsed ERC20 `Transfer` events to track token movements into and out of the treasury address
- **Transaction traces**: Ethereum transaction data that provides context for balance changes and ensures comprehensive tracking
- **Token metadata**: Information about token symbols, decimal places, and contract addresses for proper calculation formatting
- **End-of-day price feeds**: Daily closing prices for all tokens held in the treasury to enable USD conversion

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Identifies and tracks all token balance changes for the Gearbox treasury address
- **Logic**: Processes Ethereum blockchain data to extract balance changes for the specific treasury address `0x7b065fcb0760df0cea8cfd144e08554f3cea73d1`. The system tracks all ERC20 token movements by analyzing `Transfer` events and transaction traces. One specific token (`0xba3335588d9403515223f109edc4eb7269a9ab5d`) is explicitly excluded from the treasury calculation. The tracking captures the timestamp, chain identifier, account address, token address, token symbol, and net balance change for each transaction affecting the treasury
- **Key fields**: `timestamp` for when the balance change occurred, `chain_id` identifying Ethereum, `account_address` for the treasury wallet, `token_address` for each token held, `token_symbol` for identification, and `balance` representing the net change in token holdings

### Component B: Cumulative balance calculation  
- **Purpose**: Converts individual balance changes into running total balances for each token over time
- **Logic**: Takes the balance changes from Component A and calculates cumulative balances using time-ordered window functions. The calculation partitions data by timestamp grain (daily), chain identifier, account address, and token address, then applies a running sum ordered by timestamp to determine the total balance of each token at each point in time. This ensures accurate tracking of token holdings as they change over time
- **Key fields**: `balance` field is transformed from individual changes to cumulative totals representing the actual token balance held at each timestamp

### Component C: Data continuity and forward-filling
- **Purpose**: Ensures complete time series data by filling gaps where no transactions occurred
- **Logic**: Applies forward-filling logic to propagate the last known balance forward through periods where no balance changes occurred. This creates a continuous daily time series showing the treasury's token holdings even on days when no transactions affected specific tokens. The forward-filling is applied across all dimension combinations of timestamp grain, chain identifier, account address, and token address
- **Key fields**: `balance` values are forward-filled to maintain continuity, ensuring every day has a balance record for each token previously held

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using market prices
- **Logic**: Joins the token balance data with end-of-day price feeds to convert each token balance into USD equivalent. The conversion uses the `safe_multiply` function to multiply the token balance by the corresponding USD price for each token on each day. Only positive balances are included in the calculation, and the price data is filtered to use daily granularity price feeds. The join matches on timestamp, chain identifier, and token address to ensure accurate price application
- **Key fields**: `amount` field created by multiplying `balance` by `price_usd` from the price feeds, representing the USD value of each token holding

### Final aggregation
- **Combining components**: The USD values for all individual token holdings are maintained separately rather than immediately summed, allowing for detailed tracking of each token's contribution to the total treasury value
- **Currency conversion**: All token balances are converted to USD using end-of-day closing prices matched by timestamp, chain, and token address
- **Time aggregation**: Data is aggregated on a daily basis, with forward-filling ensuring continuous time series representation
- **Final calculation**: The final treasury net metric represents the total USD value of all tokens held in the treasury address at each timestamp, with standardized formatting applied through the finalize metric macro and a zero-fill strategy for periods with no holdings

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

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

GearboxGEAR

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown