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

Goldfinch is a non-custodial lending protocol built on Ethereum. Goldfinch was founded by Blake West and Michael Sall and launched in 2020.

GFI token holders own and govern the protocol. They currently take a cut of the interest and a withdrawal fee (revenue). Goldfinch’s investors include a16z, Coinbase ventures, Kindred ventures etc.

governance

github

twitter

discord

etherscan

website

Lending

Goldfinch

# Goldfinch Treasury (net) Methodology

## 1. Overview

The treasury net metric measures the total USD value of tokens held in Goldfinch protocol's treasury address. This metric represents the protocol's liquid treasury holdings excluding their own native token, providing insight into the diversified assets available for protocol operations and development funding.

## 2. Data sources

- **Blockchain events**: Parsed ERC20 `Transfer` events from Ethereum blockchain to track token movements into and out of treasury addresses
- **Transaction data**: Ethereum transaction logs containing token transfer information
- **External data**: End-of-day token price feeds providing USD conversion rates for all tracked tokens
- **Token metadata**: Token contract information including symbols and decimal precision for accurate balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for Goldfinch's treasury address over time
- **Logic**: Extract all `Transfer` events affecting the treasury address `0xbeb28978b2c755155f20fd3d09cb37e300a6981f` on Ethereum. Calculate net balance changes by processing inbound transfers as positive amounts and outbound transfers as negative amounts. Exclude the token `0xdab396ccf3d84cf2d07c4454e10c8a6f5b008d2b` from tracking, which appears to be Goldfinch's own protocol token
- **Key fields**: `account_address` for treasury identification, `token_address` for asset classification, `balance` for net change amounts, `timestamp` for chronological ordering

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into running cumulative balances for each token
- **Logic**: Apply window function to sum balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a running total showing the current balance of each token in the treasury at any point in time
- **Key fields**: Cumulative `balance` field representing total token holdings, partitioning dimensions for accurate running totals

### Component C: Data continuity management
- **Purpose**: Ensure continuous daily data by filling forward missing timestamps
- **Logic**: Apply forward-fill logic to carry the last known balance forward for any missing days. This ensures the treasury balance is represented for every day, even when no token transfers occurred
- **Key fields**: Forward-filled `balance` values maintaining data continuity across time series

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using daily price feeds
- **Logic**: Join token balances with end-of-day price feeds, matching on timestamp, chain, and token address. Multiply the token balance by the USD price to get the dollar value. Filter out any tokens with zero or negative balances to focus on actual holdings
- **Key fields**: `amount` field containing USD value calculated as balance multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all individual token USD values to get total treasury value across all held assets
- **Currency conversion**: Uses end-of-day price feeds for consistent daily USD conversion timing
- **Time aggregation**: Daily boundary logic based on timestamp grain, with forward-filling for missing data points
- **Final calculation**: The treasury net value represents the sum of all positive token balances held in the treasury address, converted to USD using daily price feeds, excluding the protocol's own token to focus on external asset holdings

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

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

GoldfinchGFI

Archived

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown