Hashflow uses a hybrid on-chain / off-chain RFQ (Request for Quote) engine to fetch off-chain quotes from market makers. No trading fees are charged as of now.

Hashflow is a non-custodial exchange protocol built on Ethereum and adjacent blockchains. Hashflow was founded by Varun Kumar, Victor Ionescu and Vinod Raghavan and launched in 2021.

HFT tokenholders own and govern the protocol. They don’t currently take a cut of the total trading fees paid by traders (revenue). Hashflow's investors include Jump Crypto, Dragonfly Capital, Electric Capital, Wintermute, etc.

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Hashflow

# Hashflow Treasury (net) Methodology

## 1. Overview

The Hashflow treasury net metric calculates the total USD value of all tokens held in Hashflow's treasury address on Ethereum. This metric provides insight into Hashflow's treasury holdings and financial position by tracking the cumulative value of all tokens (excluding certain specified tokens) held in the protocol's main treasury wallet over time.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from ERC-20 token contracts to track token movements into and out of the treasury address
- **Ethereum transaction traces**: Transaction execution data to identify balance changes and token flows
- **Token metadata**: Contract information including token addresses, symbols, and decimal places for accurate balance calculations
- **End-of-day token price feeds**: Daily USD price data for all tokens held in the treasury
- **Blockchain transaction logs**: Raw Ethereum event logs and transaction receipts for comprehensive token movement tracking

## 3. Step-by-step calculation

### Component A: Token balance change tracking
- **Purpose**: Identifies all token movements for Hashflow's treasury address and calculates net balance changes over time
- **Logic**: The system monitors the Ethereum treasury address `0xff830ce17d39bbd6a4fef9683308d793df8e34fc` for all incoming and outgoing token transfers. It processes parsed `Transfer` events where the treasury address appears as either sender or recipient. For each transfer, the system calculates the net balance change (positive for incoming transfers, negative for outgoing). The calculation excludes the token `0xb3999f658c0391d94a37f7ff328f3fec942bcadc` from treasury calculations. Balance changes are tracked at daily granularity with timestamps for each movement.
- **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, `balance` representing the net change in token quantity

### Component B: Cumulative balance calculation  
- **Purpose**: Transforms balance changes into running cumulative balances for each token over time
- **Logic**: Using the balance changes from Component A, the system calculates cumulative balances using window functions. For each combination of day, chain, treasury address, and token address, it sums all balance changes from the beginning of time up to each timestamp. This creates a running total showing the treasury's token holdings at any point in time. The calculation is partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address` to maintain separate balance histories for each token.
- **Key fields**: Cumulative `balance` showing total tokens held, maintaining the same dimensional fields for proper partitioning

### Component C: Forward-filling missing values
- **Purpose**: Ensures continuous daily balance records by filling gaps when no transactions occur
- **Logic**: Since token balances should persist between transactions, the system applies forward-filling to carry the last known balance forward to days when no transactions occurred. This ensures that every day has a balance record for each token previously held in the treasury, even if no transfers happened that day. The fill-forward process maintains dimensional integrity across `timestamp_grain`, `chain_id`, `account_address`, and `token_address`.
- **Key fields**: Filled `balance` values maintaining continuity, with complete daily coverage for all held tokens

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using daily price feeds
- **Logic**: The system joins the filled balance data with end-of-day price feeds to convert token quantities to USD values. For each token held in the treasury, it multiplies the token balance by the corresponding daily USD price. The join matches on `timestamp`, `chain_id`, and `token_address` to ensure accurate price application. Only positive balances are included in the conversion, and the system uses `safe_multiply` to handle potential null values gracefully. Price data is filtered to daily granularity to match the balance timeline.
- **Key fields**: `amount` representing the USD value of each token holding, calculated as balance multiplied by daily price

### Final aggregation
- **Combining components**: All USD-converted token balances for the treasury address are summed together to calculate the total treasury net worth for each day
- **Currency conversion**: Uses end-of-day price feeds with daily granularity, applying prices at the close of each day to calculate USD values
- **Time aggregation**: Maintains daily granularity throughout the calculation, with forward-filling ensuring complete daily coverage
- **Final calculation**: The treasury net metric equals the sum of all USD-converted token balances held by the treasury address on each day, representing the total dollar value of Hashflow'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.

HashflowHFT

Treasury (net)

Treasury (net)

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