Liquidity providers deposit funds into HMX and receive trading fees from traders (supply-side fees).

HMX is a non-custodial exchange for perpetual contracts built on Arbitrum. HMX was founded by Shu Wei, Rockman, and Taoree and was launched in 2022.

HMX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). HMX's investors include Coral DeFi, Compound Capital Partners, Cryptomind, etc.

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# HMX Treasury Methodology

## 1. Overview

The HMX treasury metric measures the total USD value of all tokens held in HMX's treasury wallets on a daily basis. This metric provides insight into the protocol's financial reserves by tracking the aggregate value of all token holdings across their designated treasury addresses. The calculation involves identifying specific treasury addresses, tracking their token balances over time, and converting these holdings to USD values using end-of-day pricing data.

## 2. Data sources

- **Arbitrum blockchain events**: Parsed token transfer events including `Transfer` events from ERC20 contracts and native token movements that affect the treasury addresses
- **End-of-day price feeds**: Daily token price data for USD conversion of all held tokens
- **Token metadata**: Token symbol and decimal information for proper balance calculations and identification

## 3. Step-by-step calculation

### Component A: Treasury balance changes tracking
- **Purpose**: Identifies and tracks all token balance changes for HMX treasury addresses
- **Logic**: Monitors two specific Arbitrum addresses (`0x24d53494dc9e260a6b2ddb0b40c1ed222471779c` and `0xa3dc2f156a6fc94bfe7fd9fea2fa6c6cb8db6c3f`) for any token balance changes. Uses the `calculate_token_balance_changes` macro to process various types of blockchain events including token transfers, native token movements, and other balance-affecting transactions. Each balance change is recorded with timestamp, token address, and the net change amount.
- **Key fields**: `timestamp`, `account_address`, `token_address`, `balance` (change amount), `token_symbol`

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running cumulative balances for each token
- **Logic**: Applies running sum calculations using window functions partitioned by date grain, chain, account address, and token address. Orders by timestamp to ensure chronological accuracy. This transforms individual balance change events into total token holdings at each point in time.
- **Key fields**: `balance` (now cumulative total), `timestamp`, `account_address`, `token_address`

### Component C: Data continuity and forward-filling
- **Purpose**: Ensures complete daily data coverage by filling gaps in the time series
- **Logic**: Uses the `fill_forward` macro to populate missing dates with the last known balance for each token-address combination. This ensures that treasury values are reported for every day, even when no transactions occurred. Forward-filling maintains data continuity for accurate daily reporting.
- **Key fields**: All previous fields with gaps filled using forward-fill logic

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using daily price feeds
- **Logic**: Joins the filled balance data with end-of-day price feeds matching on timestamp, chain, and token address. Multiplies each token balance by its corresponding daily price to get USD value. Only includes positive balances and ensures price data has daily granularity. Filters out any tokens without valid pricing data.
- **Key fields**: `amount` (USD value), `timestamp`, `chain_id`, `account_address`, `token_address`

### Final aggregation
- **Combining components**: Sums all token USD values across both treasury addresses for each day to get total treasury value
- **Currency conversion**: Uses end-of-day token prices to convert from native token amounts to USD values
- **Time aggregation**: Data is aggregated to daily boundaries with forward-filling to ensure continuous coverage
- **Final calculation**: The final treasury value represents the total USD value of all tokens held across the two specified HMX treasury addresses on Arbitrum, calculated as the sum of (token balance × daily USD price) for all tokens held by the treasury addresses on each day

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

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

HMXHMX

Treasury

Treasury

Competitive landscape

Chain breakdown