Hop allows users to send tokens from one rollup to another almost immediately without having to wait for the rollup’s challenge period. Liquidity providers deposit funds into Hop AMM pools and receive trading fees from traders (supply-side fees).

Hop is a scalable rollup-to-rollup general token bridge. Hop was co-founded by Christopher Whinfrey and launched in 2021.

HOP tokenholders own and govern the protocol. They currently take a cut of the total transfer fees paid by users (revenue). Hop’s investors include 1confirmation, Infinite Capital, etc.

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Hop Protocol

# Hop Protocol Treasury Methodology

## 1. Overview

The Hop protocol treasury metric measures the total USD value of all tokens held in the protocol's treasury addresses. This metric tracks the financial reserves of the Hop protocol by monitoring token balances across two specific treasury addresses on Ethereum: `0xeea8422a08258e73c139fc32a25e10410c14bd7a` and `0x60224984338dede521c56dee7a`. The calculation aggregates the USD value of all ERC20 tokens and native ETH held in these addresses on a daily basis.

## 2. Data sources

The treasury metric calculation uses several key data sources:

- **Blockchain events**: Parsed Ethereum `Transfer` events for ERC20 tokens, capturing all token movements into and out of the treasury addresses
- **Transaction data**: Ethereum transaction traces for native ETH transfers involving the treasury addresses
- **External data**: End-of-day token price feeds providing USD conversion rates for all tokens held in the treasury
- **Token metadata**: Token information including decimal places and symbols for accurate balance calculations

## 3. Step-by-step calculation

### Component A: Balance changes tracking
- **Purpose**: Captures daily balance changes for all tokens in the treasury addresses
- **Logic**: Processes all `Transfer` events where either treasury address appears as sender or recipient. For each transfer, calculates the net balance change (positive when receiving tokens, negative when sending). Groups these changes by day, token address, and account address to create daily balance change records.
- **Key fields**: `timestamp`, `account_address`, `token_address`, `balance` (net daily change)

### Component B: Cumulative balance calculation  
- **Purpose**: Converts daily balance changes into absolute token balances
- **Logic**: Applies a running sum calculation using window functions, partitioned by token and account address and ordered by timestamp. This transforms the daily balance changes into cumulative token balances over time, showing the actual quantity of each token held on each day.
- **Key fields**: `balance` (cumulative balance), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Forward filling for continuity
- **Purpose**: Ensures continuous daily balance data even when no transactions occur
- **Logic**: Uses the fill_forward macro to propagate the last known balance forward for days with no transactions. This creates a complete daily time series where balances remain constant until the next transaction occurs.
- **Key fields**: All dimension fields plus forward-filled `balance` values

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using daily price feeds
- **Logic**: Joins the token balance data with end-of-day price feeds on timestamp, chain, and token address. Multiplies each token balance by its corresponding USD price to get the dollar value. Only includes balances greater than zero and uses daily price granularity.
- **Key fields**: `amount` (USD value), calculated as `balance` × `price_usd`

### Final aggregation
- **Combining components**: Sums the USD values of all tokens held across both treasury addresses to get the total treasury value per day
- **Currency conversion**: Uses end-of-day USD prices with safe multiplication to handle potential null values or calculation errors
- **Time aggregation**: Calculates daily treasury values with proper timestamp grain handling
- **Final calculation**: The final treasury metric represents the sum of all token USD values held in the specified treasury addresses on each day, providing a comprehensive view of the protocol's financial reserves

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

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

Hop ProtocolHOP

Treasury

Treasury

Competitive landscape

Chain breakdown