Houdini Swap routes users transactions privately through Monero between non-custodial exchanges. Due to the protocols focus on preserving privacy, Token Terminal is unable to calculate the total fees paid by the user, trading volume and active users.

Houdini Swap is a non-custodial DEX aggregator which enables private transactions. Houdini Swap was launched in 2022.

Houdini Swap team & POOF tokenholders govern the protocol. Houdini Swap currently earns a fee from the partner exchanges. In addition, Houdini Swap currently charge a trading tax on the POOF token. Houdini Swap's investors include DreamLabs & Theia Blockchain.

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Houdini Swap

# Houdini Swap Treasury Methodology

## 1. Overview

The HoudiniSwap treasury metric measures the total USD value of tokens held across all treasury addresses controlled by the protocol. This metric tracks the protocol's financial reserves by monitoring token balances in 11 specific Ethereum addresses and converting them to USD using end-of-day pricing data. The calculation provides a daily time series of treasury value, helping stakeholders understand the protocol's financial position and asset holdings over time.

## 2. Data sources

The treasury calculation relies on several key data sources:

- **Token transfer events**: Parsed Ethereum `Transfer` events and native ETH transfers that affect treasury addresses, capturing all inflows and outflows of tokens
- **Transaction logs**: Ethereum transaction records to identify all token interactions with treasury addresses
- **End-of-day price feeds**: Daily token price data in USD for converting token balances to dollar values
- **Token metadata**: Contract information including token symbols, decimal places, and contract addresses for proper balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance changes
- **Purpose**: Tracks daily net changes in token balances for each treasury address
- **Logic**: The system monitors 11 specific Ethereum addresses that represent HoudiniSwap treasury wallets: `0x72453ca299e210fec55e825509da19a2e0bb4f0e`, `0xc36d36dd4a45f8817a49d3751557fec9871f0e32`, and 9 other designated addresses. For each address and token combination, the system processes all `Transfer` events and native ETH transfers to calculate net balance changes per day. This includes both incoming transfers (increases) and outgoing transfers (decreases) to determine the daily net change for each token held by each treasury address.
- **Key fields**: Daily `balance` changes per `account_address` and `token_address`, with `timestamp_grain` set to daily intervals

### Component B: Cumulative balance calculation  
- **Purpose**: Converts daily balance changes into running total balances for each token
- **Logic**: Using window functions, the system calculates cumulative balances by summing balance changes over time, partitioned by treasury address and token. This creates a running total that represents the actual token balance held at each point in time. The calculation maintains separate cumulative totals for each token-address combination.
- **Key fields**: Cumulative `balance` values representing total token holdings, partitioned by `account_address` and `token_address`

### Component C: Data filling and continuity
- **Purpose**: Ensures consistent daily data points even when no transactions occur
- **Logic**: The forward-fill process carries forward the most recent balance for each token-address combination to fill gaps in the time series. This handles days when no token transfers occurred for specific treasury addresses, ensuring every day has a balance value for active tokens. Only positive balances are forward-filled to avoid carrying forward zero balances unnecessarily.
- **Key fields**: Forward-filled `balance` values maintaining data continuity across the full time series

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using daily price feeds  
- **Logic**: Each token balance is multiplied by the corresponding end-of-day USD price for that token and date. The system joins the balance data with price feeds, matching on `timestamp`, `chain_id`, and `token_address`. Only records with positive balances and available price data are included in the final calculation.
- **Key fields**: USD `amount` values calculated by multiplying token `balance` with daily `price_usd`

### Final aggregation
- **Combining components**: All USD-denominated token values are summed across all treasury addresses and tokens to create a single daily treasury value
- **Currency conversion**: Uses end-of-day token prices to ensure consistent daily valuation timing
- **Time aggregation**: Daily boundaries are maintained throughout the calculation, with each day representing the treasury value at the end of that day
- **Final calculation**: The total treasury value equals the sum of all individual token holdings (token balance × USD price) across all 11 designated treasury addresses, providing a comprehensive view of the protocol's total asset holdings

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

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

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