Immutable operates a full-stack infrastructure platform for web3 gaming that includes blockchains, namely Immutable zkEVM and Immutable X, and other products, such as Passport and Orderbook. Creators & users sell NFTs on Immutable. They receive royalties from secondary sales (supply-side fees).

Immutable is a platform for building web3 games. Immutable was founded by James Ferguson, Robbie Ferguson, Alex Connolly, and launched in 2018. This dashboard includes data from Immutable Orderbook, Immutable zkEVM, and Immutable X.

IMX holders own and govern the protocol. They currently take a cut of the total trading fees paid by NFT buyers on Immutable Orderbook and the total transaction fees paid by transaction senders on Immutable zkEVM (revenue). Immutable's investors include ParaFi Capital, GameStop Digital Ventures, Fabric Ventures, etc.

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# Immutable Treasury Methodology

## 1. Overview

The Immutable Treasury metric measures the total USD value of token holdings across Immutable's treasury addresses on Ethereum. This metric provides visibility into the protocol's treasury reserves by tracking token balances across multiple designated treasury addresses and converting them to USD values using daily price feeds. The calculation captures the complete portfolio of token holdings including native tokens and ERC-20 tokens held by Immutable's treasury operations.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from Ethereum blockchain to track token movements in and out of treasury addresses
- **Ethereum transaction data**: Transaction traces and logs that contain the transfer event details
- **End-of-day price feeds**: Daily token price data for USD conversion of token balances
- **Token metadata**: Token symbol and decimal information for proper balance calculations
- **Treasury addresses**: Four specific Ethereum addresses designated as Immutable treasury addresses: `0x971f723194796dbf04dcfe361ed584cae9bf94a0`, `0x237343c10705ae7605850977503e25a8c12851e6`, `0x9ccc2cfc1da5c2623b9ad74dcf01765eae273539`, and `0x14650700fec5697c014e8332169f93734a6c5741`

## 3. Step-by-step calculation

### Component A: Token balance changes calculation
- **Purpose**: Calculate daily token balance changes for each treasury address and token pair
- **Logic**: Parse Ethereum `Transfer` events to identify token movements affecting the four designated treasury addresses. For each address and token combination, calculate the net balance change on each day by tracking transfers in (when the treasury address is the recipient) as positive changes and transfers out (when the treasury address is the sender) as negative changes. The system processes both native ETH and ERC-20 token transfers, applying proper decimal adjustments based on token metadata.
- **Key fields**: `timestamp` for daily aggregation, `chain_id` set to ethereum, `account_address` for the treasury address, `token_address` for the specific token, `balance` representing the net daily change

### Component B: Cumulative balance calculation
- **Purpose**: Convert daily balance changes into running cumulative balances over time
- **Logic**: Apply cumulative sum calculations to transform daily balance changes into total token holdings. For each combination of treasury address and token, calculate a running sum of balance changes ordered by timestamp. This creates a time series showing the total token balance held by each address for each token on any given day.
- **Key fields**: `balance` field now represents cumulative token holdings rather than daily changes

### Component C: Forward-fill missing dates
- **Purpose**: Ensure continuous time series data by filling gaps where no transactions occurred
- **Logic**: Apply forward-filling logic to propagate the last known balance forward for dates where no token transfer activity occurred. This ensures that treasury balances are represented for every day in the time series, maintaining the last known balance until a new transaction changes it.
- **Key fields**: All existing fields maintained with forward-filled `balance` values for missing dates

### Component D: USD conversion
- **Purpose**: Convert token balances from native token amounts to USD values
- **Logic**: Join the token balance data with end-of-day price feeds based on matching timestamp, chain, and token address. Multiply each token balance by its corresponding USD price to calculate the USD value of holdings. Filter out zero or negative balances and only include records where price data is available.
- **Key fields**: `amount` field containing USD value calculated as token balance multiplied by USD price

### Final aggregation
- **Combining components**: Sum all USD amounts across all treasury addresses and all tokens to calculate total treasury value for each day
- **Currency conversion**: USD conversion occurs before final aggregation using end-of-day price feeds matched by exact timestamp and token
- **Time aggregation**: Daily grain maintained throughout the calculation with daily price feeds ensuring consistent valuation timing
- **Final calculation**: The treasury metric represents the sum of all token holdings in USD across the four designated treasury addresses, providing a comprehensive view of Immutable's on-chain treasury value. Missing data points are filled with zeros using the fill_zeros strategy to maintain continuous time series reporting.

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

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

ImmutableIMX

Treasury

Treasury

Competitive landscape

Chain breakdown