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 (net) Methodology

## 1. Overview

Treasury net measures the total USD value of all tokens held across Immutable protocol's treasury addresses on Ethereum. This metric tracks the protocol's liquid assets by monitoring token balances in designated treasury wallets and converting them to USD values using end-of-day price feeds. The calculation provides a daily snapshot of the protocol's treasury holdings, excluding specific tokens and focusing only on positive balances.

## 2. Data sources

- **Ethereum Transfer events**: Parsed ERC-20 `Transfer` events from Ethereum blockchain to track token movements into and out of treasury addresses
- **End-of-day price feeds**: Daily token price data in USD for converting token balances to dollar values
- **Token metadata**: Token symbols, decimal places, and contract addresses for proper balance calculations and currency conversion

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Calculate net token balances for each treasury address by tracking all token transfers
- **Logic**: Process Ethereum `Transfer` events for four specific treasury addresses (`0x971f723194796dbf04dcfe361ed584cae9bf94a0`, `0x237343c10705ae7605850977503e25a8c12851e6`, `0x9ccc2cfc1da5c2623b9ad74dcf01765eae273539`, `0x14650700fec5697c014e8332169f93734a6c5741`). The calculation tracks incoming transfers (where treasury address is recipient) as positive balance changes and outgoing transfers (where treasury address is sender) as negative balance changes. One specific token (`0xf57e7e7c23978c3caec3c3548e3d615c346e79ff`) is excluded from the calculation
- **Key fields**: `timestamp`, `account_address`, `token_address`, `balance` (net change amount)

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into running total balances for each address-token combination
- **Logic**: Use window functions to calculate cumulative sums of balance changes ordered by timestamp, partitioned by timestamp grain, chain, account address, and token address. This creates a running total of tokens held by each treasury address over time
- **Key fields**: `balance` (cumulative balance), partitioned by `account_address` and `token_address`

### Component C: Forward-filling time series
- **Purpose**: Create continuous daily time series by filling gaps where no transactions occurred
- **Logic**: Apply forward-filling logic to carry the last known balance forward for days when no transactions occurred for specific address-token combinations. This ensures every day has a balance value for active token holdings
- **Key fields**: `timestamp`, `balance` (forward-filled), with dimensions preserved for each address-token combination

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using daily price feeds
- **Logic**: Join the forward-filled token balances with end-of-day price feeds, matching on timestamp, chain, and token address. Multiply token balance by USD price to get dollar value. Only include positive balances and records where price data is available
- **Key fields**: `amount` (USD value calculated as balance × price), filtered for positive balances only

### Final aggregation
- **Combining components**: Sum all USD-valued token balances across all treasury addresses and tokens for each day
- **Currency conversion**: USD conversion occurs at the token level using end-of-day prices before final aggregation
- **Time aggregation**: Daily boundary logic with forward-filling to handle missing transaction days
- **Final calculation**: The treasury net value equals the sum of all positive USD-valued token balances across the four designated treasury addresses, with specific token exclusions applied and zero-filling for days with no treasury holdings

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

Total value of a project's treasury excluding its native token.

ImmutableIMX

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown