Liquidity providers deposit funds into IPOR Protocol and receive trading fees and asset management yield (supply-side fees).

IPOR Protocol is a non-custodial exchange for interest rate swaps built on Ethereum. IPOR Protocol was founded by Darren Camas & Dimitar Dinev, and was launched in August 2022.

IPOR tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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IPOR Protocol

# IPOR Protocol Treasury Methodology

## 1. Overview

The IPOR treasury metric measures the total USD value of all tokens held by IPOR's treasury address on Ethereum. This metric provides visibility into the protocol's treasury holdings by tracking token balances across time and converting them to USD values using end-of-day price feeds. The calculation aggregates all ERC20 token holdings for the specified treasury address and maintains historical continuity through forward-filling techniques.

## 2. Data sources

- **Ethereum blockchain events**: Parsed ERC20 `Transfer` events from Ethereum mainnet to track token movements into and out of the treasury address
- **Transaction data**: Ethereum transaction traces and logs to identify all token transfers affecting the treasury balance
- **Token metadata**: Token contract information including symbols, decimal places, and contract addresses for proper balance calculations
- **External data**: End-of-day token price feeds for USD conversion of token holdings
- **Address filtering**: Specific treasury address `0x558c8eb91f6fd83fc5c995572c3515e2daf7b7e0` on Ethereum

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Track all token balance changes for the IPOR treasury address over time
- **Logic**: Process parsed `Transfer` events from Ethereum to identify incoming and outgoing token movements for treasury address `0x558c8eb91f6fd83fc5c995572c3515e2daf7b7e0`. The calculation uses macros to handle token decimal normalization and properly account for both inbound transfers (where the treasury is the recipient) and outbound transfers (where the treasury is the sender). Balance changes are calculated as net effects per token per timestamp.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` (net change amount)

### Component B: Cumulative balance calculation  
- **Purpose**: Convert balance changes into running total balances for each token held by the treasury
- **Logic**: Apply cumulative sum calculations using window functions partitioned by time grain, chain, account address, and token address. This creates running totals that show the actual token balance at each point in time rather than just the change amounts. The calculation is ordered by timestamp to ensure proper chronological accumulation.
- **Key fields**: Cumulative `balance` calculated as sum of all prior balance changes for each token

### Component C: Forward-filling missing periods
- **Purpose**: Ensure continuous data availability by propagating balances forward during periods with no transactions
- **Logic**: Use forward-filling techniques to carry the last known balance forward for each token during periods where no transactions occurred. This ensures that treasury holdings are represented consistently across all time periods, even when tokens remain static in the treasury without any movement.
- **Key fields**: Forward-filled `balance` values maintaining last known balance for each token-timestamp combination

### Component D: USD conversion
- **Purpose**: Convert token balances from native units to USD values using market prices
- **Logic**: Join the forward-filled token balances with end-of-day price feeds based on matching timestamp, chain, and token address. Apply safe multiplication to convert token amounts to USD by multiplying the token balance by the corresponding price. Only include records where the balance is positive and daily price data is available.
- **Key fields**: `amount` calculated as `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all individual token USD values for the treasury address to get total treasury value per timestamp
- **Currency conversion**: USD values are calculated using end-of-day price feeds with safe multiplication to handle potential null values
- **Time aggregation**: Data is aggregated at daily granularity with proper timestamp boundaries
- **Final calculation**: The treasury metric represents the total USD value of all tokens held by the IPOR treasury address, calculated as the sum of (token balance × USD price) across all tokens held at each point in time. The final result applies chain availability filtering and uses a fill-zeros strategy for missing data points.

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

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

IPOR ProtocolIPOR

Treasury

Treasury

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