KAP Games collects publishing and distribution fees from games on its platform and services, as well as a fee from in-app purchases and microtransactions inside of its games.

KAP Games is a web3 gaming distributor, publisher & studio, specializing in browser and mobile-native experiences. KAP Games was founded by the Kapital Foundation and launched in 2022.

KAP tokenholders own and govern the protocol. They currently take all of the total publishing and distribution fees (revenue). Kapital DAO's investors include Polygon Ventures, Wintermute Ventures, Yield Guild Games, etc.

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KAP Games

# KAP Games Treasury Methodology

## 1. Overview

The KapitalDAO treasury metric measures the total USD value of all tokens held in KapitalDAO's treasury wallet on Ethereum. This metric tracks the organization's treasury assets over time by monitoring token balances across all ERC20 tokens and native ETH held in the designated treasury address. The calculation aggregates individual token holdings, converts them to USD using end-of-day price feeds, and provides a daily time series of total treasury value.

## 2. Data sources

The calculation relies on several types of blockchain and external data:

- **Ethereum blockchain events**: Parsed ERC20 `Transfer` events from Ethereum to track token movements in and out of the treasury address
- **Ethereum transaction data**: Transaction traces and logs to capture native ETH balance changes and contract interactions
- **Token metadata**: Token symbol, decimal places, and contract address information for proper balance calculations
- **End-of-day price feeds**: Daily USD price data for all tokens held in the treasury to enable USD conversion
- **Chain availability data**: Ethereum network availability information to ensure accurate data coverage

## 3. Step-by-step calculation

### Component A: Token balance change detection

- **Purpose**: Identify when tokens move in or out of the KapitalDAO treasury address
- **Logic**: Monitor all ERC20 `Transfer` events on Ethereum where either the `from` or `to` address matches the KapitalDAO treasury address `0xbc450c9eced158c6bd1affa8d37153e278e63e68`. For each transfer, calculate the net balance change for the treasury address - positive for incoming transfers, negative for outgoing transfers. Also track native ETH balance changes through transaction traces and direct ETH transfers.
- **Key fields**: `timestamp` for when the transfer occurred, `token_address` to identify which token, `balance` change amount, and `account_address` for the treasury wallet

### Component B: Daily balance aggregation

- **Purpose**: Aggregate all balance changes within each day to get net daily changes per token
- **Logic**: Group all balance changes by day, token address, and account address. Sum all positive and negative balance changes to get the net change in token holdings for each day. This handles multiple transfers of the same token within a single day.
- **Key fields**: Daily aggregated `balance` changes, `token_address`, `timestamp_grain` set to day, and `chain_id` for Ethereum

### Component C: Cumulative balance calculation  

- **Purpose**: Calculate running total token balances over time
- **Logic**: Apply cumulative sum calculation using window functions, partitioned by token address and account address, ordered by timestamp. This creates a running total of each token balance from the beginning of data collection, accounting for all historical balance changes.
- **Key fields**: Cumulative `balance` for each token, maintaining `token_address`, `account_address`, and daily `timestamp` dimensions

### Component D: Forward-filling missing data

- **Purpose**: Create continuous daily time series even when no transactions occur
- **Logic**: Apply forward-fill logic to propagate the last known balance forward for each token when no transactions occur on a given day. This ensures the treasury value reflects held assets even during periods of no activity.
- **Key fields**: Forward-filled `balance` values maintaining all dimensional keys across the complete daily time series

### Component E: USD conversion

- **Purpose**: Convert token balances to USD values using market prices
- **Logic**: Join the forward-filled token balances with end-of-day price feeds, matching on `timestamp`, `chain_id`, and `token_address`. Multiply each token balance by its corresponding USD price to get the USD value of holdings. Filter to only include tokens with positive balances and available price data.
- **Key fields**: `amount` representing USD value of token holdings, derived from `balance` multiplied by `price_usd`

### Final aggregation

- **Combining components**: Sum the USD values of all tokens held by the treasury address on each day to get total treasury value
- **Currency conversion**: Uses end-of-day USD prices matched by timestamp, chain, and token address for accurate valuation
- **Time aggregation**: Maintains daily granularity with `timestamp_grain` set to day, creating a daily time series of treasury values  
- **Final calculation**: The treasury metric represents the sum of USD values across all tokens with positive balances held in the KapitalDAO treasury address, formatted using the standard treasury metric template with 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.

KAP GamesKAP

Treasury

Treasury

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