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 (net) Methodology

## 1. Overview

The KapitalDAO treasury net metric measures the total USD value of tokens held in KapitalDAO's treasury address on Ethereum. This metric tracks the organization's liquid assets by monitoring token balance changes over time and converting the holdings to USD values using end-of-day price feeds. The metric excludes specific tokens from the calculation and provides a daily time series of the treasury's net worth.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events for ERC20 tokens to track token movements in and out of treasury addresses
- **Transaction data**: Ethereum transaction records containing token transfer information
- **External data**: End-of-day token price feeds for USD conversion of token balances
- **Token metadata**: Token contract information including symbols and decimal precision for proper balance calculations

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Tracks token balance changes for the KapitalDAO treasury address on Ethereum
- **Logic**: Processes token transfer events to identify when tokens move in or out of the treasury address `0xbc450c9eced158c6bd1affa8d37153e278e63e68`. The system monitors all ERC20 token transfers where this address appears as either sender or receiver, calculating the net balance change for each token on each day. A specific token address `0x9625ce7753ace1fa1865a47aae2c5c2ce4418569` is explicitly excluded from tracking.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` (representing the daily net change)

### Component B: Cumulative balance calculation
- **Purpose**: Converts daily balance changes into running cumulative balances for each token
- **Logic**: Uses window functions to calculate cumulative sums of balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a running total of how many tokens the treasury holds at each point in time.
- **Key fields**: `balance` (transformed from daily changes to cumulative totals)

### Component C: Time series completion
- **Purpose**: Ensures continuous daily data points for consistent reporting
- **Logic**: Applies forward-filling logic to populate missing dates in the time series. For any days where no token transfers occurred, the system carries forward the last known balance for each token to maintain a complete daily record.
- **Key fields**: All dimensions maintained with forward-filled `balance` values

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation
- **Logic**: Joins the token balance data with end-of-day price feeds using timestamp, chain, and token address as matching keys. Multiplies each token balance by its corresponding USD price to calculate the dollar value of holdings. Only positive balances are included in the conversion to exclude any negative or zero positions.
- **Key fields**: `amount` (USD value of token holdings), derived from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: The USD values for all tokens held by the treasury are maintained at the individual token level, with the `finalize_metric_treasury_net` macro handling the final aggregation and standardization
- **Currency conversion**: USD conversion uses end-of-day price feeds matched by timestamp, chain, and token address
- **Time aggregation**: Data is aggregated to daily granularity with forward-filling to ensure complete time series coverage
- **Final calculation**: The treasury net value represents the sum of all token holdings (in USD) for the KapitalDAO treasury address on each day, excluding the specified token and filtered to positive balances only

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

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

KAP GamesKAP

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown