Stakers deposit funds into Lido and receive a return on investment in the form of staking rewards (supply-side fees).

Lido is a non-custodial staking protocol built on Ethereum and other blockchains. Lido was founded by a pseudo-anonymous team and launched in 2020.

LDO tokenholders own and govern the protocol. They currently take a cut of the total staking rewards earned by the protocol (revenue). Lido’s investors include ParaFi Capital, Bitscale Capital, KR1, etc.

governance

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Liquid staking

Lido Finance

# Lido Finance Treasury Methodology

## 1. Overview

The Lido treasury metric measures the total USD value of all tokens held in Lido's designated treasury address on Ethereum. This metric provides insight into Lido's financial position and asset management by tracking the cumulative value of ERC20 tokens and native ETH held in the treasury contract. The calculation involves tracking all token movements (inflows and outflows) to and from the treasury address, maintaining running balances for each token, and converting these balances to USD using end-of-day price feeds.

## 2. Data sources

- **Ethereum ERC20 token transfers**: Parsed `Transfer` events from Ethereum that involve the Lido treasury address as either sender or recipient
- **Ethereum transaction data**: Native ETH transaction traces showing ETH movements to and from the treasury address
- **End-of-day price feeds**: Daily closing prices for all tokens held in the treasury to enable USD conversion
- **Token metadata**: Information about token symbols, names, and decimal precision for proper balance calculations
- **Treasury address configuration**: Lido's designated treasury contract address on Ethereum (`0x3e40d73eb977dc6a537af587d48316fee66e9c8c`)

## 3. Step-by-step calculation

### Component A: Token balance changes extraction
- **Purpose**: Identify and quantify all token movements affecting the Lido treasury address
- **Logic**: Extract all blockchain transactions where the treasury address appears as either the sender or recipient. For ERC20 tokens, this involves parsing `Transfer` events where the `from` or `to` address matches the treasury address. For native ETH, this includes analyzing transaction traces where ETH value is transferred to or from the treasury. Each movement is recorded as a balance change with the appropriate positive or negative amount based on whether it represents an inflow or outflow
- **Key fields**: The `timestamp` of each transaction, `account_address` (the treasury address), `token_address` identifying the specific token, `token_symbol` for display purposes, and `balance` representing the net change in token amount

### Component B: Cumulative balance calculation  
- **Purpose**: Convert individual balance changes into running totals for each token held by the treasury
- **Logic**: For each token held by the treasury, calculate cumulative balances over time using running sum aggregation. The calculation partitions data by token address and treasury address, then orders by timestamp to compute running totals. This transforms individual transaction-level changes into point-in-time balance snapshots for each token
- **Key fields**: The cumulative `balance` for each token at each point in time, maintaining the same dimensional structure of timestamp, chain, account address, and token address

### Component C: Forward-fill missing data points
- **Purpose**: Ensure continuous daily time series data by filling gaps where no transactions occurred
- **Logic**: Apply forward-filling logic to propagate the last known balance for each token through periods of no activity. This creates complete daily snapshots even when the treasury had no transactions on specific days, ensuring consistent reporting and avoiding gaps in the time series
- **Key fields**: Daily `balance` values for each token, with missing dates populated using the most recent available balance

### Component D: USD conversion
- **Purpose**: Convert token balances to USD amounts for aggregation into total treasury value
- **Logic**: Join the daily token balances with end-of-day price feeds to convert each token balance to its USD equivalent. The join matches on timestamp, chain, and token address to ensure accurate price application. Only positive balances are included, and only daily price feed data is used for consistency
- **Key fields**: The USD `amount` for each token calculated by multiplying the token `balance` by the corresponding `price_usd` from the price feeds

### Final aggregation
- **Combining components**: Sum all individual token USD values for each day to calculate the total treasury value. All tokens held by the treasury address are included in this aggregation regardless of token type
- **Currency conversion**: USD conversion uses end-of-day price feeds matched by timestamp and token address, ensuring consistent pricing methodology across all assets
- **Time aggregation**: Data is aggregated at daily granularity with timestamp boundaries aligned to day-level partitions
- **Final calculation**: The final treasury value represents the sum of all token holdings converted to USD at end-of-day prices, providing a comprehensive measure of the treasury's total asset value in USD terms

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

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

Lido FinanceLDO

Treasury

Treasury

Competitive landscape

Chain breakdown