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.

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Lido Finance

# Lido Finance Treasury (net) Methodology

## 1. Overview

The Lido treasury net metric calculates the total USD value of tokens held in Lido's treasury address, excluding LDO tokens. This metric provides visibility into the organization's liquid treasury assets and tracks how the treasury value changes over time. The calculation aggregates all token balances held by the designated treasury address on Ethereum, converts them to USD using daily price feeds, and excludes LDO tokens to focus on liquid treasury assets rather than the protocol's native governance token.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `Transfer` events and contract interaction logs from Ethereum that affect token balances
- **Transaction data**: Ethereum transaction traces and execution data showing token movements into and out of treasury addresses
- **Token balance tracking**: Historical token balance changes derived from blockchain transaction analysis
- **External data**: End-of-day token price feeds for USD conversion and token metadata including symbols and decimal precision

## 3. Step-by-step calculation

### Component A: Treasury balance extraction
- **Purpose**: Identifies and tracks all token balance changes for Lido's designated treasury address
- **Logic**: Extracts balance changes for the specific treasury address `0x3e40d73eb977dc6a537af587d48316fee66e9c8c` on Ethereum. This involves analyzing Ethereum transaction logs and `Transfer` events to identify when tokens move into or out of this address. The system tracks balance changes over time rather than absolute balances, allowing for efficient incremental updates. Only Ethereum chain data is processed as this is where Lido's treasury operations occur.
- **Key fields**: `timestamp`, `account_address` (treasury address), `token_address`, `balance` (change amount), `token_symbol`

### Component B: Token filtering and exclusions  
- **Purpose**: Excludes LDO tokens from treasury calculations to focus on liquid assets
- **Logic**: Filters out the LDO token (address `0x5a98fcbea516cf06857215779fd812ca3bef1b32`) from all balance calculations. This exclusion ensures the treasury net metric reflects liquid treasury assets rather than including the protocol's native governance token, which may be held for different strategic purposes than liquid treasury management.
- **Key fields**: `token_address` used for filtering, maintaining all other balance and timestamp fields

### Component C: Cumulative balance calculation
- **Purpose**: Converts balance changes into running cumulative balances over time
- **Logic**: Applies window functions to calculate cumulative token balances from the incremental balance changes. The calculation partitions data by timestamp grain (daily), chain, account address, and token address, then orders by timestamp to compute running sums. This transforms the raw balance change events into absolute token balances held at each point in time.
- **Key fields**: `balance` (cumulative amount), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component D: Data continuity and forward-filling
- **Purpose**: Ensures continuous daily data by forward-filling missing balance data points
- **Logic**: Applies forward-filling logic to handle days where no balance changes occurred for specific tokens. When a token balance remains unchanged on a given day, the system carries forward the last known balance to maintain continuous time series data. This ensures consistent daily reporting even when treasury positions remain static.
- **Key fields**: Forward-filled `balance` values maintained across time gaps

### Component E: USD conversion
- **Purpose**: Converts all token balances to USD values using daily price feeds
- **Logic**: Joins the token balance data with daily price feeds to convert each token balance to USD. The join matches on timestamp (daily), chain, and token address to ensure accurate price matching. Only processes positive token balances and uses end-of-day pricing data. The conversion multiplies the token balance by the corresponding USD price, handling decimal precision appropriately.
- **Key fields**: `amount` (USD value), derived from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: All USD-converted token balances for the treasury address are aggregated by timestamp to produce a single daily treasury net value
- **Currency conversion**: USD conversion uses end-of-day price feeds joined by exact timestamp, chain, and token address matching
- **Time aggregation**: Data is aggregated to daily boundaries using the timestamp grain, ensuring consistent daily treasury values
- **Final calculation**: The treasury net metric represents the total USD value of all tokens (excluding LDO) held by Lido's treasury address on each day, with zero-filling applied for periods with no data to maintain continuous reporting

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

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

Lido FinanceLDO

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown