Overcollateralized borrowers deposit funds into Sky and receive DAI stablecoin.

Sky is a non-custodial stablecoin protocol built on Ethereum. Sky (previously MakerDAO) was founded by Rune Christensen and launched in 2015.

SKY tokenholders own and govern the protocol. They currently take all of the total interest and PSM fees paid by borrowers (revenue). Sky’s investors include a16z, Polychain, IOSG Ventures, etc.

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Sky | Fees and revenues breakdown

# Sky Treasury (net) Methodology

## 1. Overview

Sky treasury net measures the total USD value of token assets held across Sky's official treasury addresses on Ethereum. This metric provides visibility into Sky's treasury composition and value, excluding the protocol's native MKR and SKY tokens to focus on external asset holdings. The calculation aggregates token balances across multiple treasury addresses, converts them to USD using end-of-day price feeds, and presents the data as a daily time series.

## 2. Data sources

- **Ethereum ERC20 events**: Parsed `Transfer` events from Ethereum to track token movements into and out of treasury addresses
- **Transaction data**: Ethereum transaction traces to capture internal token transfers and contract interactions
- **Token metadata**: Token symbol and decimal information for proper balance calculations
- **Price feeds**: End-of-day token price feeds for USD conversion of treasury holdings
- **CoinGecko data**: Daily market data specifically for SPARK token pricing, sourced from CoinGecko's private API
- **Treasury addresses**: Hardcoded list of official Sky treasury addresses on Ethereum

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track all token balance changes across Sky's official treasury addresses
- **Logic**: Monitor two specific treasury addresses on Ethereum (`0xbe8e3e3618f7474f8cb1d074a26affef007e98fb` and `0x8ee7d9235e01e6b42345120b5d270bdb763624c7`) for all token inflows and outflows. Parse ERC20 `Transfer` events to identify when tokens are received by or sent from these addresses. Include transaction traces to capture internal transfers and contract interactions. Filter out MKR token (`0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2`) and SKY token (`0x56072c95faa701256059aa122697b133aded9279`) from the calculation to focus only on external asset holdings.
- **Key fields**: `timestamp` for event timing, `account_address` for treasury identification, `token_address` for asset identification, `balance` for net change amount, `token_symbol` for asset naming

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into running totals for each token held by each treasury address
- **Logic**: Use window functions to calculate cumulative sums of balance changes over time, partitioned by treasury address and token. This creates a running total of each token balance held by each treasury address. Apply forward-fill logic to ensure continuous time series data, carrying forward the last known balance for each token when no transactions occur on a given day.
- **Key fields**: Cumulative `balance` representing total holdings, `timestamp` for daily granularity, partitioning keys for proper aggregation scope

### Component C: USD conversion with special handling
- **Purpose**: Convert all token balances to USD values using appropriate price sources
- **Logic**: Join token balances with end-of-day price feeds to convert holdings to USD values. Use standard price feeds for most tokens, matching on `timestamp`, `chain_id`, and `token_address`. Apply special handling for SPARK token (`0xc20059e0317de91738d13af027dfc4a50781b066`) by using CoinGecko daily market data with the 'spark-2' identifier instead of standard price feeds. Only include tokens with positive balances in the final calculation.
- **Key fields**: `amount` as USD value (balance multiplied by `price_usd`), `timestamp` for price matching, token identification for proper price lookup

### Final aggregation
- **Combining components**: Sum all USD values across all tokens held by all treasury addresses to calculate total treasury net assets
- **Currency conversion**: USD values calculated using end-of-day prices, with SPARK token using CoinGecko pricing data while other tokens use standard price feeds
- **Time aggregation**: Daily boundary logic with forward-fill to ensure continuous time series, partitioned by day-level timestamps
- **Final calculation**: Total treasury net equals the sum of all positive token balances converted to USD across both treasury addresses, excluding MKR and SKY tokens from the total

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

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

SkySKY

Treasury (net)

Treasury (net)

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Chain breakdown