Mantle batches users' transactions and submits them to Ethereum, paying a share of the transaction fees to Ethereum validators (expense).

Mantle is an L2 smart contract platform for decentralized applications on Ethereum. Mantle was founded by Pascal Leblanc and launched in 2023.

MNT tokenholders own and govern the protocol. Mantle is mainly funded by BitDAO's treasury, other strategic investors include Pantera Capital, Spartan, Folius Ventures, etc.

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Mantle

# Mantle Treasury Methodology

## 1. Overview

The Mantle treasury metric measures the total USD value of all tokens held in Mantle protocol's treasury addresses on Ethereum. This metric tracks the protocol's financial reserves by calculating the cumulative token balances across two designated treasury addresses and converting them to USD using end-of-day price feeds. The metric provides daily snapshots of the treasury's total value, which is essential for understanding the protocol's financial health and resource allocation capabilities.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Ethereum token transfer events**: Parsed `Transfer` events from ERC-20 token contracts to track token movements in and out of treasury addresses
- **Ethereum transaction traces**: Internal transaction data to capture all token flow activities including complex multi-step transactions
- **End-of-day token price feeds**: Daily USD price data for all tokens held in the treasury, providing consistent valuation timing
- **Token metadata**: Information about token symbols, decimal places, and contract addresses for proper balance calculations

## 3. Step-by-step calculation

### Component A: Balance change extraction
- **Purpose**: Identifies and processes all token balance changes for Mantle's designated treasury addresses
- **Logic**: Extracts token transfer events and transaction traces affecting two specific Ethereum addresses: `0x02c2e03c5f241794909d953f5b8fa630856f172c` and `0x78605df79524164911c144801f41e9811b7db73d`. The system processes both incoming and outgoing transfers to determine net balance changes for each token over time. Each balance change event includes timestamp, token address, and the change amount.
- **Key fields**: `timestamp` for event timing, `account_address` for treasury wallet identification, `token_address` for token identification, `balance` for the net change amount, and `token_symbol` for reference

### Component B: Cumulative balance calculation  
- **Purpose**: Converts discrete balance change events into running cumulative balances for each token
- **Logic**: Applies window functions to sum balance changes chronologically for each unique combination of timestamp grain, chain, account address, and token address. This creates a running total that represents the actual token balance held at any point in time. The calculation maintains separate cumulative totals for each token across both treasury addresses.
- **Key fields**: `balance` representing the cumulative token amount held at each timestamp

### Component C: Time series continuity
- **Purpose**: Ensures consistent daily data points even when no transactions occur
- **Logic**: Applies forward-filling logic to propagate the last known balance forward through periods with no activity. This creates a continuous time series where each day shows the current token balance, even if no transfers occurred on that specific day. The forward-filling maintains separate series for each token and address combination.
- **Key fields**: Filled `balance` values representing held amounts during inactive periods

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation and reporting
- **Logic**: Joins the filled balance data with end-of-day price feeds using exact matches on timestamp, chain identifier, and token address. Each token balance is multiplied by its corresponding USD price to calculate the dollar value. Only positive balances are included, and only daily price data is used to ensure consistent valuation timing across all tokens.
- **Key fields**: `amount` representing the USD value of each token holding calculated as balance multiplied by price

### Final aggregation
- **Combining components**: All USD-denominated token values across both treasury addresses are summed to calculate the total treasury value for each day
- **Currency conversion**: USD conversion occurs at the individual token level using end-of-day prices before aggregation, ensuring consistent valuation methodology
- **Time aggregation**: Daily boundaries are maintained throughout the calculation, with each day's treasury value representing the end-of-day snapshot
- **Final calculation**: The final treasury metric equals the sum of all positive token balances multiplied by their respective end-of-day USD prices, aggregated across both designated Mantle treasury addresses on Ethereum

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

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

MantleMNT

Treasury

Treasury

Competitive landscape

Chain breakdown