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 (net) Methodology

## 1. Overview

Treasury net measures the total USD value of tokens held in Mantle's treasury addresses on Ethereum. This metric tracks the project's on-chain treasury assets by monitoring token balances across specified treasury addresses and converting them to USD using end-of-day price feeds. The calculation provides daily snapshots of treasury holdings, excluding certain tokens that may represent locked or non-liquid assets.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from ERC-20 tokens showing movements in and out of treasury addresses
- **Ethereum transaction traces**: Transaction-level data capturing token balance changes at treasury addresses  
- **End-of-day token price feeds**: Daily closing prices for tokens held in treasury addresses
- **Token metadata**: Token contract information including decimal precision and symbols for proper balance calculations

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Track token balance changes for Mantle's treasury addresses on Ethereum
- **Logic**: The system monitors two specific Ethereum addresses (`0x02c2e03c5f241794909d953f5b8fa630856f172c` and `0x78605df79524164911c144801f41e9811b7db73d`) by parsing `Transfer` events and transaction traces. It captures all token movements in and out of these addresses, calculating the net balance change for each token on each day. The system excludes two specific token addresses (`0x3c3a81e81dc49a522a592e7622a7e711c06bf354` and `0x1a4b46696b2bb4794eb3d4c26f1c55f9170fa4c5`) from the calculation, likely representing locked or non-liquid assets.
- **Key fields**: `account_address` for treasury wallets, `token_address` for held tokens, `balance` for net daily change, `timestamp` for daily boundaries

### Component B: Cumulative balance calculation  
- **Purpose**: Calculate running token balances over time for each treasury address and token combination
- **Logic**: Using window functions, the system computes cumulative balances by summing daily balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a continuous time series showing the total balance held for each token at each treasury address on each day.
- **Key fields**: Running `balance` totals partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: Data continuity and forward-filling
- **Purpose**: Ensure continuous daily data points for all token holdings
- **Logic**: The forward-fill process identifies gaps in the daily time series and carries forward the last known balance for each token-address combination. This ensures that if no token movements occur on a given day, the system still reports the unchanged balance rather than missing data.
- **Key fields**: Forward-filled `balance` values maintaining continuity across `timestamp` gaps

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using market prices
- **Logic**: Each token balance is multiplied by the corresponding end-of-day price from the price feeds. The system joins balance data with price data on timestamp, chain, and token address, ensuring each balance is converted using the appropriate daily closing price. Only positive balances are included in the calculation.
- **Key fields**: `amount` calculated as `balance` multiplied by `price_usd` from daily price feeds

### Final aggregation
- **Combining components**: The final treasury net value represents the sum of all USD-converted token balances across both treasury addresses on each day
- **Currency conversion**: Token balances are converted to USD using end-of-day price feeds, with the conversion applied before final aggregation
- **Time aggregation**: Daily boundaries are maintained throughout the calculation, with the `finalize_metric_treasury_net` macro handling final formatting and applying a fill-zeros strategy for days with missing data
- **Final calculation**: The treasury net metric equals the total USD value of all tokens held across both specified treasury addresses, excluding the filtered token addresses, calculated as the sum of each token balance multiplied by its daily closing price

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

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

MantleMNT

Treasury (net)

Treasury (net)

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