Nouns are 32x32 pixel characters based on people, places, and things. One noun is generated and auctioned every day.

Nouns is a generative non-fungible token project on the Ethereum blockchain. Nouns DAO was founded by the “Nounders” and launched in 2021.

Noun NFT holders own and govern the protocol. They currently receive the proceeds from the auctioned NFTs as well as the royalty fees from the secondary sales.

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Asset management

Nouns DAO

# Nouns DAO Treasury Methodology

## 1. Overview

The NounsDAO treasury metric measures the total USD value of all tokens held across NounsDAO's treasury addresses on Ethereum. This metric tracks the DAO's financial assets by monitoring token balances in two specific treasury wallet addresses and converting the holdings to USD using daily price feeds. The calculation provides a daily time series of treasury value by processing all token transfer events, maintaining running balances, and applying current market valuations.

## 2. Data sources

- **Ethereum Transfer events**: Parsed ERC-20 `Transfer` events from Ethereum that involve the treasury addresses, capturing all token movements into and out of the treasury wallets
- **Ethereum transaction traces**: ETH transfer traces from Ethereum transaction execution to track native ETH movements to/from treasury addresses  
- **Token metadata**: Token contract information including decimal places and token symbols for proper balance calculations and display
- **End-of-day price feeds**: Daily token price data in USD for converting token balances to USD values

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Identifies and quantifies all token movements (both ERC-20 tokens and ETH) into and out of NounsDAO treasury addresses
- **Logic**: Processes Ethereum Transfer events and transaction traces to identify transfers involving two specific treasury addresses: `0x0bc3807ec262cb779b38d65b38158acc3bfede10` and `0xb1a32fc9f9d8b2cf86c068cae13108809547ef71`. For each transfer, determines whether it represents an inflow (positive balance change) or outflow (negative balance change) for the treasury. Aggregates net balance changes by day, token, and address to create a daily record of how each token balance changed.
- **Key fields**: `timestamp` for daily aggregation, `account_address` identifying the treasury wallet, `token_address` identifying the specific token, `balance` representing the net daily change in token quantity

### Component B: Cumulative balance calculation  
- **Purpose**: Maintains running totals of token balances over time by accumulating daily balance changes
- **Logic**: Uses window functions to compute cumulative sums of balance changes, partitioned by token and address, ordered chronologically. This creates a time series showing the total quantity of each token held in each treasury address on each day. The cumulative calculation ensures that the current balance reflects all historical inflows and outflows.
- **Key fields**: `balance` field becomes the cumulative token quantity held rather than daily change amount

### Component C: Data completeness
- **Purpose**: Ensures continuous daily time series data by filling forward missing data points
- **Logic**: Applies forward-fill logic to propagate the most recent known balance forward to days where no transactions occurred. This prevents gaps in the time series and ensures treasury values are reported for every day, not just days with activity. Forward-filling maintains the last known balance until a new transaction changes it.
- **Key fields**: All existing fields are preserved while ensuring complete daily coverage in the `timestamp` dimension

### Component D: USD conversion
- **Purpose**: Converts token quantities to USD values using daily price feeds
- **Logic**: Joins the token balance data with end-of-day price feeds, matching on date, chain, and token address. Multiplies the token balance quantity by the corresponding USD price, applying proper decimal normalization based on token contract specifications. Only processes balances greater than zero and only uses daily price granularity to ensure consistent valuation methodology.
- **Key fields**: `amount` representing USD value of the token holding, calculated as token quantity multiplied by daily USD price

### Final aggregation
- **Combining components**: Sums USD values across all tokens and both treasury addresses to compute total treasury value per day
- **Currency conversion**: Uses end-of-day price feeds with daily granularity, ensuring consistent timing for all token valuations
- **Time aggregation**: Aggregates to daily boundaries, with each day showing the total USD value of all treasury holdings as of that date
- **Final calculation**: Total treasury value equals the sum of (token balance × daily USD price) across all tokens held in both treasury addresses, providing a single USD amount representing the complete treasury value for each day

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

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

Nouns DAO

Treasury

Treasury

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