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 (net) Methodology

## 1. Overview

The NounsDAO treasury net metric measures the total USD value of all tokens held in NounsDAO's treasury wallets at any given point in time. This metric provides insight into the organization's financial reserves by tracking the cumulative value of all tokens across the designated treasury addresses on Ethereum. The calculation aggregates token balances from multiple addresses, converts them to USD using end-of-day price feeds, and maintains a continuous time series through forward-filling techniques.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events and other token movement events on Ethereum that affect the specified treasury addresses
- **End-of-day token price feeds**: Daily USD price data for all tokens held in the treasury
- **Token metadata**: Information about token symbols, decimals, and contract addresses
- **Treasury wallet addresses**: Two specific Ethereum addresses that serve as NounsDAO's official treasury wallets: `0x0bc3807ec262cb779b38d65b38158acc3bfede10` and `0xb1a32fc9f9d8b2cf86c068cae13108809547ef71`

## 3. Step-by-step calculation

### Component A: Token balance changes tracking
- **Purpose**: Track all token inflows and outflows for NounsDAO's treasury addresses
- **Logic**: The system monitors Ethereum token transfer events where either the sender or recipient is one of the two designated treasury addresses. For each transfer event, the system records the timestamp, token address, amount, and whether it represents an inflow (positive balance change) or outflow (negative balance change) from the treasury perspective. The macro `calculate_token_balance_changes` processes these events and maintains an incremental update strategy to capture new transfers efficiently
- **Key fields**: `timestamp`, `account_address` (treasury wallet), `token_address`, `balance` (net change amount), `token_symbol`

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into running total balances for each token
- **Logic**: Using window functions, the system calculates cumulative sums of balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This transforms the discrete balance change events into continuous balance positions, showing how much of each token the treasury holds at any point in time
- **Key fields**: `balance` (cumulative running total), partitioned by time and token dimensions

### Component C: Forward-filling missing data
- **Purpose**: Ensure continuous time series data without gaps
- **Logic**: The `fill_forward` macro identifies periods where no balance changes occurred for existing token positions and carries forward the last known balance. This ensures that if the treasury holds tokens but has no transfers on a given day, the balance is still represented in the time series rather than appearing as missing data
- **Key fields**: All dimensions maintained with forward-filled `balance` values

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation
- **Logic**: The system joins the token balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Each token balance is multiplied by its corresponding USD price using safe multiplication to handle potential null values. Only positive balances are included, and the price data is filtered to daily granularity to ensure consistency
- **Key fields**: `amount` (USD value calculated as balance × price_usd)

### Final aggregation
- **Combining components**: The USD values from all tokens across both treasury addresses are aggregated to produce a single treasury net value per day
- **Currency conversion**: USD conversion uses end-of-day prices matched exactly to the balance timestamp, ensuring consistent valuation timing
- **Time aggregation**: Data is processed at daily granularity with forward-filling to maintain continuous time series
- **Final calculation**: The metric represents the sum of all positive token balances multiplied by their respective USD prices, providing the total treasury value in USD. The `finalize_metric_treasury_net` macro applies final formatting and data quality checks, while chain availability filtering ensures data completeness standards are met.

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

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

Nouns DAO

Treasury (net)

Treasury (net)

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