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Origin Protocol

# Origin Protocol Treasury Methodology

## 1. Overview

The Treasury metric measures the total USD value of tokens held across all Origin protocol treasury addresses. This metric answers the question "What is the current value of Origin's treasury holdings?" and provides insight into the protocol's financial reserves and asset management. The calculation tracks token balances across specific treasury addresses on Ethereum, converts them to USD using daily price feeds, and aggregates the total value.

## 2. Data sources

- **Ethereum ERC-20 token events**: Parsed `Transfer` events from Ethereum showing token movements to and from treasury addresses
- **Ethereum transaction traces**: Native ETH transfer data showing movements of native Ethereum to and from treasury addresses  
- **End-of-day token price feeds**: Daily USD price data for all tokens held in treasury addresses
- **Token metadata**: Token information including symbols and decimal precision for proper balance calculations

## 3. Step-by-step calculation

### Component A: Balance change extraction
- **Purpose**: Identifies all token inflows and outflows for Origin's treasury addresses
- **Logic**: Processes blockchain transfer events and transaction traces to calculate net balance changes for four specific treasury addresses on Ethereum: `0x77314eb392b2be47c014cde0706908b3307ad6a9`, `0x6c5cdfb47150efc52072cb93eea1e0f123529748`, `0xbe2ab3d3d8f6a32b96414ebbd865dbd276d3d899`, and `0xf14bbdf064e3f67f51cd9bd646ae3716ad938fdc`. For each treasury address and token combination, the system tracks daily balance changes by analyzing transfer events where the treasury address is either the sender or receiver, calculating the net change in token holdings
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, `balance` (representing the daily net change)

### Component B: Cumulative balance calculation  
- **Purpose**: Converts daily balance changes into running cumulative balances over time
- **Logic**: For each combination of treasury address and token, calculates cumulative balances using a window function that sums balance changes ordered by timestamp. This transforms daily net changes into actual token holdings at each point in time
- **Key fields**: `balance` (transformed from daily changes to cumulative holdings), partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: Forward-fill data gaps
- **Purpose**: Ensures continuous time series data by filling missing daily values
- **Logic**: Applies forward-fill logic to handle cases where there are no transactions on certain days. The most recent known balance for each treasury address and token combination is carried forward to fill gaps in the daily time series, ensuring complete coverage for all calendar days
- **Key fields**: All dimensions maintained with `balance` values extended to fill temporal gaps

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation
- **Logic**: Joins the forward-filled balance data with end-of-day price feeds, matching on timestamp, chain identifier, and token address. Multiplies each token balance by its corresponding USD price to get the dollar value of holdings. Only includes records with positive balances and daily price granularity to ensure accurate valuation
- **Key fields**: `amount` (calculated as balance multiplied by `price_usd` from the price feeds)

### Final aggregation
- **Combining components**: All USD-converted token balances across the four treasury addresses are summed to create a single daily treasury value representing Origin's total holdings
- **Currency conversion**: USD conversion occurs using end-of-day price feeds matched exactly by date, chain, and token address
- **Time aggregation**: Daily boundary logic aggregates all treasury holdings as of the end of each calendar day
- **Final calculation**: The total treasury value equals the sum of all positive token balances multiplied by their respective end-of-day USD prices across all four designated treasury addresses. Missing data periods are filled with zeros using the finalize metric macro to ensure complete time series continuity.

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

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

Origin ProtocolOGN

Treasury

Treasury

Competitive landscape

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