Liquidity providers deposit funds into Pangolin and receive trading fees from traders (supply-side fees).

Pangolin is a non-custodial exchange protocol built on Avalanche (originally a fork of Uniswap). Pangolin was founded by an anonymous team and launched in 2020.

PNG tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Pangolin

# Pangolin Treasury Methodology

## 1. Overview

The Pangolin treasury metric measures the total USD value of tokens held in Pangolin's official treasury addresses on the Avalanche blockchain. This metric provides insight into the protocol's financial reserves and asset management by tracking all token holdings across designated treasury wallets. The calculation aggregates token balances from specific treasury addresses, converts them to USD values using end-of-day pricing, and presents the total as a daily time series.

## 2. Data sources

- **Avalanche blockchain events**: Parsed `Transfer` events and token movement logs on the Avalanche network
- **Transaction data**: Avalanche transaction traces and logs that capture token transfers involving treasury addresses
- **Token metadata**: Token symbol, decimal, and contract information for tokens held in treasury wallets
- **External data**: End-of-day token price feeds for USD conversion of all tracked tokens
- **Address configuration**: Hardcoded list of official Pangolin treasury addresses for tracking

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for Pangolin's designated treasury addresses on Avalanche
- **Logic**: The system monitors two specific treasury addresses (`0x650f5865541f6d68bddfe977db933c293ea72358` and `0x6747ac215daffee03a42f49febb6ab448e12acee`) on the Avalanche network. It processes all token transfer events involving these addresses to calculate net balance changes for each token over time. The macro captures both inflows (tokens received) and outflows (tokens sent) to determine the net change in holdings for each token on each day.
- **Key fields**: `timestamp`, `account_address`, `token_address`, `token_symbol`, `balance` (net change)

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into actual token holdings over time
- **Logic**: The system calculates running totals of token balances by taking the sum of all historical balance changes up to each point in time. This uses window functions partitioned by timestamp grain, chain, treasury address, and token address to ensure accurate cumulative tracking for each unique token-address combination. The calculation maintains separate running totals for each token held by each treasury address.
- **Key fields**: `balance` (cumulative sum), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Time series completion
- **Purpose**: Ensure continuous daily data points for all token holdings
- **Logic**: Forward-fill logic is applied to handle gaps in the data where no balance changes occurred on specific days. For each token held by each treasury address, the system carries forward the last known balance to fill missing dates, ensuring a complete daily time series. This prevents gaps in the metric when no transactions affect treasury holdings on particular days.
- **Key fields**: Forward-filled `balance` values across complete date ranges

### 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 USD price for that token on each date. The system joins the token balances with price feeds based on timestamp, chain, and token address to ensure accurate price matching. Only tokens with available price data are included in the final calculation, and only positive balances are considered.
- **Key fields**: `amount` (USD value calculated as `balance` × `price_usd`)

### 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 token level using end-of-day prices before aggregation
- **Time aggregation**: Daily boundaries are maintained throughout the calculation, with each day representing the end-of-day treasury value
- **Final calculation**: The treasury metric represents the sum of all positive USD token balances held across both designated Pangolin treasury addresses on each day, providing a comprehensive view of the protocol's liquid asset holdings

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

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

PangolinPNG

Treasury

Treasury

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