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 (net) Methodology

## 1. Overview

The Pangolin treasury net metric measures the total USD value of all tokens held in Pangolin's treasury addresses on the Avalanche blockchain. This metric provides insight into the protocol's financial resources and asset holdings. The calculation tracks token balance changes over time for specific treasury addresses, excludes the protocol's native token, converts holdings to USD, and aggregates the total value daily.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Blockchain events**: Parsed Avalanche `Transfer` events from ERC20 token contracts to track token movements into and out of treasury addresses
- **Transaction data**: Avalanche transaction traces and internal transfers to capture native AVAX movements
- **External data**: End-of-day token price feeds covering Avalanche-based tokens for USD conversion
- **Token metadata**: Token contract information including decimal precision and symbols for proper balance calculations

## 3. Step-by-step calculation

### Component A: Token balance extraction
- **Purpose**: Identifies and extracts token balance changes for Pangolin's specific treasury addresses
- **Logic**: Processes blockchain transfer events to track token movements for two specific treasury addresses on Avalanche: `0x650f5865541f6d68bddfe977db933c293ea72358` and `0x6747ac215daffee03a42f49febb6ab448e12acee`. The calculation excludes the PNG token (`0x60781c2586d68229fde47564546784ab3faca982`) from treasury calculations. Uses the balance change calculation logic to determine net inflows and outflows for each token
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, and `balance` changes

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running cumulative balances over time
- **Logic**: Applies window function aggregation to sum balance changes chronologically for each combination of treasury address and token. This creates a time series of actual token holdings rather than just individual transaction impacts
- **Key fields**: Running `balance` totals partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: Data continuity and forward-filling
- **Purpose**: Ensures continuous time series data by filling gaps where no transactions occurred
- **Logic**: Applies forward-fill logic to carry forward the last known balance for each token-address combination when no transactions occur on specific days. This prevents artificial drops to zero in the treasury value on days with no activity
- **Key fields**: Forward-filled `balance` values maintaining the same dimensional structure

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using daily price feeds
- **Logic**: Joins the filled balance data with end-of-day token price feeds, matching on timestamp, chain, and token address. Uses safe multiplication to calculate USD value from token balance and price. Filters to include only positive balances and daily price grain data
- **Key fields**: `amount` representing USD value calculated as `balance` × `price_usd`

### Final aggregation
- **Combining components**: All USD-denominated token holdings across both treasury addresses are included in the final treasury net calculation
- **Currency conversion**: Uses end-of-day price feeds with safe multiplication to prevent calculation errors
- **Time aggregation**: Daily boundaries are maintained throughout the calculation with forward-filling to ensure no gaps
- **Final calculation**: The treasury net value represents the sum of all positive token balances (in USD) held across Pangolin's treasury addresses, excluding the PNG token, 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 treasury excluding its native token.

PangolinPNG

Treasury (net)

Treasury (net)

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