Velora aggregates liquidity from multiple liquidity sources such as non-custodial exchanges, lending protocols and market makers into one comprehensive and secure interface and APIs, allowing users to trade at the best market rates.

Velora is a non-custodial DEX aggregator built on Ethereum, Polygon, BNB Chain and other blockchains. Velora was founded by Mounir Benchemled and was launched in 2019.

PSP tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Velora's investors include CoinFund, Blockchain Capital, CoinGecko, etc.



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# Velora Treasury (net) Methodology

## 1. Overview

ParaSwap treasury net measures the total USD value of all tokens held in ParaSwap's treasury addresses across multiple blockchain networks. This metric provides insight into the protocol's financial reserves by tracking token balances in designated treasury wallets and converting them to USD values using daily price feeds. The calculation excludes certain tokens (likely PSP governance tokens) to avoid double-counting protocol-native assets.

## 2. Data sources

- **Blockchain events**: Parsed ERC20 `Transfer` events from Ethereum, Arbitrum, BSC, Fantom, Optimism, and Polygon networks
- **External data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token decimals and symbol information for proper balance calculations
- **Treasury configuration**: Hardcoded lists of ParaSwap treasury addresses for each supported chain

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for all ParaSwap treasury addresses across supported chains
- **Logic**: Process ERC20 `Transfer` events to identify when tokens flow into or out of designated treasury addresses. For each transfer event, determine if the treasury address is the sender (outflow) or recipient (inflow), then calculate the net balance change. Apply token-specific decimal adjustments to normalize amounts. Filter for specific treasury addresses per chain: 2 addresses on Arbitrum, 1 on BSC, 7 on Ethereum, 1 on Fantom, 2 on Optimism, and 1 on Polygon.
- **Key fields**: `timestamp`, `chain_id`, `account_address` (treasury wallet), `token_address`, `balance` (net change amount)

### Component B: Token filtering and exclusions
- **Purpose**: Remove specific tokens from the calculation to avoid double-counting protocol assets
- **Logic**: Exclude specific token addresses that represent PSP governance tokens or other protocol-native assets that should not be counted as treasury value. Apply exclusions on BSC (1 token), Ethereum (1 token), Fantom (1 token), Optimism (1 token), and Polygon (1 token). These exclusions prevent inflating treasury value with protocol-owned tokens.
- **Key fields**: `token_address` filtering based on hardcoded exclusion lists per chain

### Component C: Cumulative balance calculation
- **Purpose**: Maintain running totals of token balances for each treasury/token combination
- **Logic**: Use window functions to calculate cumulative sums of balance changes over time, partitioned by timestamp grain, chain, treasury address, and token address. This creates a running total that shows the current balance of each token in each treasury address at any point in time.
- **Key fields**: `balance` (cumulative sum of balance changes over time)

### Component D: Data continuity through forward-filling
- **Purpose**: Ensure complete daily time series data for all treasury/token combinations
- **Logic**: Apply forward-filling to propagate the most recent known balance forward for any missing dates. This ensures that the dataset has consistent daily data points for all active treasury/token combinations, even when no transactions occurred on specific days.
- **Key fields**: `timestamp` (daily), `balance` (forward-filled values)

### Final aggregation
- **Combining components**: Join the forward-filled balance data with daily price feeds using timestamp, chain, and token address as keys
- **Currency conversion**: Multiply each token balance by its corresponding USD price from end-of-day price feeds to get USD values
- **Time aggregation**: Aggregate all USD values for a given day across all treasury addresses, tokens, and chains
- **Final calculation**: Sum all positive USD token balances to arrive at the total treasury net value for each day, representing the complete USD value of all assets held in ParaSwap treasury addresses

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

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

VeloraPSP

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Treasury (net)

Treasury (net)

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