Liquidity providers deposit funds into Perpetual Protocol to earn a share of trading fees (supply-side fees). Perpetual Protocol leverages Uniswap v3's architecture as a pricing engine, enabling traders to access up to 10x leverage. Perpetual Protocol also offers Hot Tub vaults, which operate trading strategies that generate yield from arbitrage profits. 

Perpetual Protocol is an open-source and non-custodial exchange for perpetual contracts built on Optimism. Perpetual Protocol was founded by Shao-Kang Lee & Yenwen Feng and launched in 2019.

PERP token holders own and govern the protocol. Token holders can boost their governance power and earn 15% of trading fees paid by traders (revenue) by locking PERP into vote-escrowed PERP (vePERP). Perpetual Protocol's investors include CMS Holdings, Binance Labs, and Mechanism Capital.

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Perpetual Protocol

# Perpetual Protocol Treasury (net) Methodology

## 1. Overview

Treasury net worth measures the total USD value of all tokens held in Perpetual Protocol's treasury addresses. This metric tracks the protocol's financial health by calculating the daily market value of all token holdings across designated treasury wallets on Ethereum. The calculation aggregates token balances, converts them to USD using daily price feeds, and produces a time series showing how treasury value changes over time.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `Transfer` events and transaction logs that show token movements into and out of treasury addresses
- **End-of-day token price feeds**: Daily USD price data for all tokens held in treasury addresses
- **Token metadata**: Token symbol and decimal information for proper balance calculations and identification

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for designated Perpetual Protocol treasury addresses
- **Logic**: Monitor two specific Ethereum treasury addresses (`0xc49f76a596d6200e4f08f8931d15b69dd1f8033e` and `0xd374225abb84dca94e121f0b8a06b93e39ad7a99`) by processing all token transfer events. The calculation excludes the OP token (`0xbc396689893d065f41bc2c6ecbee5e0085233447`) from treasury calculations. For each token and address combination, the system tracks daily balance changes by analyzing inbound and outbound transfers from blockchain transaction logs
- **Key fields**: `account_address` for treasury wallets, `token_address` for each token held, `balance` representing net daily change, `timestamp` for daily tracking

### Component B: Cumulative balance calculation
- **Purpose**: Convert daily balance changes into running cumulative balances over time
- **Logic**: Calculate cumulative token balances using window functions that sum balance changes over time, partitioned by timestamp grain, chain, treasury address, and token address. This creates a running total showing actual token holdings at each point in time rather than just daily changes
- **Key fields**: `balance` field updated to show cumulative holdings rather than daily changes

### Component C: Data continuity handling
- **Purpose**: Ensure continuous daily data points even when no transactions occur
- **Logic**: Forward-fill missing data points to create complete daily time series. When no transactions occur for a treasury address and token combination on a given day, the system carries forward the previous day's balance to maintain data continuity
- **Key fields**: All dimension fields maintained with filled `balance` values

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using daily market prices
- **Logic**: Join cumulative token balances with end-of-day price feeds, matching on timestamp, chain, and token address. Multiply token balance by USD price to get dollar value. Only include positive balances and ensure price data has daily granularity. Filter out any records where token balances are zero or negative
- **Key fields**: `amount` field containing USD value calculated as balance multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all USD-valued token holdings across all treasury addresses and token types to get total treasury net worth per day
- **Currency conversion**: Uses end-of-day price feeds matched exactly by timestamp, chain, and token address to ensure accurate USD conversion at daily boundaries
- **Time aggregation**: Daily time series with each day showing total treasury value as of end-of-day
- **Final calculation**: Treasury net worth equals the sum of (token balance × USD price) across all tokens held in designated treasury addresses, excluding the OP token, calculated daily and forward-filled for continuity

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

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

Perpetual ProtocolPERP

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown