Liquidity providers deposit funds into Pharaoh and stake their LP tokens to receive PHAR tokens in proportion to their share of the votes (token incentives).

Pharaoh is a non-custodial exchange protocol built on Avalanche. Pharaoh was founded in 2023.

PHAR tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue).

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Pharaoh

# Pharaoh Treasury (net) Methodology

## 1. Overview

Treasury (net) for Pharaoh is defined as the total market value of onchain assets held within the protocol's treasury, with the project's native asset explicitly excluded. The metric is utilized to monitor the protocol's reserves of stablecoins and other non-native assets, which are available to fund ongoing operations, incentives, and ecosystem growth. Only assets held in verified protocol-controlled addresses are included in the calculation.

## 2. Data sources

- **Blockchain events**: ERC-20 token transfers and native token transfers, covering Avalanche
- **External data**: End-of-day price feeds for treasury assets

## 3. Step-by-step calculation

### Component A: Account-level flow extraction

- **Purpose**: Identify and aggregate all value movements associated with protocol treasury addresses.
- **Logic**: Daily net flows are calculated for specific treasury accounts on Avalanche. Data is extracted from both ERC-20 token transfers and native token transfers. Assets identified by specific contract addresses as the protocol's native tokens are filtered out and excluded from the calculation to ensure only non-native holdings are represented.
- **Key fields**: `account_address`, `token_address`, `value`

### Component B: Cumulative balance reconstruction

- **Purpose**: Determine the historical daily balance for each non-native asset.
- **Logic**: A running balance for each asset is generated by applying a cumulative sum over historical net flows. To maintain continuity on days without onchain transactions, a fill-forward mechanism is applied, which ensures the last known balance is carried forward to all subsequent days.
- **Key fields**: `timestamp`, `balance`

### Component C: USD valuation and aggregation

- **Purpose**: Convert asset quantities into a standardized USD value and aggregate the total.
- **Logic**: Daily balances are multiplied by corresponding end-of-day asset price feeds. All amounts are normalized by decimal precision. Only records with a positive balance are retained. The resulting values are aggregated by timestamp to provide the final daily Treasury (net) value for the protocol.
- **Key fields**: `price_usd`, `treasury_net`

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

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

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Treasury (net)

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