Options buyers pay premium (supply-side fees) to liquidity providers who collaterize these option positions and cover possible profits.

Premia is an options trading protocol built on Ethereum & adjacent blockchains. Premia was founded by Anon Powered team and launched in 2021.

PREMIA tokenholders own and govern the protocol. They take a protocol fee (revenue) from options trading.

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Premia

# Premia Treasury (net) Methodology

## 1. Overview

Treasury net measures the total USD value of tokens held in Premia's treasury addresses. This metric tracks the protocol's treasury holdings by monitoring token balances across designated treasury wallets and converting them to USD values. The calculation focuses on liquid token assets held by the treasury, excluding the protocol's native token to avoid double-counting treasury value with token equity.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events and other token flow events from Ethereum blockchain to track token movements into and out of treasury addresses
- **Transaction logs**: Ethereum transaction data containing token transfer information and contract interactions affecting treasury balances  
- **End-of-day price feeds**: Daily token price data in USD for converting token balances to dollar values
- **Token metadata**: Token contract information including symbols, decimals, and contract addresses for proper token identification

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for Premia's designated treasury addresses
- **Logic**: Monitor token movements for two specific Ethereum addresses (`0xc22fae86443aeed038a4ed887bba8f5035fd12f0` and `0x81d6f46981b4fe4a6fafadda716ee561a17761ae`) by processing token transfer events and transaction logs. Parse blockchain events to identify when tokens enter or leave these treasury addresses, calculating the net balance change for each token type. Exclude Premia's native token (`0x6399c842dd2be3de30bf99bc7d1bbf6fa3650e70`) from calculations to avoid double-counting treasury value with protocol token holdings.
- **Key fields**: `account_address` for treasury identification, `token_address` for asset classification, `balance` for the net change amount, `timestamp` for temporal tracking

### Component B: Cumulative balance calculation  
- **Purpose**: Convert balance changes into running cumulative balances over time
- **Logic**: Apply running sum calculations partitioned by treasury address and token type, ordered chronologically. This transforms discrete balance change events into continuous balance snapshots, showing the total amount of each token held by each treasury address at any point in time. Use window functions to maintain running totals across the time series.
- **Key fields**: Cumulative `balance` representing total holdings, partitioned by `account_address`, `token_address`, and `timestamp_grain`

### Component C: Time series completion
- **Purpose**: Ensure continuous daily data points for accurate treasury tracking
- **Logic**: Apply forward-fill methodology to populate missing dates in the time series. When no balance changes occur on a given day, carry forward the most recent balance values to maintain continuity. This ensures the treasury net calculation has consistent daily values even when no transactions occurred.
- **Key fields**: `timestamp` for daily granularity, filled `balance` values maintaining latest known balances

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation
- **Logic**: Join token balance data with end-of-day price feeds using `timestamp`, `chain_id`, and `token_address` as matching keys. Multiply each token balance by its corresponding USD price to calculate dollar-denominated values. Filter to include only positive balances and ensure price data uses daily granularity. This standardizes all treasury holdings into a common currency unit.
- **Key fields**: `amount` as the USD-converted balance value, derived from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all USD-converted token balances across both treasury addresses and all token types to calculate total treasury value
- **Currency conversion**: USD conversion occurs at the individual token level before aggregation, using end-of-day prices matched to the calculation date
- **Time aggregation**: Daily boundary logic maintains consistent timestamp granularity throughout the calculation pipeline
- **Final calculation**: The treasury net value equals the sum of all positive USD-denominated token balances held across designated Premia treasury addresses, excluding the protocol's native token to prevent double-counting of treasury value

*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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