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

Ramses is a non-custodial exchange protocol built on Arbitrum. Ramses was founded by pseudonyms Dog and North in 2023.

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

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Ramses Exchange

# Ramses Exchange Treasury Methodology

## 1. Overview

The Ramses treasury metric measures the total USD value of tokens held in the protocol's treasury address on Arbitrum. This metric tracks the real-time value of the protocol's treasury holdings by monitoring token balances and applying current market prices to calculate the total treasury value in USD.

## 2. Data sources

- **Arbitrum blockchain events**: Parsed `Transfer` events, transaction traces, and other balance-affecting operations on Arbitrum
- **Token balance state changes**: All operations that modify ERC20 token balances for the treasury address
- **End-of-day price feeds**: Daily token price data in USD for accurate valuation
- **Token metadata**: Token symbols, decimal places, and contract information for proper balance calculations

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Calculate balance changes for all tokens held by the treasury address
- **Logic**: Monitor the treasury address `0x20d630cf1f5628285bfb91dfac8c89eb9087be1a` on Arbitrum for all token balance changes. This includes tracking `Transfer` events where the treasury address is either sender or receiver, as well as other balance-affecting operations like minting, burning, or contract interactions. Balance changes are calculated with proper decimal adjustments based on each token's decimal specification.
- **Key fields**: `account_address` (treasury address), `token_address`, `balance` (net change), `timestamp`, `chain_id`

### Component B: Cumulative balance calculation  
- **Purpose**: Convert balance changes into running balances over time
- **Logic**: Apply cumulative summation to balance changes for each token held by the treasury address. Balances are calculated using window functions partitioned by time grain, chain, account address, and token address to maintain separate running totals for each token. This ensures accurate tracking of how many tokens the treasury holds at any point in time.
- **Key fields**: Cumulative `balance` for each `token_address`, partitioned by `timestamp_grain`, `chain_id`, `account_address`

### Component C: Time series completion
- **Purpose**: Fill gaps in the time series data to ensure continuous treasury valuation
- **Logic**: Apply forward-filling logic to propagate the last known balance for each token through time periods where no balance changes occurred. This ensures that treasury holdings are properly valued even during periods of no activity, maintaining the last known token quantities until new balance changes occur.
- **Key fields**: Forward-filled `balance` values across continuous time series

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using market prices
- **Logic**: Join token balances with end-of-day price feeds to calculate USD values. Multiply each token's balance by its corresponding daily USD price. Only include tokens with positive balances and use daily price granularity for consistency. Filter out any tokens without available price data.
- **Key fields**: `amount` (balance multiplied by `price_usd`), calculated for each token

### Final aggregation
- **Combining components**: Sum USD values across all tokens held by the treasury to calculate total treasury value
- **Currency conversion**: USD conversion occurs at the token level using end-of-day prices before aggregation
- **Time aggregation**: Daily time boundaries are used, with forward-filling to maintain continuous time series
- **Final calculation**: The treasury metric represents the sum of all positive token balances multiplied by their respective USD prices, providing the total dollar value of assets held in the protocol's treasury address

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

Total value of a project's onchain treasury, including its native token.

Ramses ExchangeRAM

Treasury

Treasury

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