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 (net) Methodology

## 1. Overview

Treasury net measures the total USD value of all tokens held in Ramses protocol treasury addresses. This metric tracks the protocol's liquid asset holdings by monitoring token balance changes across treasury wallets and converting the current holdings to USD values. It provides insight into the protocol's financial resources and asset management over time.

## 2. Data sources

The calculation uses several key data sources:
- **Arbitrum blockchain events**: Parsed `Transfer` events and contract interaction logs to track token movements
- **Transaction data**: Arbitrum transaction traces and logs showing token transfers to/from treasury addresses  
- **Token metadata**: Token contract information including symbols and decimal places for proper balance calculations
- **External price data**: End-of-day token price feeds for USD conversion of all held tokens
- **Treasury configuration**: Hardcoded list of official Ramses protocol treasury addresses and excluded tokens

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Identifies and tracks all token balance changes for Ramses treasury addresses
- **Logic**: The system monitors the specific Ramses treasury address `0x20d630cf1f5628285bfb91dfac8c89eb9087be1a` on Arbitrum for all token movements. It processes blockchain events including `Transfer` events, contract interactions, and other transactions that affect token balances. The token `0xaaa6c1e32c55a7bfa8066a6fae9b42650f262418` is specifically excluded from tracking. Balance changes are recorded with timestamps and aggregated by token address.
- **Key fields**: `account_address` (treasury wallet), `token_address` (specific token contract), `balance` (change amount), `timestamp` (when change occurred)

### Component B: Cumulative balance calculation  
- **Purpose**: Converts balance changes into running cumulative balances for each token
- **Logic**: Using window functions, the system calculates cumulative token balances by summing all balance changes over time for each token held by the treasury address. This creates a running total that shows the current quantity of each token held at any point in time.
- **Key fields**: `balance` (cumulative amount), partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: Time series completion
- **Purpose**: Ensures continuous daily data by forward-filling missing dates
- **Logic**: The `fill_forward` macro fills gaps in the time series where no balance changes occurred on specific dates. For any missing dates between the first and last recorded balance change, it carries forward the last known balance value. This creates a complete daily time series showing treasury holdings even on days with no transactions.
- **Key fields**: `timestamp` (daily grain), `balance` (forward-filled values)

### Component D: USD conversion
- **Purpose**: Converts token quantities to USD values using market prices
- **Logic**: Each token balance is multiplied by its corresponding USD price from end-of-day price feeds. The system joins balance data with price data matching on timestamp, chain, and token address. Only positive balances are included in the conversion. The calculation uses `safe_multiply` to handle potential null values gracefully.
- **Key fields**: `amount` (USD value), derived from `balance` × `price_usd`

### Final aggregation
- **Combining components**: All USD-converted token values are summed together to calculate the total treasury value. The system aggregates across all tokens held by the treasury address to produce a single daily USD amount.
- **Currency conversion**: USD conversion uses end-of-day price feeds matched to the exact date and token, ensuring consistent valuation timing
- **Time aggregation**: Data is aggregated to daily boundaries, with each day showing the total USD value of all tokens held in the treasury at market close
- **Final calculation**: The final `treasury_net` value represents the sum of all individual token holdings converted to USD: (Token A balance × Token A price) + (Token B balance × Token B price) + ... for all tokens held in the treasury address. The `finalize_metric_treasury_net` macro applies standardization, zero-filling for missing dates, and chain availability filtering to produce the final metric values.

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

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

Ramses ExchangeRAM

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown