Creators mint & users sell NFTs on Rarible. Creators and users receive payments from sales & creators receive royalties from secondary sales.

Rarible is a non-custodial NFT marketplace protocol built on Ethereum. Rarible was founded by Alexander Salnikov and launched in 2020.

RARI tokenholders own and govern the protocol. They currently take all of the total transaction fees paid by traders (revenue). Rarible's investors include Coinbase Ventures, CoinFund, ParaFi Capital, etc.

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Rarible

# Rarible Treasury Methodology

## 1. Overview

The Rarible treasury metric measures the total USD value of all tokens held across Rarible's treasury addresses on Ethereum. This metric provides insight into the protocol's financial reserves by tracking token balances in real-time and converting them to USD values using end-of-day pricing. The calculation aggregates balances from four specific treasury addresses and converts all token holdings to a single USD-denominated treasury value.

## 2. Data sources

The calculation uses the following data sources:

- **Ethereum token transfer events**: Parsed `Transfer` events and balance change records from Ethereum that track token movements into and out of treasury addresses
- **End-of-day token price feeds**: Daily closing prices for tokens to enable USD conversion of treasury holdings
- **Token metadata**: Token contract information including decimal places and symbols for proper balance calculations
- **Ethereum transaction logs**: Raw blockchain transaction data used to track balance changes over time

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes across Rarible's four treasury addresses on Ethereum
- **Logic**: The system monitors four specific Ethereum addresses (`0x1cf0df2a5a20cd61d68d4489eebbf85b8d39e18a`, `0xfdff6b56cce39482032b27140252ff4f16432785`, `0xb3dc72ada453547a3dec51867f4e1cce24d5d597`, `0xe627243104a101ca59a2c629adbcd63a782e837f`) for token balance changes. It processes Ethereum token transfer events to identify when tokens move into or out of these addresses, calculating the net balance change for each token at each address
- **Key fields**: The component tracks `account_address` for treasury identification, `token_address` for token identification, `balance` changes over time, and `timestamp` for chronological ordering

### Component B: Cumulative balance calculation
- **Purpose**: Convert incremental balance changes into running cumulative balances for each token-address combination
- **Logic**: Using window functions, the system calculates cumulative sums of balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a time series showing the total balance of each token held by each treasury address at any point in time
- **Key fields**: Maintains `balance` as cumulative totals, preserving `timestamp`, `chain_id`, `account_address`, and `token_address` dimensions

### Component C: Data continuity through forward-filling
- **Purpose**: Ensure continuous daily data points even when no balance changes occur
- **Logic**: The forward-filling process takes the most recent balance for each token-address combination and carries it forward to subsequent days until a new balance change occurs. This creates a complete daily time series without gaps
- **Key fields**: Fills forward `balance` values while maintaining all dimensional keys for proper partitioning

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using daily pricing data
- **Logic**: Each token balance is matched with end-of-day price feeds by timestamp, chain, and token address. The system multiplies the token balance by the corresponding USD price to calculate the USD value of each token holding. Only positive balances are included, and only daily price grain data is used
- **Key fields**: Converts `balance` to `amount` in USD by multiplying with `price_usd` from the pricing data

### Final aggregation
- **Combining components**: All USD-converted token values across all treasury addresses are summed together to create a single daily treasury value. This represents the total USD value of all tokens held across Rarible's treasury addresses
- **Currency conversion**: USD conversion occurs at the token level using end-of-day pricing before final aggregation
- **Time aggregation**: Data is aggregated to daily boundaries with continuous time series maintained through forward-filling
- **Final calculation**: The final treasury value equals the sum of all individual token holdings (token balance × USD price) across all four treasury addresses for each day

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

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

RaribleRARI

Treasury

Treasury

Competitive landscape

Chain breakdown