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 (net) Methodology

## 1. Overview

Treasury net measures the total USD value of all tokens held in Rarible's treasury addresses on Ethereum. This metric provides insight into the protocol's financial reserves by tracking the cumulative value of token holdings across designated treasury wallets, excluding the protocol's native RARI token to focus on external asset reserves.

## 2. Data sources

- **Ethereum ERC-20 token transfers**: Parsed `Transfer` events from Ethereum that track token movements into and out of treasury addresses
- **End-of-day token price feeds**: Daily price data providing USD conversion rates for all tokens held in treasury addresses
- **Token metadata**: Token symbol and decimal precision information for proper balance calculations and display

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Track token balance changes for Rarible's treasury addresses
- **Logic**: Monitor four specific Ethereum addresses (`0x1cf0df2a5a20cd61d68d4489eebbf85b8d39e18a`, `0xfdff6b56cce39482032b27140252ff4f16432785`, `0xb3dc72ada453547a3dec51867f4e1cce24d5d597`, `0xe627243104a101ca59a2c629adbcd63a782e837f`) for incoming and outgoing token transfers. Extract balance changes from parsed `Transfer` events where these addresses appear as sender or recipient. Exclude RARI token (`0xfca59cd816ab1ead66534d82bc21e7515ce441cf`) to focus on external asset holdings rather than native token reserves.
- **Key fields**: `timestamp` for when balance changes occurred, `account_address` for treasury wallet, `token_address` for specific token, `balance` change amount

### Component B: Cumulative balance calculation  
- **Purpose**: Convert balance changes into running token balances over time
- **Logic**: Calculate cumulative token balances using window functions that sum balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a running total showing actual token holdings at each point in time rather than just the incremental changes.
- **Key fields**: `balance` as cumulative amount held, maintaining all dimensional attributes for proper partitioning

### Component C: Data continuity and completeness
- **Purpose**: Ensure continuous time series data for accurate treasury valuation
- **Logic**: Apply forward-filling logic to carry forward the last known balance for each token when no transactions occurred on specific days. This ensures treasury value can be calculated even on days with no token movements, maintaining data continuity for consistent daily reporting.
- **Key fields**: Forward-filled `balance` values maintaining the last known state for each token holding

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation
- **Logic**: Join token balances with end-of-day price feeds using exact timestamp, chain, and token address matches. Multiply token balances by corresponding USD prices using safe multiplication to handle potential null values. Filter to positive balances only and ensure price data uses daily granularity for consistency.
- **Key fields**: `amount` as USD-denominated value calculated from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all USD-denominated token values across all treasury addresses and tokens to calculate total treasury value
- **Currency conversion**: Uses end-of-day price feeds with exact timestamp matching to ensure consistent daily valuations
- **Time aggregation**: Maintains daily granularity with forward-filling to ensure continuous daily treasury valuations
- **Final calculation**: Total treasury net equals the sum of all positive token balances multiplied by their respective daily USD prices, aggregated across all four designated treasury addresses while excluding native RARI token holdings

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

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

RaribleRARI

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown