Liquidity providers deposit funds into Ribbon Protocol and receive option premiums from traders & withdrawal fees from other liquidity providers (supply-side fees).

Ribbon Finance is a non-custodial asset management protocol built on Ethereum. Ribbon Finance was founded by Julian Koh & Ken Chan and launched in 2021.

RBN tokenholders own and govern the protocol. They currently take a cut of the total premiums and management fees paid by liquidity providers (revenue).

governance

github

twitter

discord

etherscan

website

Asset management

Ribbon Finance

# Ribbon Finance Treasury Methodology

## 1. Overview

The Ribbon treasury metric measures the total USD value of all tokens held across Ribbon protocol's treasury addresses. This metric provides insight into the protocol's financial reserves and asset holdings by tracking token balances in real-time and converting them to USD values using end-of-day pricing. The calculation involves monitoring three specific treasury addresses on Ethereum and aggregating the USD value of all tokens held across these addresses.

## 2. Data sources

The calculation uses the following raw data sources:
- **Blockchain events**: Parsed Ethereum `Transfer` events from ERC20 token contracts to track token movements in and out of treasury addresses
- **Transaction data**: Ethereum transaction traces to capture native ETH transfers and contract interactions
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal precision and symbol information
- **Treasury configuration**: Hardcoded list of three specific Ethereum addresses that serve as Ribbon's treasury wallets

## 3. Step-by-step calculation

### Component A: Treasury balance changes
- **Purpose**: Calculate net balance changes for all tokens across Ribbon's treasury addresses
- **Logic**: The system processes all Ethereum `Transfer` events and transaction traces involving three specific treasury addresses: `0x42c1357aaa3243ea30c713cdfed115d09f10a71d`, `0x6adeb4fddb63f08e03d6f5b9f653be8b65341b35`, and `0xdaeada3d210d2f45874724beea03c7d4bbd41674`. For each transaction, it identifies whether the treasury address is receiving or sending tokens, then calculates the net balance change. This includes both ERC20 token transfers and native ETH movements
- **Key fields**: The component tracks `account_address` for the treasury wallet, `token_address` for the specific token, `balance` change amount, and `timestamp` for when the transaction occurred

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into running cumulative balances for each token at each treasury address
- **Logic**: Balance changes are sorted chronologically and summed using window functions partitioned by treasury address and token. This creates a running total that represents the actual token balance held at each point in time
- **Key fields**: The cumulative `balance` represents the total tokens held, partitioned by `account_address`, `token_address`, and `timestamp_grain`

### Component C: Data continuity management
- **Purpose**: Ensure continuous daily data points even when no transactions occur
- **Logic**: The fill-forward process takes the last known balance for each token at each treasury address and extends it to subsequent dates where no transactions occurred. This creates a complete daily time series without gaps
- **Key fields**: The `balance` field is carried forward across missing dates while maintaining all dimension keys

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using market prices
- **Logic**: Token balances are joined with end-of-day price feeds based on timestamp, chain, and token address. The system multiplies the token balance by the USD price, accounting for token decimal precision. Only positive balances are included in the calculation
- **Key fields**: The `amount` field represents the USD value calculated as balance multiplied by `price_usd`

### Final aggregation
- **Combining components**: USD values from all tokens across all three treasury addresses are summed together to create a single treasury total for each day
- **Currency conversion**: USD conversion happens at the token level using end-of-day prices before aggregation
- **Time aggregation**: Data is aggregated at daily boundaries using the timestamp grain
- **Final calculation**: The treasury metric equals the sum of all positive token balances converted to USD across the three treasury addresses, with treasury-specific finalization logic applied using a fill-zeros strategy for missing data points

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

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

Ribbon FinanceRBN

Treasury

Treasury

Competitive landscape

Chain breakdown