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).

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Ribbon Finance

# Ribbon Finance Treasury (net) Methodology

## 1. Overview

Treasury net measures the total USD value of tokens held across Ribbon Finance's treasury addresses on Ethereum. This metric provides insight into the protocol's financial position by tracking the cumulative value of all token holdings in designated treasury wallets. The calculation processes token transfer events to determine balance changes, maintains running balances over time, and converts to USD using end-of-day price feeds.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` event logs from Ethereum ERC-20 token contracts to track token movements into and out of treasury addresses
- **End-of-day price feeds**: Daily token price data in USD for converting token balances to dollar values
- **Token metadata**: Token symbol and decimal information for proper token identification and formatting

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Calculate net token balance changes for Ribbon treasury addresses by processing blockchain transfer events
- **Logic**: Process Ethereum `Transfer` events to identify when tokens move into or out of the three specified Ribbon treasury addresses (`0x42c1357aaa3243ea30c713cdfed115d09f10a71d`, `0x6adeb4fddb63f08e03d6f5b9f653be8b65341b35`, `0xdaeada3d210d2f45874724beea03c7d4bbd41674`). For each transfer event, determine if the treasury address is the sender or receiver, then calculate the net balance change. Exclude transfers involving the token at address `0x6123b0049f904d730db3c36a31167d9d4121fa6b` from the calculations.
- **Key fields**: `account_address` for treasury wallets, `token_address` for ERC-20 tokens, `balance` for net change amount, `timestamp` for when the transfer occurred

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into running total balances for each token held by each treasury address
- **Logic**: Apply cumulative sum calculations using window functions to convert individual balance change events into running balances. Partition the calculation by time grain, chain, account address, and token address to maintain separate running totals for each unique combination. Order by timestamp to ensure chronological accumulation of balance changes.
- **Key fields**: `balance` becomes cumulative balance, partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: Data continuity and gap filling
- **Purpose**: Ensure continuous time series by forward-filling balance data for periods with no transactions
- **Logic**: Apply forward-fill logic to propagate the last known balance value forward through time periods where no token transfers occurred. This ensures every day has a balance value for each token-address combination that previously had activity, maintaining data continuity for accurate treasury tracking.
- **Key fields**: Forward-filled `balance` values across continuous `timestamp` ranges

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values using daily price feeds
- **Logic**: Join the filled balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Multiply each token balance by its corresponding daily USD price to calculate the dollar value. Filter to include only positive balances and ensure price data uses daily granularity. Use safe multiplication to handle potential null values gracefully.
- **Key fields**: `amount` as the USD-converted balance value, derived from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum the USD values across all tokens and treasury addresses to calculate total treasury net worth for each day
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds, with safe multiplication to handle edge cases
- **Time aggregation**: Data is aggregated at daily level with timestamp boundaries aligned to end-of-day
- **Final calculation**: The treasury net metric represents the total USD value of all token holdings across all Ribbon treasury addresses, calculated as the sum of individual token balances multiplied by their respective daily USD prices

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

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

Ribbon FinanceRBN

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown