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Asset management

Seamless Protocol

# Seamless Protocol Treasury (net) Methodology

## 1. Overview

The SeamlessProtocol treasury net metric measures the total USD value of all tokens held in the protocol's treasury addresses. This metric tracks the protocol's financial position by monitoring token balances across treasury wallets and converting them to USD values using end-of-day price feeds. The calculation provides insight into the protocol's treasury management and overall financial health.

## 2. Data sources

- **Base blockchain events**: Parsed ERC-20 `Transfer` events from Base chain to track token movements in and out of treasury addresses
- **Transaction data**: Base transaction logs containing token transfer information with sender, receiver, and amount details  
- **External data**: End-of-day token price feeds providing USD conversion rates for all held tokens
- **Token metadata**: Token contract information including symbols and decimal specifications for accurate balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Calculate daily token balance changes for SeamlessProtocol treasury addresses
- **Logic**: Process parsed `Transfer` events on Base chain to identify all token movements involving the treasury address `0x639d2dd24304ac2e6a691d8c1cff4a2665925fee`. For each token transfer, determine if the treasury address is the sender (outflow) or receiver (inflow). Calculate the net balance change per token per day by summing all inflows and subtracting all outflows. Apply proper decimal adjustments based on each token's specification to ensure accurate balance calculations.
- **Key fields**: `timestamp` for daily grouping, `account_address` for treasury identification, `token_address` for token classification, `balance` for net change amount, and `token_symbol` for reference

### Component B: Token filtering and exclusion
- **Purpose**: Remove specific tokens from treasury calculations based on protocol requirements
- **Logic**: Filter out tokens with addresses `0x1c7a460413dd4e964f96d8dfc56e7223ce88cd85` and `0x998e44232bef4f8b033e5a5175bdc97f2b10d5e5` from the treasury calculation. This exclusion likely represents tokens that should not be counted toward treasury value, such as governance tokens or protocol-specific assets that don't represent liquid treasury value.
- **Key fields**: `token_address` for filtering criteria, maintaining all other fields from the balance tracking component

### Component C: Cumulative balance calculation
- **Purpose**: Convert daily balance changes into running totals to track actual token holdings over time
- **Logic**: Apply window functions to sum balance changes chronologically for each token held by the treasury address. This creates a running total that represents the actual token balance at any point in time, not just the daily changes. The cumulative calculation ensures that the treasury balance reflects the total accumulated holdings across all historical transactions.
- **Key fields**: Running `balance` totals partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component D: Data completeness handling
- **Purpose**: Ensure consistent daily data points even when no transactions occur
- **Logic**: Use forward-filling methodology to propagate the last known balance for each token on days when no transactions occurred. This creates a complete daily time series where each day shows the actual token holdings, regardless of whether there were any balance changes that day. Forward-filling prevents gaps in the data that could misrepresent the treasury's holdings.
- **Key fields**: Forward-filled `balance` values maintaining consistent timestamps across all dimensions

### Component E: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation and reporting
- **Logic**: Join the forward-filled token balances with end-of-day price feeds using timestamp, chain, and token address as matching criteria. Multiply each token's balance by its corresponding USD price to get the dollar value of holdings. Only include tokens with positive balances and valid price data to ensure accurate valuations.
- **Key fields**: `amount` representing USD value calculated as `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all individual token USD values to calculate the total treasury net value for each day
- **Currency conversion**: USD values are calculated using end-of-day price feeds, ensuring consistent valuation timing across all tokens
- **Time aggregation**: Daily aggregation boundaries align with price feed timing and balance change calculations
- **Final calculation**: The treasury net value equals the sum of all included token balances multiplied by their respective end-of-day USD prices, creating a daily time series of total treasury value

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

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

Seamless ProtocolSEAM

Treasury (net)

Treasury (net)

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