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# Seraph Treasury Methodology

## 1. Overview

The Seraph treasury metric measures the total USD value of all tokens held across Seraph's treasury addresses on Ethereum and BSC chains. This metric tracks the protocol's financial reserves by monitoring token balances in specific treasury wallets over time and converting them to USD using end-of-day price feeds. The calculation provides a comprehensive view of Seraph's treasury holdings by aggregating token balances across multiple chains and converting them to a common USD denomination.

## 2. Data sources

The treasury calculation relies on several key data sources:

- **Blockchain transaction data**: Ethereum and BSC transaction logs and traces that show token movements into and out of treasury addresses
- **Token transfer events**: Parsed `Transfer` events and other balance-affecting events from Ethereum and BSC that modify token holdings in treasury addresses  
- **End-of-day price feeds**: Daily token price data for USD conversion of treasury holdings
- **CoinGecko price API**: Specialized price feed for SERAPH token pricing due to limited availability in standard price feeds
- **Token metadata**: Token symbol and contract information for proper token identification across chains

## 3. Step-by-step calculation

### Component A: Balance change extraction
- **Purpose**: Identifies all token balance changes for specific Seraph treasury addresses
- **Logic**: The system processes blockchain transaction data to extract balance changes for a hardcoded set of treasury addresses. On BSC, 8 specific addresses are monitored including `0xee4aaf07486b035bc8ae2eb1823f8919f9be208a`, while on Ethereum, 7 addresses are tracked (the same set minus one BSC-specific address). The macro `calculate_token_balance_changes` processes raw transaction logs and traces to identify when tokens move into or out of these treasury addresses, capturing the net balance change for each token at each address over time.
- **Key fields**: The component produces `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` change amounts

### Component B: Cumulative balance calculation  
- **Purpose**: Converts balance changes into running cumulative balances over time
- **Logic**: Using window functions, the system calculates cumulative token balances by summing balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This transforms point-in-time balance changes into total holdings at each point in time. The calculation uses an ordered window function to ensure proper chronological accumulation of balance changes.
- **Key fields**: Maintains the same structure but transforms `balance` from changes to cumulative totals

### Component C: Data forward-filling
- **Purpose**: Ensures continuous time series data by filling gaps in the data
- **Logic**: The `fill_forward` macro fills missing data points in the time series by carrying forward the last known balance for each token at each address. This ensures that if no transactions occur for a token on a given day, its balance from the previous day is maintained rather than showing as zero or null.
- **Key fields**: Produces a complete daily time series with consistent `timestamp`, `chain_id`, `account_address`, `token_address`, and `balance` values

### Component D: Price data preparation
- **Purpose**: Provides USD pricing for all tokens held in treasury addresses
- **Logic**: The system combines standard token price feeds with specialized pricing for SERAPH tokens. For most tokens, it uses standard end-of-day price feeds from the general prices table. However, SERAPH tokens (contract address `0xd6b48ccf41a62eb3891e58d0f006b19b01d50cca` on both Ethereum and BSC) receive custom pricing from CoinGecko API using the `calculate_cg_prices_legacy` macro with CoinGecko ID 'seraph'. The system excludes SERAPH tokens from standard price feeds to prevent double-counting, then adds the CoinGecko-sourced prices for both chains.
- **Key fields**: Produces `timestamp`, `timestamp_grain`, `chain`, `token_address`, and `price_usd` for all relevant tokens

### Component E: USD conversion
- **Purpose**: Converts token balances to USD values using daily price feeds
- **Logic**: Token balances are joined with price data based on matching timestamp, chain, and token address. The system multiplies each token's balance by its corresponding `price_usd` to get USD-denominated values. Only positive balances are included, and the system ensures daily price granularity is used for consistency.
- **Key fields**: Creates `amount` field representing USD value of each token holding, along with identifying fields

### Final aggregation
- **Combining components**: The system sums all USD amounts across different tokens and treasury addresses to produce a single treasury value per timestamp and chain
- **Currency conversion**: USD conversion occurs at the individual token level before aggregation, using end-of-day prices matched to the balance date
- **Time aggregation**: Daily boundaries are used consistently, with the `finalize_metric_treasury` macro applying standard formatting and any necessary aggregation rules
- **Final calculation**: The final treasury metric represents the total USD value of all tokens held across all monitored treasury addresses on each chain, with values summed across tokens and addresses to produce a comprehensive treasury valuation

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

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

SeraphSERAPH

Treasury

Treasury

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