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Seraph

# Seraph Treasury (net) Methodology

## 1. Overview

The Seraph treasury net metric measures the total USD value of all tokens held across Seraph's treasury wallet addresses on Ethereum and BSC networks. This metric provides insight into the protocol's financial health by tracking the combined value of all treasury assets over time. The calculation involves identifying specific treasury addresses, tracking token balance changes from blockchain events, converting balances to USD using daily price feeds, and aggregating across all tokens and addresses to produce a daily treasury valuation.

## 2. Data sources

The calculation relies on several key data sources:

- **Blockchain events**: Parsed ERC-20 `Transfer` events from Ethereum and BSC networks that affect the specified treasury addresses
- **Transaction data**: Ethereum and BSC transaction records to track token movements into and out of treasury wallets
- **External data**: End-of-day token price feeds from Token Terminal's standard price infrastructure, plus CoinGecko API data specifically for SERAPH token pricing
- **Token metadata**: Information about token symbols, decimal places, and contract addresses to properly handle balance calculations
- **Treasury configuration**: Hardcoded lists of wallet addresses that constitute Seraph's official treasury on each supported blockchain

## 3. Step-by-step calculation

### Component A: Treasury address identification
- **Purpose**: Define which wallet addresses constitute Seraph's treasury for tracking purposes
- **Logic**: Uses predefined lists of treasury addresses - 8 addresses on BSC (including `0xee4aaf07486b035bc8ae2eb1823f8919f9be208a`, `0x0eb3ef6da7210a70d6b31e01835027b1efa07e7f`, etc.) and 7 addresses on Ethereum (same addresses except excluding `0xb45473a8232f4f99e72037fec39e99f1c5838e02`). Excludes the SERAPH token itself (`0xd6b48ccf41a62eb3891e58d0f006b19b01d50cca`) from balance calculations to avoid circular references in treasury valuation
- **Key fields**: `account_address` for treasury wallets, `chain_id` for blockchain network, `token_address` for assets held

### Component B: Balance change tracking
- **Purpose**: Calculate net token balance changes for each treasury address by processing blockchain transfer events
- **Logic**: Processes parsed `Transfer` events from Ethereum and BSC to determine when tokens move into or out of treasury addresses. Uses incremental processing to efficiently handle new blockchain data. Calculates the net balance change for each token at each address for each day by aggregating inflows and outflows
- **Key fields**: `balance` representing net daily change, `timestamp` for daily boundaries, `token_address` and `token_symbol` for asset identification

### Component C: Cumulative balance calculation
- **Purpose**: Convert daily balance changes into running total balances for each token position
- **Logic**: Applies window functions partitioned by time grain, chain, account address, and token address, ordered by timestamp to create cumulative sums. This transforms daily balance changes into actual token holdings over time
- **Key fields**: `balance` now representing cumulative token holdings rather than daily changes

### Component D: Data continuity management
- **Purpose**: Ensure consistent daily time series without gaps in the data
- **Logic**: Applies forward-fill logic to carry forward the most recent balance for each token position on days when no transactions occurred. This ensures every treasury position has a balance value for every day, maintaining data continuity for downstream calculations
- **Key fields**: Forward-filled `balance` values maintaining last-known positions

### Component E: Price feed integration
- **Purpose**: Create comprehensive price coverage for all tokens including the SERAPH token itself
- **Logic**: Combines standard Token Terminal end-of-day price feeds with custom CoinGecko price data specifically for SERAPH token. Excludes SERAPH from standard price feeds to avoid duplication, then adds SERAPH prices from CoinGecko for both Ethereum and BSC versions using the same price (since it's the same token)
- **Key fields**: `price_usd` for USD conversion rates, `timestamp` for daily price alignment

### Component F: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation across different assets
- **Logic**: Joins filled balance data with the comprehensive price feed, multiplying token balances by their corresponding USD prices. Uses safe multiplication to handle potential missing prices gracefully. Filters to include only positive balances and daily price granularity
- **Key fields**: `amount` representing USD value of each token position

### Final aggregation
- **Combining components**: Sums USD values across all tokens and treasury addresses to produce a single daily treasury net value. The aggregation occurs at the daily level across both BSC and Ethereum networks
- **Currency conversion**: All token balances are converted to USD using end-of-day prices, with SERAPH token using CoinGecko rates and other tokens using standard Token Terminal price feeds
- **Time aggregation**: Data is aggregated to daily boundaries, with forward-fill logic ensuring continuous daily coverage even when no transactions occur
- **Final calculation**: The final metric represents the sum of all USD-denominated token balances held across all specified treasury addresses on both supported blockchains, excluding the protocol's native SERAPH token to avoid circular valuation

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

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

SeraphSERAPH

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown