Liquidity providers deposit NFTs and funds into Sudoswap and receive trading fees, and creators receive royalties from users (supply-side fees).

Sudoswap is a non-custodial NFT marketplace protocol built on Ethereum. Sudoswap was founded by Owen Shen and launched in 2022.

Team and investors own and govern the protocol. They currently take a cut of the total fees paid by users (revenue).

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Sudoswap

# Sudoswap Treasury Methodology

## 1. Overview

The Sudoswap treasury metric measures the total USD value of tokens held across all official Sudoswap treasury addresses on Ethereum. This metric provides insight into the protocol's financial reserves and asset holdings by tracking the cumulative value of all ERC-20 tokens stored in designated treasury wallets. The calculation aggregates token balances from multiple treasury addresses and converts them to USD using end-of-day pricing data.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events for ERC-20 tokens to track token movements into and out of treasury addresses
- **Token metadata**: Token contract information including decimals and symbols for proper balance calculations
- **External data**: End-of-day token price feeds providing USD conversion rates for each token held in treasury addresses

## 3. Step-by-step calculation

### Component A: Treasury balance changes
- **Purpose**: Tracks token balance changes across all designated Sudoswap treasury addresses on Ethereum
- **Logic**: Processes parsed `Transfer` events to identify when tokens move into or out of the four official treasury addresses: `0xb16c1342e617a5b6e4b631eb114483fdb289c0a4`, `0xa020d57ab0448ef74115c112d18a9c231cc86000`, `0x6853f8865ba8e9fbd9c8cce3155ce5023fb7eeb0`, and `0xca413ad62b215bb5cb7cae02eb8d4158f407a251`. For each transfer event, the system calculates the net balance change for each token at each address by analyzing the `from` and `to` addresses in transfer events. Inbound transfers increase the balance while outbound transfers decrease it.
- **Key fields**: `timestamp` for when the transfer occurred, `account_address` for the treasury wallet, `token_address` for the specific token, `balance` for the net change in token quantity, and `token_symbol` for identification

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running cumulative balances for each token at each treasury address
- **Logic**: Uses window functions to calculate cumulative sums of balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a running total of how many tokens of each type are held in each treasury address at any point in time. The cumulative calculation is ordered by timestamp to ensure proper chronological accumulation of balance changes.
- **Key fields**: `balance` representing the total tokens held (not just the change), maintaining all dimension fields for proper partitioning

### Component C: Data continuity
- **Purpose**: Ensures complete time series data by filling gaps where no transactions occurred
- **Logic**: Applies forward-filling logic to carry forward the last known balance for each token at each address when no transfer events occur on a given day. This prevents gaps in the time series and ensures treasury values can be calculated for every day, even when no token movements happen.
- **Key fields**: All existing fields with gaps filled using the most recent available balance value

### Component D: USD conversion
- **Purpose**: Converts token balances from native units to USD values for aggregation
- **Logic**: Joins the filled balance data with end-of-day token price feeds, matching on timestamp, chain, and token address. Multiplies each token balance by its corresponding USD price using safe multiplication to handle potential null values. Only includes balances greater than zero and uses daily price granularity to ensure consistent valuation timing.
- **Key fields**: `amount` representing the USD value of tokens held, calculated as balance multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sums all USD values across all tokens and all treasury addresses to produce a single daily treasury value representing the total worth of Sudoswap's on-chain holdings
- **Currency conversion**: Uses end-of-day USD prices matched to the same timestamp as the balance data to ensure consistent valuation
- **Time aggregation**: Aggregates to daily granularity with treasury values calculated for each day based on end-of-day token holdings and prices
- **Final calculation**: The treasury metric equals the sum of (token balance × token USD price) for all positive token balances across all four designated treasury addresses on each day

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

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

SudoswapSUDO

Treasury

Treasury

Competitive landscape

Chain breakdown