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 (net) Methodology

## 1. Overview

The Sudoswap treasury net metric measures the total USD value of tokens held across Sudoswap's treasury addresses, excluding the protocol's native SUDO token. This metric provides insight into the protocol's treasury diversification and the value of non-native assets under treasury management. The calculation tracks real-time balance changes from blockchain Transfer events and converts holdings to USD using end-of-day price feeds.

## 2. Data sources

- **Ethereum ERC20 token events**: Parsed `Transfer` events from Ethereum to track token movements in and out of treasury addresses
- **End-of-day price feeds**: Daily token price data used for USD conversion of treasury holdings
- **Token metadata**: Token symbol and decimal information for proper balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes across Sudoswap's treasury addresses
- **Logic**: Process Ethereum `Transfer` events to identify inflows and outflows for four specific treasury addresses: `0xb16c1342e617a5b6e4b631eb114483fdb289c0a4`, `0xa020d57ab0448ef74115c112d18a9c231cc86000`, `0x6853f8865ba8e9fbd9c8cce3155ce5023fb7eeb0`, and `0xca413ad62b215bb5cb7cae02eb8d4158f407a251`. The SUDO token (`0x3446dd70b2d52a6bf4a5a192d9b0a161295ab7f9`) is explicitly excluded from treasury calculations. Balance changes are calculated by analyzing when these addresses appear as recipients (positive balance change) or senders (negative balance change) in Transfer events.
- **Key fields**: `account_address` for treasury identification, `token_address` for asset tracking, `balance` for net change amount, `timestamp` for chronological ordering

### Component B: Cumulative balance calculation
- **Purpose**: Calculate running balances over time for each token in each treasury address
- **Logic**: Apply cumulative sum calculations partitioned by timestamp grain, chain, treasury address, and token address. This creates a running total of each token's balance in each treasury address over time, ordered chronologically to maintain accurate balance history.
- **Key fields**: Cumulative `balance` representing total holdings at each point in time

### Component C: Time series continuity
- **Purpose**: Ensure complete daily time series data for all treasury holdings
- **Logic**: Apply fill-forward logic to propagate the last known balance for each token-address combination forward to days where no balance changes occurred. This ensures the treasury value can be calculated for every day, even when no transactions affected specific holdings.
- **Key fields**: Forward-filled `balance` values maintaining continuity across time gaps

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation
- **Logic**: Join filled balance data with end-of-day token price feeds, matching on timestamp, chain, and token address. Multiply each token balance by its corresponding USD price to get the dollar value of holdings. Only positive balances are included in the final calculation.
- **Key fields**: `amount` representing USD value of each token holding

### Final aggregation
- **Combining components**: Sum all USD-converted token balances across all treasury addresses for each day
- **Currency conversion**: USD conversion occurs using end-of-day price feeds matched to each token and timestamp
- **Time aggregation**: Daily boundary logic with fill-zeros strategy applied for periods with no treasury activity
- **Final calculation**: The final metric value represents the total USD value of all non-SUDO tokens held across Sudoswap's four treasury addresses on each day

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

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

SudoswapSUDO

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown