Liquidity providers deposit funds into Sushiswap and receive trading fees from traders (supply-side fees).

Sushiswap is a non-custodial exchange protocol built on Ethereum (originally a fork of Uniswap). Sushiswap was founded by a pseudonym Chef Nomi and launched in 2020.

SUSHI tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

SushiSwap

# SushiSwap Treasury Methodology

## 1. Overview

The SushiSwap treasury metric measures the total USD value of tokens held in SushiSwap's official treasury addresses across multiple blockchain networks. This metric tracks the organization's liquid assets by monitoring token balances in designated treasury wallets and converting them to USD values using end-of-day pricing data. The calculation aggregates holdings across Ethereum, Arbitrum, Fantom, Optimism, and Polygon networks to provide a comprehensive view of SushiSwap's treasury value.

## 2. Data sources

The treasury calculation relies on several key data sources:
- **Blockchain events**: Parsed `Transfer` events from Ethereum, Arbitrum, Fantom, Optimism, and Polygon networks to track token movements into and out of treasury addresses
- **Transaction data**: Token transfer records that affect the designated treasury addresses
- **External data**: End-of-day token price feeds for USD conversion and token metadata for proper decimal handling
- **Configuration data**: Hardcoded list of official SushiSwap treasury addresses across all supported chains

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Calculate net token balance changes for each treasury address on a daily basis
- **Logic**: Process parsed `Transfer` events to identify all token movements affecting SushiSwap treasury addresses. For each treasury address and token combination, calculate the net change in balance by summing inflows (tokens received) and subtracting outflows (tokens sent). Group these calculations by day to create daily balance change records. The system tracks 8 specific treasury addresses across 5 blockchain networks: 2 on Arbitrum, 4 on Ethereum, 1 each on Fantom, Optimism, and Polygon.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` (net change amount)

### Component B: Cumulative balance calculation
- **Purpose**: Convert daily balance changes into running cumulative balances for each token holding
- **Logic**: Apply window functions to sum balance changes over time, creating running totals for each combination of treasury address and token. This transforms the daily net changes into actual token balances held at each point in time. The calculation partitions by timestamp grain, chain, account address, and token address to maintain separate running totals for each unique holding.
- **Key fields**: `balance` (cumulative total), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Data continuity
- **Purpose**: Ensure continuous daily time series data for all treasury holdings
- **Logic**: Apply forward-filling to propagate the last known balance value for days when no token transfer events occurred. This creates a complete daily time series where each treasury address shows its token balances for every day, even when no transactions affected those balances. Only balances greater than zero are retained to avoid tracking empty positions.
- **Key fields**: Forward-filled `balance` values maintaining the same dimensional structure

### Final aggregation
- **Combining components**: Join the continuous balance data with end-of-day price feeds to convert token amounts to USD values. The join matches on timestamp, chain, and token address to ensure accurate pricing for each holding.
- **Currency conversion**: Multiply token balances by corresponding USD prices from end-of-day price feeds. The price data uses daily granularity to ensure consistency with the daily balance calculations.
- **Time aggregation**: Data is aggregated at the daily level, with each day representing the treasury value as of end-of-day on that date.
- **Final calculation**: Sum all USD values across all treasury addresses and tokens to produce the total treasury value. Apply the finalize treasury metric macro to format the output with proper metadata, including data source identifier, and apply chain availability filtering to ensure only data from supported networks is included in the final result.

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

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

SushiSwapSUSHI

Treasury

Treasury

Competitive landscape

Chain breakdown