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 (net) Methodology

## 1. Overview

Treasury net measures the total USD value of tokens held in SushiSwap's treasury addresses across multiple blockchain networks. This metric tracks the protocol's financial reserves by monitoring token balances in designated treasury wallets, excluding native governance tokens to focus on liquid assets. The calculation aggregates token holdings across Ethereum, Arbitrum, Fantom, Optimism, and Polygon, providing a comprehensive view of SushiSwap's multi-chain treasury holdings.

## 2. Data sources

- **Blockchain transaction data**: Parsed transaction logs and traces from Ethereum, Arbitrum, Fantom, Optimism, and Polygon networks to track token movements
- **ERC-20 transfer events**: Parsed `Transfer` events from multiple blockchain networks to identify token inflows and outflows for treasury addresses
- **End-of-day price feeds**: Daily token price data covering multiple chains for USD conversion
- **Token metadata**: Token symbol and decimal information for proper balance calculations
- **Chain availability data**: Network operational status information for filtering active chains

## 3. Step-by-step calculation

### Component A: Treasury address identification and filtering
- **Purpose**: Identify specific treasury wallet addresses for each blockchain network
- **Logic**: Filter transaction data to focus on predefined treasury addresses per chain. On Arbitrum, track two addresses (`0x978982772b8e4055b921bf9295c0d74eb36bc54e` and `0xa19b3b22f29e23e4c04678c94cfc3e8f202137d8`). On Ethereum, monitor four addresses including `0x19b3eb3af5d93b77a5619b047de0eed7115a19e7`, `0xe94b5eec1fa96ceecbd33ef5baa8d00e4493f4f3`, `0x5ad6211cd3fde39a9cecb5df6f380b8263d1e277`, and `0x7b18913d945242a9c313573e6c99064cd940c6af`. On Fantom, track address `0xf9e7d4c6d36ca311566f46c81e572102a2dc9f52`. On Optimism, monitor `0x1219bfa3a499548507b4917e33f17439b67a2177`. On Polygon, track `0x850a57630a2012b2494779fbc86bbc24f2a7baef`. Exclude native governance tokens from each chain (SUSHI token addresses) to focus on liquid treasury assets.
- **Key fields**: `chain_id` for blockchain identification, `account_address` for treasury wallets, `token_address` for asset identification

### Component B: Balance change calculation
- **Purpose**: Calculate token balance changes for each treasury address from blockchain transaction data
- **Logic**: Process raw transaction logs and traces to identify all events that affect token balances for specified treasury addresses. This includes parsing `Transfer` events, contract interactions, and other balance-changing transactions. Calculate the net change in token balances for each timestamp, accounting for both inflows (positive changes) and outflows (negative changes). Group results by timestamp, chain, treasury address, and token address.
- **Key fields**: `timestamp` for event timing, `balance` for net balance changes, `token_symbol` for asset identification

### Component C: Cumulative balance aggregation
- **Purpose**: Convert balance changes into actual running balances over time
- **Logic**: Apply cumulative sum calculations using window functions to convert balance changes into running totals. Partition data by timestamp grain, chain, account address, and token address, then order by timestamp to create accurate running balances. This transforms incremental change data into point-in-time balance snapshots.
- **Key fields**: `balance` field transformed from changes to cumulative totals

### Component D: Data continuity and forward-filling
- **Purpose**: Ensure continuous time series data by filling forward missing timestamp values
- **Logic**: Use forward-fill logic to propagate the last known balance value for each token-address combination across missing timestamps. This creates a complete daily time series where each treasury address-token pair has a balance value for every day, even when no transactions occurred. Fill forward balances within partitions defined by timestamp grain, chain, account address, and token address.
- **Key fields**: `timestamp` for daily boundaries, `balance` for propagated values

### Component E: USD conversion
- **Purpose**: Convert token balances to USD values using daily price feeds
- **Logic**: Join filled balance data with end-of-day price feeds to convert token amounts to USD values. Match records on timestamp, chain, and token address to ensure accurate price application. Filter to include only positive balances and daily price grain data. Apply multiplication of token balance by USD price to get dollar-denominated values.
- **Key fields**: `amount` as the USD-converted balance value, `price_usd` from price feeds

### Final aggregation
- **Combining components**: Aggregate all USD-converted token balances by summing across all tokens for each treasury address and timestamp, creating a total treasury value per chain per day
- **Currency conversion**: USD conversion happens at the token level using end-of-day price feeds before aggregation, ensuring accurate valuation of each asset
- **Time aggregation**: Daily boundaries are maintained throughout the calculation, with forward-filling ensuring complete time series coverage
- **Final calculation**: The treasury net value equals the sum of all USD-valued token balances held across all treasury addresses on each chain, excluding governance tokens, with zero-fill strategy applied for missing data points and chain availability filtering applied to ensure only active networks are included

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

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

SushiSwapSUSHI

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown