Overcollateralized borrowers deposit funds into Synthetix and mint synthetic assets.

Synthetix is a non-custodial derivatives exchange protocol built on Ethereum. Synthetix was founded by Kain Warwick and launched in 2017.

SNX tokenholders own and govern the protocol. They currently take all of the total trading fees paid by traders (revenue). Synthetix's investors include Paradigm, Framework Ventures, Coinbase Ventures, etc.

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Derivative exchanges

Synthetix

# Synthetix Treasury Methodology

## 1. Overview

The Synthetix treasury metric measures the total USD value of all tokens held across the protocol's treasury addresses on Ethereum. This metric provides visibility into the protocol's financial reserves by tracking token balances across 7 specific treasury and governance addresses and converting them to USD values using daily price feeds. The calculation aggregates holdings across all tokens and addresses to produce a single treasury value.

## 2. Data sources

- **Ethereum ERC20 Transfer events**: Parsed `Transfer` events to track token movements into and out of treasury addresses
- **Ethereum transaction traces**: Transaction-level data to capture token flows and balance changes
- **Token metadata**: Registry data containing token symbols, decimal places, and contract addresses
- **End-of-day price feeds**: Daily USD price data for token valuation and conversion

## 3. Step-by-step calculation

### Component A: Token balance change tracking
- **Purpose**: Tracks daily net balance changes for each token at each treasury address
- **Logic**: Processes Ethereum `Transfer` events where treasury addresses appear as sender or receiver. For each treasury address and token combination, calculates net daily balance changes by summing inflows (where treasury is receiver) and subtracting outflows (where treasury is sender). Only monitors 7 specific treasury addresses: `0xd939611c3ca425b4f6d4a82591eab3da43c2f4a0`, `0x99f4176ee457afedffcb1839c7ab7a030a5e4a92`, `0x547d28cdd6a69e3366d6ae3ec39543f09bd09417`, `0x579b66d0a7c48eee63b3bd2bca17bf0fa0f0787b`, `0x7b955e5ca4d0d65e91e8d945af5696d5f0707bec`, `0xb91ef9a2c37c20803efd33d98f09296d2468403b`, and `0xffffffaeff0b96ea8e4f94b2253f31abdd875847`
- **Key fields**: `timestamp`, `account_address`, `token_address`, `balance` (net daily change), `token_symbol`

### Component B: Cumulative balance calculation
- **Purpose**: Converts daily balance changes into running cumulative balances
- **Logic**: Applies window functions to sum balance changes over time, partitioned by treasury address and token. Uses ordering by timestamp to create running totals that represent the actual token balance held at each address for each token on each day
- **Key fields**: `balance` (cumulative total), maintaining all grouping dimensions from previous step

### Component C: Data completeness
- **Purpose**: Ensures continuous time series data by filling gaps
- **Logic**: Forward-fills balance values for dates where no transactions occurred, maintaining the last known balance until a new transaction changes it. This prevents gaps in the treasury value calculation due to periods of inactivity
- **Key fields**: All existing fields with filled `balance` values across all date ranges

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using daily prices
- **Logic**: Joins filled balance data with daily token price feeds, matching on date, chain, and token address. Multiplies token balance by USD price to get USD value. Filters out rows with zero or negative balances and ensures price data uses daily granularity
- **Key fields**: `amount` (USD value), derived from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sums USD values across all treasury addresses and tokens to produce a single daily treasury value
- **Currency conversion**: Uses end-of-day USD prices for consistent daily valuations
- **Time aggregation**: Daily boundary logic based on timestamp, with forward-filling to handle missing dates
- **Final calculation**: The treasury value equals the sum of all positive token balances (in USD) across all monitored treasury addresses, representing the total liquid assets held by the Synthetix protocol

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

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

SynthetixSNX

Treasury

Treasury

Competitive landscape

Chain breakdown