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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Synthetix

# Synthetix Treasury (net) Methodology

## 1. Overview

The Synthetix treasury net metric measures the total USD value of tokens held across all official Synthetix treasury addresses on Ethereum. This metric tracks the protocol's financial reserves by monitoring token inflows and outflows from designated treasury wallets, excluding the protocol's native SNX token from calculations. The metric provides daily snapshots of the treasury's net worth by converting all token holdings to USD values and aggregating them into a single treasury balance figure.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events from ERC20 token contracts to track token movements in and out of treasury addresses
- **Transaction data**: Ethereum transaction records containing token transfer details including amounts, timestamps, and involved addresses  
- **External data**: End-of-day token price feeds for USD conversion of token balances
- **Token metadata**: Token contract information including symbols and decimal precision for proper balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance changes tracking
- **Purpose**: Identifies and tracks daily token balance changes for each Synthetix treasury address
- **Logic**: Processes parsed Ethereum `Transfer` events to calculate net token inflows and outflows for seven specific treasury addresses: `0xd939611c3ca425b4f6d4a82591eab3da43c2f4a0`, `0x99f4176ee457afedffcb1839c7ab7a030a5e4a92`, `0x547d28cdd6a69e3366d6ae3ec39543f09bd09417`, `0x579b66d0a7c48eee63b3bd2bca17bf0fa0f0787b`, `0x7b955e5ca4d0d65e91e8d945af5696d5f0707bec`, `0xb91ef9a2c37c20803efd33d98f09296d2468403b`, and `0xffffffaeff0b96ea8e4f94b2253f31abdd875847`. The macro processes transfer events where these addresses appear as either sender or receiver, calculating the net change in token balance for each token type per day
- **Key fields**: `timestamp` for daily boundaries, `account_address` for treasury wallet identification, `token_address` for token type tracking, `balance` representing net daily change in token holdings

### Component B: Cumulative balance calculation  
- **Purpose**: Converts daily balance changes into running cumulative token balances over time
- **Logic**: Uses window functions to calculate cumulative sum of balance changes for each combination of treasury address and token, ordered by timestamp. This transforms daily net changes into actual token holding amounts at each point in time
- **Key fields**: `balance` field is transformed from daily changes to cumulative holdings using sum over partition by timestamp grain, chain id, account address, and token address

### Component C: Data continuity and forward-filling
- **Purpose**: Ensures continuous daily time series data without gaps for all token holdings
- **Logic**: Applies forward-filling logic to carry forward the last known balance for each token/address combination on days where no transactions occurred. This creates a complete daily dataset showing treasury holdings even on days without token movements
- **Key fields**: All dimension fields are preserved while `balance` values are forward-filled to maintain data continuity

### Component D: USD conversion
- **Purpose**: Converts token balances from native units to USD values for aggregation
- **Logic**: Joins token balance data with end-of-day price feeds using timestamp, chain id, and token address as join keys. Multiplies token balance by corresponding USD price using safe multiplication to handle potential null values. Filters to include only positive balances and daily price granularity data
- **Key fields**: `amount` field created by multiplying `balance` by `price_usd` from price feeds

### Component E: Treasury exclusions
- **Purpose**: Excludes the protocol's native SNX token from treasury net calculations  
- **Logic**: Filters out token address `0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f` (SNX token) from all treasury balance calculations, as the protocol's own token holdings are not considered part of liquid treasury reserves
- **Key fields**: `token_address` field used for exclusion filtering

### Final aggregation
- **Combining components**: All USD-denominated token values across all treasury addresses are summed to create a single daily treasury net metric representing total treasury value
- **Currency conversion**: Token balances are converted to USD using end-of-day price feeds joined on exact timestamp, chain, and token address matches
- **Time aggregation**: Data is aggregated to daily boundaries with timestamp grain set to day level for consistent reporting
- **Final calculation**: The treasury net value equals the sum of all USD-converted token balances held across all specified treasury addresses, excluding SNX tokens, with forward-filled data ensuring complete daily coverage

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

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

SynthetixSNX

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown