Traders exchange funds through request for quotation system built on 0x protocol and aggregated AMMs. Tokenlon collects a trading fee (revenue) from trades.

Tokenlon is a non-custodial exchange protocol built on Ethereum. Tokenlon was founded by imToken team and launched in 2018.

LON tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Tokelon's investors include IDG Capital, Qiming Venture Partners, Breyer Capital, etc.

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Tokenlon

# Tokenlon Treasury Methodology

## 1. Overview

The treasury metric measures the total USD value of all tokens held across Tokenlon's treasury addresses on Ethereum. This metric provides insight into the protocol's financial reserves by tracking token balances across 13 identified treasury and operational wallets, converting their holdings to USD values, and aggregating them into a single treasury value that represents the protocol's total liquid assets.

## 2. Data sources

The calculation relies on several key data sources:
- **Blockchain events**: Parsed Ethereum ERC20 `Transfer` events to track token movements in and out of treasury addresses
- **Token metadata**: Information about token symbols, decimal places, and contract addresses for proper balance calculations
- **External data**: End-of-day token price feeds for USD conversion of token holdings
- **Transaction data**: Ethereum transaction logs and traces that contain the underlying transfer events

## 3. Step-by-step calculation

### Component A: Balance change tracking
- **Purpose**: Identifies and processes token balance changes for Tokenlon's treasury addresses
- **Logic**: The system monitors 13 specific Ethereum addresses that represent Tokenlon's treasury and operational wallets. For each address, it processes ERC20 `Transfer` events where the address appears as either sender or receiver. Incoming transfers increase the balance while outgoing transfers decrease it. These balance changes are calculated daily for each token held by each address.
- **Key fields**: Important fields include `account_address` for the treasury wallet, `token_address` for the specific token, `balance` change amount, and `timestamp` for the transaction date

### Component B: Cumulative balance calculation  
- **Purpose**: Converts daily balance changes into running cumulative balances for each token
- **Logic**: Using window functions partitioned by timestamp grain, chain, account address, and token address, the system calculates running sums of balance changes ordered by timestamp. This produces cumulative token balances showing the total amount of each token held by each treasury address at any point in time.
- **Key fields**: The cumulative `balance` field represents the total token holdings, partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: Data continuity through forward-filling
- **Purpose**: Ensures continuous time series data even when no transactions occur
- **Logic**: The forward-fill process identifies gaps in the daily time series where treasury addresses had no token activity. For these missing days, it propagates the last known balance forward, ensuring that token holdings are represented consistently across all days. This prevents treasury values from appearing to drop to zero simply due to lack of trading activity.
- **Key fields**: The filled `balance` field maintains continuity across the time dimension while preserving all grouping dimensions

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation and comparison
- **Logic**: Each token balance is joined with end-of-day price feeds based on matching timestamp, chain, and token address. The system multiplies the token balance by the corresponding USD price to get the dollar value. Only positive balances are included in the conversion to avoid counting tokens that have been fully spent.
- **Key fields**: The calculated `amount` field represents the USD value of each token holding, derived from multiplying `balance` by `price_usd`

### Final aggregation
- **Combining components**: All USD-denominated token holdings across all 13 treasury addresses are summed together to produce a single treasury value representing the protocol's total liquid assets
- **Currency conversion**: USD conversion occurs using end-of-day prices matched to the specific date, chain, and token address, ensuring accurate valuation timing
- **Time aggregation**: The metric is calculated daily, with each day representing the treasury value at the end of that day based on closing token prices
- **Final calculation**: The final treasury value equals the sum of all USD-converted token balances across all monitored treasury addresses, providing a comprehensive view of Tokenlon's financial reserves

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

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

TokenlonLON

Treasury

Treasury

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