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 Treasury (net) Methodology

## 1. Overview

The Tokenlon treasury net metric measures the total USD value of all tokens held across Tokenlon's treasury addresses on Ethereum. This metric tracks the protocol's treasury holdings over time by monitoring token balances across multiple wallet addresses, converting all holdings to USD, and aggregating the total value. The metric helps assess Tokenlon's financial position and treasury management over time.

## 2. Data sources

The calculation relies on several key data sources:
- **Ethereum token transfer events**: Parsed ERC-20 `Transfer` events from Ethereum blockchain to track token movements in and out of treasury addresses
- **Ethereum transaction traces**: Transaction execution traces to capture all token balance changes
- **End-of-day token price feeds**: Daily closing prices for tokens to convert holdings to USD values
- **Token metadata**: Token contract information including symbols, decimals, and contract addresses

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Tracks token balance changes across all Tokenlon treasury addresses
- **Logic**: Monitors 13 specific Ethereum addresses that represent Tokenlon's treasury wallets. The system processes all token transfer events where these addresses are either the sender or receiver, calculating the net balance change for each token on each day. The addresses include the main treasury (`0x292a6921efc261070a0d5c96911c102cbf1045e4`), trading contract (`0x0000000006a0403952389b70d8ee4e45479023db`), and various other operational addresses. One token is specifically excluded from calculations: the LON token (`0x0000000000095413afc295d19edeb1ad7b71c952`)
- **Key fields**: `timestamp`, `account_address`, `token_address`, `balance` (net change in token units), `chain_id`

### Component B: Cumulative balance calculation  
- **Purpose**: Converts daily balance changes into running cumulative balances for each token
- **Logic**: Takes the daily balance changes and calculates cumulative sums over time for each combination of treasury address and token. This creates a time series showing the total holdings of each token in each address at any point in time
- **Key fields**: `balance` (cumulative balance), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Time series completion
- **Purpose**: Ensures continuous daily data by filling forward missing dates
- **Logic**: Uses forward-fill logic to propagate the last known balance for each token-address combination to subsequent days when no transactions occurred. This creates a complete daily time series where each day shows the current holdings even if no transfers happened
- **Key fields**: Forward-filled `balance` values for all date-token-address combinations

### Component D: USD conversion
- **Purpose**: Converts all token holdings to USD values using end-of-day prices
- **Logic**: Joins the filled balance data with daily token price feeds to convert token amounts to USD. Uses end-of-day prices matched by timestamp, chain, and token address. Only includes records where balances are positive (greater than zero)
- **Key fields**: `amount` (USD value calculated as balance multiplied by price), derived from `balance` × `price_usd`

### Final aggregation
- **Combining components**: All USD values across different tokens and treasury addresses are summed together for each day to produce a single treasury net value
- **Currency conversion**: USD conversion happens at the daily level using end-of-day token prices matched by exact timestamp
- **Time aggregation**: Data is aggregated to daily boundaries with timestamp grain set to 'day'
- **Final calculation**: The final treasury net value represents the total USD worth of all tokens held across all 13 treasury addresses, excluding the specified LON token, with zero-filling applied for missing dates to ensure a continuous time series

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

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

TokenlonLON

Treasury (net)

Treasury (net)

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