Liquidity providers deposit funds to the lending pool and receive a portion of the interest (supply-side fees).

TrueFi is a non-custodial lending protocol built on Ethereum offering undercollateralized loans for verified borrowers. TrueFi was founded by Rafael Cosman and launched in 2020.

TRU tokenholders own and govern the protocol. They currently take a cut of the interest and an origination fee (revenue). TrueFi’s investors include a16z, BlockTower Capital, Alameda Research etc.

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TrueFi

# TrueFi Treasury Methodology

## 1. Overview

The TrueFi Treasury metric measures the total USD value of digital assets held in TrueFi's treasury wallets. This metric provides visibility into the protocol's financial reserves by tracking all ERC20 tokens and native ETH held across designated treasury addresses on Ethereum. The calculation aggregates token balances from blockchain transfer events and converts them to USD values using daily price feeds.

## 2. Data sources

- **Ethereum token transfers**: Parsed `Transfer` events from ERC20 contracts showing inbound and outbound token movements
- **Ethereum native transfers**: ETH transfer records from transaction traces and logs
- **Token metadata**: Symbol, decimal precision, and contract address information for proper balance calculations
- **End-of-day price feeds**: Daily USD price data for all tokens held in treasury addresses
- **Chain availability data**: Ethereum network availability windows for data quality filtering

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Calculate running token balances for each treasury address by processing all historical transfer events
- **Logic**: The system identifies two specific Ethereum addresses (`0x2a5c94f3f00db7f11d53d1cfbd9ae8a2bbc7bbf0` and `0x4f4ac7a7032a14243aebda98ee04a5d7fe293d07`) as TrueFi's treasury wallets. For each address, all token transfer events are processed to track when tokens move in or out. Transfer events include both ERC20 token transfers and native ETH movements. The system calculates net balance changes for each token by subtracting outgoing transfers from incoming transfers.
- **Key fields**: `account_address` for treasury wallet identification, `token_address` for specific token tracking, `balance` representing net change in token holdings, `timestamp` for chronological ordering

### Component B: Cumulative balance calculation  
- **Purpose**: Convert balance changes into running totals to show actual token holdings over time
- **Logic**: Balance changes from Component A are processed using window functions to calculate cumulative sums. The calculation is partitioned by timestamp grain, chain, account address, and token address to maintain separate running totals for each unique combination. This creates a time series showing the actual token balance held in each treasury address at each point in time.
- **Key fields**: `balance` as cumulative sum of all historical balance changes, partitioned grouping maintains separate totals per token per address

### Component C: Time series completion
- **Purpose**: Fill gaps in the time series to ensure continuous daily data points for each token balance
- **Logic**: Since token transfers only occur sporadically, the balance data contains gaps where no transfers happened. A forward-fill process copies the most recent balance forward to subsequent dates until a new transfer occurs. This creates a complete daily time series showing that token balances remain constant between transfer events.
- **Key fields**: Forward-filled `balance` values extended across date ranges with no transfer activity

### Component D: USD conversion
- **Purpose**: Convert token balances from native units to USD values using daily price feeds
- **Logic**: Each token balance is joined with corresponding daily USD price data based on timestamp, chain, and token address. Token balances are multiplied by their daily USD price to calculate the dollar value. Only positive balances are included to exclude any calculation artifacts. The system uses end-of-day prices to ensure consistent daily snapshots.
- **Key fields**: `amount` as USD value calculated from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: All USD-denominated token balances across both treasury addresses are summed together for each day to produce a single treasury value
- **Currency conversion**: Token amounts are converted to USD using daily price feeds matched by timestamp, chain, and token address
- **Time aggregation**: Daily boundaries are used for both balance snapshots and price feeds to ensure consistent temporal alignment
- **Final calculation**: The metric represents the total USD value of all tokens held across TrueFi's designated treasury addresses, calculated as the sum of each token balance multiplied by its daily USD price, with zero-fill applied for missing data points and chain availability filtering for data quality assurance

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

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

TrueFiTRU

Treasury

Treasury

Competitive landscape