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 (net) Methodology

## 1. Overview

TrueFi treasury net measures the total USD value of all tokens held in TrueFi's treasury addresses. This metric provides insight into the protocol's financial reserves by tracking token balances across specified treasury wallets and converting them to USD using daily price feeds. The calculation focuses on two main treasury addresses on Ethereum and excludes specific tokens from the calculation.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from Ethereum blockchain tracking token movements in and out of treasury addresses
- **Token metadata**: Information about token symbols and decimal places for proper balance calculations  
- **End-of-day price feeds**: Daily USD price data for tokens held in treasury addresses
- **Transaction data**: Ethereum transaction records to capture balance changes over time

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for TrueFi treasury addresses on Ethereum
- **Logic**: Monitor two specific treasury addresses (`0x2a5c94f3f00db7f11d53d1cfbd9ae8a2bbc7bbf0` and `0x4f4ac7a7032a14243aebda98ee04a5d7fe293d07`) for all token movements. Parse Ethereum `Transfer` events to identify when tokens flow into or out of these addresses. Exclude one specific token address (`0x4c19596f5aaff459fa38b0f7ed92f11ae6543784`) from calculations. Process data incrementally using daily partitions to track balance changes over time.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `balance` change amounts, and `token_symbol`

### Component B: Cumulative balance calculation
- **Purpose**: Calculate running totals of token balances for each treasury address and token combination
- **Logic**: Apply cumulative sum calculations using window functions partitioned by timestamp grain, chain, account address, and token address. Order by timestamp to maintain chronological sequence of balance changes. This creates running totals that reflect the actual token holdings at each point in time.
- **Key fields**: Cumulative `balance` amounts calculated from individual balance changes

### Component C: Data completeness handling
- **Purpose**: Ensure continuous data availability by forward-filling missing data points
- **Logic**: Apply forward-fill logic to propagate the last known balance value forward when no transactions occur for a given token in a treasury address. This ensures that static holdings are properly represented in the daily time series even when no balance changes occur.
- **Key fields**: Forward-filled `balance` values across time dimensions

### Component D: USD conversion
- **Purpose**: Convert all token balances to USD values using daily price feeds
- **Logic**: Join token balance data with end-of-day price feeds using timestamp, chain identifier, and token address as join keys. Apply safe multiplication to convert token amounts to USD values using daily closing prices. Filter to only include positive balances and valid price data. Only process daily price granularity to ensure consistent valuation timing.
- **Key fields**: `amount` representing USD value calculated from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: Sum all USD-converted token values across all treasury addresses and tokens to calculate total treasury net value
- **Currency conversion**: Uses end-of-day USD prices joined by exact timestamp, chain, and token address matches
- **Time aggregation**: Maintains daily granularity with timestamp boundaries aligned to day-level partitions
- **Final calculation**: The treasury net value equals the sum of all positive token balances multiplied by their respective daily USD prices, aggregated across both treasury addresses, with specific token exclusions applied and forward-fill strategy for missing data points

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

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

TrueFiTRU

Treasury (net)

Treasury (net)

Competitive landscape