UMA’s oracle uses a “true unless disputed” pattern, in which anyone can propose or dispute data. In cases of disputes, UMA’s network of tokenholders vote to verify the data, earning inflationary token rewards for correct votes.

UMA is an optimistic oracle (OO) that can verify any statement proposed on the blockchain. UMA functions as a decentralized truth machine that includes human reasoning backed by economic incentives. UMA was co-founded by Hart Lambur in 2018 and launched in 2020.

UMA tokenholders own and govern the protocol. They do not currently take a cut of the total oracle call & periodic fees paid by users (revenue). UMA's investors include Placeholder and Blockchain Capital. 

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Infrastructure

# UMA Treasury Methodology

## 1. Overview

The UMA treasury metric measures the total USD value of all tokens held in UMA's treasury wallet on a daily basis. This metric provides insight into UMA's financial reserves and asset management over time. The calculation tracks token balance changes through blockchain transfer events, maintains running balances, converts to USD values, and aggregates across all tokens to produce a comprehensive treasury valuation.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events from ERC-20 token contracts that involve the UMA treasury address
- **Transaction data**: Ethereum transaction logs containing token transfer information
- **External data**: End-of-day price feeds for token-to-USD conversion and token metadata including symbols and decimal places
- **Configuration data**: Chain availability settings and treasury address specifications

## 3. Step-by-step calculation

### Component A: Token balance change tracking
- **Purpose**: Calculates daily net balance changes for each token held by the UMA treasury
- **Logic**: Extracts all `Transfer` events from Ethereum where either the sender or recipient is the UMA treasury address (0x7b292034084a41b9d441b71b6e3557edd0463fa8). For each token and day, sums all incoming transfers (where treasury is recipient) and subtracts all outgoing transfers (where treasury is sender) to determine the net balance change. Processes data incrementally with daily partitioning for efficiency
- **Key fields**: `timestamp` for daily aggregation, `account_address` for treasury identification, `token_address` for token identification, `balance` for net daily change amount, and `token_symbol` for token metadata

### Component B: Cumulative balance calculation  
- **Purpose**: Converts daily balance changes into running token balances over time
- **Logic**: Applies cumulative sum calculation using window functions partitioned by token and treasury address, ordered by timestamp. This transforms daily change amounts into total token balances held at each point in time. Forward-fills missing dates to ensure continuous daily time series without gaps
- **Key fields**: `balance` becomes cumulative total balance per token, `timestamp` maintains daily granularity, and all dimension fields are preserved for proper partitioning

### Component C: USD conversion and aggregation
- **Purpose**: Converts token balances to USD values and sums across all tokens
- **Logic**: Joins cumulative token balances with end-of-day price feeds using timestamp, chain, and token address matching. Multiplies each token balance by its corresponding USD price to get USD value per token. Filters out zero or negative balances and ensures only daily price granularity is used
- **Key fields**: `amount` represents USD value per token calculated as balance multiplied by price, with filtering for positive balances only

### Final aggregation
- **Combining components**: Sums USD values across all tokens held by the treasury on each day to produce total treasury value
- **Currency conversion**: Uses end-of-day token prices for USD conversion, ensuring consistent daily valuations
- **Time aggregation**: Maintains daily boundaries with proper timestamp alignment and forward-filling for continuous series
- **Final calculation**: The final treasury metric equals the sum of all token USD values held by the UMA treasury address on each day, with zero-filling applied for missing data 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.

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Treasury

Treasury

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