Liquidity providers deposit funds into Uniswap and receive trading fees from traders (supply-side fees).

Uniswap is a non-custodial exchange protocol built on Ethereum. Uniswap was founded by Hayden Adams and launched in 2018.

UNI tokenholders own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Uniswap's investors include Paradigm, a16z, USV, etc.

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Uniswap

# Uniswap Treasury Methodology

## 1. Overview

Treasury measures the total value of Uniswap's onchain treasury, including its own native assets. The financial resources controlled by the protocol to fund operations, reward contributors, or invest in future growth are reflected by this metric. The long-term financial sustainability and capital allocation strategies of the Uniswap protocol are assessed through the monitoring of these reserves. The treasury value is calculated by aggregating the balances of specific smart contract addresses managed by the Uniswap governance.

## 2. Data sources

- **Blockchain events**: ERC-20 token transfers and native token transfers associated with Uniswap governance treasury addresses, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Net flow extraction

- **Purpose**: Extract daily net flows of ERC-20 assets and native assets for designated treasury addresses
- **Logic**: Daily net flows are extracted from ERC-20 token transfers and native token transfers for a predefined list of Uniswap treasury account addresses on Ethereum. A specific asset address (`0x9407e201133ccd8c7b2713924bde3b72c4c0b9b6`) is explicitly excluded from the tracking. Net flows are aggregated by day, account address, and asset address.
- **Key fields**: `timestamp`, `account_address`, `token_address`, `value`

### Component B: Balance calculation and normalization

- **Purpose**: Calculate cumulative asset balances and normalize them by decimal precision
- **Logic**: Cumulative balances are calculated by running a cumulative sum over the daily net flows for each unique combination of account address and asset address. Asset metadata is joined to retrieve decimal values, and balances are normalized by decimal precision. Missing daily records are filled forward using the last known balance to ensure continuous daily tracking.
- **Key fields**: `balance`, `decimals`, `timestamp`

### Component C: USD valuation and final aggregation

- **Purpose**: Convert asset balances to USD and aggregate the total treasury value
- **Logic**: Normalized daily balances are multiplied by end-of-day asset prices to determine the USD value of each asset held. Only positive balances are retained. The individual asset values are then aggregated across all treasury addresses to produce the total daily treasury metric for Uniswap. Missing days are zero-filled where applicable, and chain availability filters are applied.
- **Key fields**: `price_usd`, `amount`, `treasury`

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

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

UniswapUNI

Treasury

Treasury

Competitive landscape

Chain breakdown