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 (net) Methodology

## 1. Overview

The total value of Uniswap's onchain treasury, excluding its native UNI asset, is measured by Treasury (net). This metric is utilized to evaluate the financial runway and non-native asset reserves available to fund operations, protocol development, and ecosystem growth. Only assets held in designated Ethereum treasury addresses are included, while native UNI assets and other specified native assets are excluded from the calculation.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events and native asset transfers associated with designated Uniswap treasury addresses, covering Ethereum
- **External data**: End-of-day price feeds for the tracked treasury assets

## 3. Step-by-step calculation

### Component A: Net flow extraction

- **Purpose**: Extract daily net flows of ERC-20 assets and native assets for the designated treasury addresses
- **Logic**: Daily net flows of ERC-20 assets and native assets are extracted for specific Uniswap treasury addresses on Ethereum. The tracked treasury addresses are restricted to `0x1a9c8182c09f50c8318d769245bea52c32be35bc`, `0x3d30b1ab88d487b0f3061f40de76845bec3f1e94`, `0x4750c43867ef5f89869132eccf19b9b6c4286e1a`, `0x4b4e140d1f131fdad6fb59c13af796fd194e4135`, and `0xe3953d9d317b834592ab58ab2c7a6ad22b54075d`. Native UNI assets (`0x1f9840a85d5af5bf1d1762f925bdaddc4201f984`) and other specified native assets (`0x9407e201133ccd8c7b2713924bde3b72c4c0b9b6`) are explicitly excluded from the flows.
- **Key fields**: `timestamp`, `account_address`, `token_address`, `value`

### Component B: Cumulative balance calculation

- **Purpose**: Calculate the running balance of each non-native asset held in the treasury
- **Logic**: Daily net flows are aggregated and cumulatively summed over time for each unique combination of treasury address and asset. For days without active transfers, balances are propagated forward to maintain a continuous daily record of holdings.
- **Key fields**: `timestamp`, `account_address`, `token_address`, `balance`

### Component C: Valuation and USD normalization

- **Purpose**: Convert asset balances to USD and aggregate the total treasury value
- **Logic**: Asset balances are normalized by decimal precision and multiplied by end-of-day price feeds to determine their USD value. Only balances greater than zero are included. The individual asset values are then aggregated across all designated treasury addresses to produce the final daily net treasury metric.
- **Key fields**: `timestamp`, `balance`, `price_usd`, `treasury_net`

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

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

UniswapUNI

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown