Lenders deposit funds into Venus and receive interest payments from borrowers (supply-side fees).

Venus is a non-custodial lending protocol built on BNB chain. Venus was founded by Joselito Lizarondo and launched in 2020.

XVS tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

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Venus

Venus | Data breakdown

# Venus Treasury Methodology

## 1. Overview

The Venus treasury metric measures the total USD value of all tokens held in Venus protocol treasury addresses. This metric answers the question: "What is the current market value of Venus protocol's treasury holdings?" The calculation tracks token balance changes for specific treasury addresses on BSC, maintains cumulative balances over time, converts token amounts to USD using end-of-day price feeds, and aggregates across all tokens to provide a comprehensive treasury valuation.

## 2. Data sources

The calculation relies on several key data sources:

- **Blockchain events**: Parsed BSC `Transfer` events and other token movement events to track balance changes for Venus treasury addresses
- **Transaction data**: BSC transaction traces to identify token flows and balance modifications
- **External data**: End-of-day token price feeds for USD conversion and token metadata for symbol identification and decimal handling
- **Treasury addresses**: Two specific Venus protocol treasury addresses on BSC: `0xf322942f644a996a617bd29c16bd7d231d9f35e9` and `0xfd36e2c2a6789db23113685031d7f16329158384`

## 3. Step-by-step calculation

### Component A: Token balance change tracking
- **Purpose**: Identifies and calculates token balance changes for Venus treasury addresses
- **Logic**: Processes BSC blockchain events and transaction traces to detect token movements (transfers in/out, minting, burning) for the two specified Venus treasury addresses. The system tracks balance changes rather than absolute balances to handle incremental updates efficiently. Each balance change is recorded with timestamp, token address, account address, and the net change amount.
- **Key fields**: `timestamp` (when the balance change occurred), `account_address` (treasury address), `token_address` (specific token contract), `balance` (net balance change amount), `token_symbol` (token identifier)

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running totals for each token held by each treasury address
- **Logic**: Uses window functions to calculate cumulative sums of balance changes, partitioned by timestamp grain, chain, account address, and token address. This creates running balances over time for each unique combination of treasury address and token. The calculation is ordered by timestamp to ensure proper chronological accumulation.
- **Key fields**: `balance` (cumulative running total), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Forward-filling missing data
- **Purpose**: Handles gaps in the time series data by carrying forward the last known balance
- **Logic**: Applies forward-filling logic to ensure continuous time series data for each token-address combination. When no balance changes occur on a given day, the system carries forward the previous day's balance. This ensures the treasury metric has values for every day in the analysis period, reflecting that tokens held continue to have value even when not actively traded.
- **Key fields**: Forward-filled `balance` values across continuous time dimensions

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values for aggregation
- **Logic**: Joins the forward-filled balance data with end-of-day token price feeds, matching on timestamp, chain, and token address. Uses safe multiplication to convert token amounts to USD values, handling potential null or invalid price data gracefully. Only includes records where balances are positive and price data is available with daily timestamp grain.
- **Key fields**: `amount` (USD value calculated as balance × price), `price_usd` (end-of-day token price)

### Final aggregation
- **Combining components**: All USD-converted token balances across both treasury addresses are summed together to calculate the total treasury value
- **Currency conversion**: USD conversion occurs at the token level using end-of-day price feeds, ensuring consistent timing for all price data
- **Time aggregation**: Daily boundary logic maintains continuous time series data through forward-filling, with treasury values calculated for each day
- **Final calculation**: The treasury metric equals the sum of all positive token balances (in USD) across both Venus treasury addresses, providing the total market value of protocol treasury holdings

*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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