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 (net) Methodology

## 1. Overview

The Venus treasury net metric measures the total USD value of all tokens held in Venus protocol's treasury addresses on BSC. This metric provides insight into the protocol's financial position by tracking the market value of assets controlled by the treasury. The calculation processes token transfer events to determine daily balances across treasury wallets, converts these balances to USD using end-of-day prices, and sums the total value.

## 2. Data sources

- **BSC blockchain event logs**: Parsed ERC20 token `Transfer` events on Binance Smart Chain to track token movements
- **BSC transaction data**: Transaction records and traces for comprehensive token flow tracking
- **End-of-day token price feeds**: Daily closing prices for token-to-USD conversion
- **Token metadata**: Token symbols, decimal places, and contract information
- **Venus protocol configuration**: Hardcoded treasury address definitions and excluded token specifications

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Tracks token balance changes across Venus treasury addresses on BSC
- **Logic**: Processes BSC token transfer events to identify inflows and outflows for two specific Venus treasury addresses: `0xf322942f644a996a617bd29c16bd7d231d9f35e9` and `0xfd36e2c2a6789db23113685031d7f16329158384`. The system excludes one specific token address (`0xcf6bb5389c92bdda8a3747ddb454cb7a64626c63`) from all calculations, likely representing a token that should not be counted toward treasury value. Balance changes are calculated by processing `Transfer` events where these addresses are either the sender or recipient.
- **Key fields**: `account_address` (treasury wallet), `token_address` (ERC20 contract), `balance` (net change amount), `timestamp` (event time), `chain_id` (BSC identifier)

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running cumulative balances over time
- **Logic**: Applies a cumulative sum window function to transform daily balance changes into total holdings for each token in each treasury address. The calculation partitions by timestamp grain, chain, account address, and token address, then orders by timestamp to maintain chronological accuracy. This creates a time series of total token holdings for each treasury-token combination.
- **Key fields**: `balance` (cumulative total), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Forward-filling missing data
- **Purpose**: Ensures continuous daily treasury values by filling gaps in the data
- **Logic**: Applies forward-filling logic to carry forward the last known balance for each token when no transactions occur on specific days. This prevents artificial drops to zero in the treasury value when there are simply no token movements. The filling maintains separate dimensions for timestamp grain, chain, account address, and token address to preserve granular tracking.
- **Key fields**: `balance` (forward-filled values), maintaining all dimensional columns

### Component D: USD conversion
- **Purpose**: Converts all token balances to USD values for aggregation
- **Logic**: Joins the forward-filled token balances with end-of-day price feeds using timestamp, chain identifier, and token address as the matching keys. Only processes positive balances and daily price points to avoid negative treasury values and ensure consistent valuation timing. The multiplication of token balance by USD price yields the dollar value of each holding.
- **Key fields**: `amount` (USD value), derived from `balance` × `price_usd`

### Final aggregation
- **Combining components**: All USD-converted token amounts are summed across tokens and treasury addresses to produce a single daily treasury net value
- **Currency conversion**: Uses end-of-day price feeds with inner joins to ensure only tokens with available pricing are included in calculations
- **Time aggregation**: Maintains daily granularity with forward-filling to provide continuous treasury valuations
- **Final calculation**: The treasury net value equals the sum of all positive USD-converted token balances across both Venus treasury addresses, excluding the specified token, with daily forward-filling applied to maintain continuous valuation

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

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

VenusXVS

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown