Liquidity providers deposit funds into Wombat Exchange and receive WOM token rewards.

Wombat Exchange is a non-custodial exchange protocol built on BNB Chain. Wombat Exchange was founded by Alex Lee and launched in April 2022.

WOM tokenholders own and govern the protocol. They currently receive all trading fees paid by traders (revenue). Wombat Exchange’s investors include Binance Labs, Animoca Brands and Hailstone Ventures.

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Wombat Exchange

# Wombat Exchange Treasury (net) Methodology

## 1. Overview

The Wombat treasury net metric measures the total USD value of tokens held in Wombat Exchange's treasury address on the BSC chain. This metric provides insight into the protocol's treasury holdings by tracking token balances over time and converting them to USD values using daily price feeds. The calculation excludes the native WOM token to focus on external asset holdings, providing a view of the protocol's diversified treasury assets.

## 2. Data sources

- **BSC blockchain events**: Parsed `Transfer` events from BSC blockchain that track token movements into and out of the treasury address
- **Token metadata**: Information about token symbols and contract details for BSC tokens
- **End-of-day price feeds**: Daily token price data in USD for BSC tokens to enable currency conversion
- **Table modification timestamps**: System metadata used to optimize incremental data processing and ensure data freshness

## 3. Step-by-step calculation

### Component A: Token balance changes extraction
- **Purpose**: Extract and process token transfer events to calculate balance changes for the Wombat treasury address
- **Logic**: The system processes BSC `Transfer` events to identify all token movements involving the Wombat treasury address `0xc37a89cdb064ac2921fcc8b3538ac0d6a3aadf48`. For each transfer event, the system calculates the net balance change by analyzing inbound transfers (positive balance changes) and outbound transfers (negative balance changes). The calculation uses the `calculate_token_balance_changes` macro which processes raw transfer events and computes running balance changes for each token held by the treasury address.
- **Key fields**: `timestamp` for event timing, `chain_id` identifying BSC, `account_address` for the treasury address, `token_address` for each token, `token_symbol` for identification, and `balance` representing the net change in token holdings

### Component B: Balance filtering and exclusions
- **Purpose**: Apply specific filtering rules to focus on relevant treasury holdings
- **Logic**: The system filters the balance changes to include only BSC chain data and the specific Wombat treasury address. Most importantly, it excludes the native WOM token (address `0xad6742a35fb341a9cc6ad674738dd8da98b94fb1`) from the treasury net calculation. This exclusion ensures the metric focuses on external assets held by the protocol rather than its own native token holdings.
- **Key fields**: `chain_id` for BSC filtering, `account_address` for treasury address matching, `token_address` for token exclusion logic

### Component C: Cumulative balance calculation
- **Purpose**: Calculate running cumulative balances for each token over time
- **Logic**: The system computes cumulative token balances using window functions that sum balance changes over time. The calculation partitions data by timestamp grain, chain, account address, and token address, then orders by timestamp to create running totals. This approach transforms individual balance change events into continuous balance snapshots that represent the total holdings at each point in time.
- **Key fields**: `balance` as the cumulative running total, partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component D: Data continuity through forward-filling
- **Purpose**: Create continuous daily time series by filling gaps in balance data
- **Logic**: The system applies forward-filling logic to ensure balance data exists for every day in the time series. When no balance changes occur for a token on a given day, the system carries forward the most recent balance value. This creates a complete daily dataset that accurately represents treasury holdings even during periods of no activity. The forward-filling uses timestamp, timestamp grain, chain, account address, and token address as dimensions.
- **Key fields**: `timestamp` for daily intervals, `balance` values carried forward from previous periods

### Component E: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation
- **Logic**: The system joins the filled balance data with end-of-day price feeds to convert each token balance to its USD equivalent. The join matches on timestamp, chain, and token address, using only daily price grain data. The conversion multiplies the token balance by the corresponding USD price using the `safe_multiply` function to handle potential null values. Only positive balances are included in the final USD conversion to avoid including positions that have been fully liquidated.
- **Key fields**: `amount` as the USD-converted balance value, derived from `balance` multiplied by `price_usd`

### Final aggregation
- **Combining components**: The final metric represents the total USD value of all eligible tokens held in the Wombat treasury address. Each token's USD value is calculated individually and the sum represents the treasury net value for each day.
- **Currency conversion**: All token balances are converted to USD using end-of-day price feeds, with safe multiplication to handle edge cases
- **Time aggregation**: Data is aggregated at daily intervals with forward-filling to ensure continuous time series coverage
- **Final calculation**: The treasury net value equals the sum of all USD-converted token balances held in the specified treasury address, excluding the native WOM token, with standardization applied through the `finalize_metric_treasury_net` macro using a fill zeros strategy for missing data points

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

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

Wombat ExchangeWOM

Treasury (net)

Treasury (net)

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