Creators & users sell NFTs on X2Y2. They receive royalties from secondary sales (supply-side fees).

X2Y2 is a non-custodial NFT marketplace protocol built on Ethereum and launched in 2022.

X2Y2 tokenholders own and govern the protocol. They currently take a cut of the total transaction fees paid by buyers (revenue).

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X2Y2

# X2Y2 Treasury Methodology

## 1. Overview

The X2Y2 treasury metric measures the total USD value of all tokens held in X2Y2's official treasury address on Ethereum. This metric provides visibility into the protocol's financial position by tracking the cumulative value of all ERC20 tokens stored in their treasury wallet. The calculation involves tracking token balance changes over time, converting balances to USD values using end-of-day price feeds, and aggregating across all tokens to produce a daily treasury valuation.

## 2. Data sources

- **Ethereum Transfer events**: Parsed ERC20 `Transfer` events from Ethereum blockchain to track token inflows and outflows for the treasury address
- **End-of-day price feeds**: Daily token price data in USD for converting token balances to dollar values
- **Token metadata**: Token symbol and decimal information for proper balance calculations and display

## 3. Step-by-step calculation

### Component A: Token balance change tracking
- **Purpose**: Track all token movements (inflows and outflows) for the X2Y2 treasury address
- **Logic**: Extract all `Transfer` events where the X2Y2 treasury address (`0x6d11992a247ae0d726cb967a70fc981e8308b723`) appears as either sender or recipient. For each transfer, calculate the net balance change - positive when tokens are received, negative when tokens are sent. This creates a time series of balance changes for each token type.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `balance` (net change amount)

### Component B: Cumulative balance calculation
- **Purpose**: Convert individual balance changes into running cumulative balances for each token
- **Logic**: Apply window function to sum all balance changes over time, partitioned by timestamp grain, chain, account address, and token address. This creates a cumulative running total that represents the actual token balance at each point in time.
- **Key fields**: `balance` (cumulative sum of all changes up to that timestamp)

### Component C: Time series completion
- **Purpose**: Ensure continuous daily data points even when no transactions occurred
- **Logic**: Use fill forward logic to propagate the last known balance forward for any missing dates. This ensures the treasury value is reported for every day, maintaining the most recent balance when no transfers occurred.
- **Key fields**: Maintains all existing fields while filling gaps in the time series

### Component D: USD conversion
- **Purpose**: Convert token balances from native units to USD values
- **Logic**: Join token balances with end-of-day price feeds matching on timestamp, chain, and token address. Multiply each token balance by its corresponding USD price. Filter to include only positive balances and daily price granularity.
- **Key fields**: `amount` (token balance multiplied by USD price)

### Final aggregation
- **Combining components**: Sum all USD-converted token balances for each day to get total treasury value
- **Currency conversion**: Uses end-of-day price feeds with daily granularity, multiplying token amounts by USD prices
- **Time aggregation**: Data is aggregated at daily boundaries using timestamp grain of 'day'
- **Final calculation**: The treasury metric equals the sum of (token balance × USD price) across all tokens held in the treasury address on each day

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

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

X2Y2X2Y2

Treasury

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