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).

github

twitter

discord

etherscan

website

NFT marketplaces

X2Y2

# X2Y2 Treasury (net) Methodology

## 1. Overview

The X2Y2 treasury net metric measures the total USD value of tokens held in X2Y2's treasury address on Ethereum. This metric provides insight into the protocol's financial reserves by tracking the cumulative value of all ERC20 tokens (excluding the native X2Y2 token) held in the designated treasury wallet. The calculation aggregates daily token balances, converts them to USD using end-of-day prices, and provides a time series view of the protocol's treasury holdings.

## 2. Data sources

- **Ethereum ERC20 token transfer events**: Parsed `Transfer` events from Ethereum that track token movements into and out of the treasury address
- **End-of-day token price feeds**: Daily USD price data for all tokens held in the treasury
- **Token metadata**: Token symbol and decimal information for proper balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance changes
- **Purpose**: Tracks token balance changes for the X2Y2 treasury address
- **Logic**: Extracts balance changes from Ethereum `Transfer` events for the specific treasury address `0x6d11992a247ae0d726cb967a70fc981e8308b723`. The calculation excludes the native X2Y2 token (`0x1e4ede388cbc9f4b5c79681b7f94d36a11abebc9`) to focus on external token holdings. Balance changes are calculated by analyzing inbound and outbound transfers, with inbound transfers increasing the balance and outbound transfers decreasing it
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `token_symbol`, and `balance` (the net change in token amount)

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running cumulative balances over time
- **Logic**: Applies cumulative sum calculations using window functions to convert individual balance change events into total token holdings at each point in time. The cumulative calculation is partitioned by timestamp grain, chain, account address, and token address to maintain separate running totals for each token
- **Key fields**: `balance` field is transformed from incremental changes to cumulative totals representing total tokens held

### Component C: Data continuity and filling
- **Purpose**: Ensures continuous time series data by filling forward missing data points
- **Logic**: Uses forward-filling logic to propagate the last known balance for each token to subsequent days where no balance changes occurred. This ensures that treasury holdings are represented continuously over time rather than only on days with transactions
- **Key fields**: All dimension fields (`timestamp_grain`, `chain_id`, `account_address`, `token_address`) are preserved while `balance` values are carried forward

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using daily price feeds
- **Logic**: Joins the filled balance data with end-of-day token price feeds to convert each token balance to its USD equivalent. Only positive balances are included in the calculation. The conversion multiplies each token's balance by its corresponding daily USD price
- **Key fields**: `amount` field is created by multiplying `balance` by `price_usd` from the price feeds

### Final aggregation
- **Combining components**: All USD-denominated token holdings for the treasury address are summed together to create a single treasury net value
- **Currency conversion**: Token balances are converted to USD using end-of-day price feeds for each specific token and timestamp
- **Time aggregation**: Data is aggregated at daily timestamp granularity with forward-filling for missing days
- **Final calculation**: The treasury net value represents the total USD value of all ERC20 tokens (excluding the native X2Y2 token) held in the X2Y2 treasury address at each point in time. Missing data points are filled with zeros using the finalize metric macro, and chain availability filtering is applied to ensure data quality.

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

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

X2Y2X2Y2

Treasury (net)

Treasury (net)

Competitive landscape