Liquidity providers deposit funds into zkSwap and receive trading fees from traders (supply-side fees). Traders receive token rewards for their trades through the Swap2Earn incentive program (token incentives).

zkSwap Finance is a non-custodial Swap-to-Earn DeFi exchange protocol built on zkSync Era (originally a fork of Uniswap). zkSwap Finance was founded by pseudonymous ThunderNoah, etc., and launched in 2023. 

ZF token holders own and govern the protocol via Snapshot vote. They currently take a cut of the total trading fees paid by traders (revenue).

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

zkSwap Finance

# zkSwap Finance Treasury Methodology

## 1. Overview

The zkSwap treasury metric measures the total USD value of all tokens held in zkSwap's treasury addresses. This metric provides visibility into the project's financial reserves by tracking token balances across time and converting them to USD values using end-of-day price feeds. The calculation maintains a continuous daily time series of treasury holdings, accounting for all token inflows and outflows.

## 2. Data sources

- **zkSync Era blockchain events**: Token transfer events and transaction logs from the zkSync Era blockchain to track movements of tokens into and out of treasury addresses
- **Token metadata**: Information about token symbols, decimals, and contract addresses for proper identification and processing
- **End-of-day price feeds**: Daily USD price data for all tokens held in the treasury addresses
- **Treasury address configuration**: The specific treasury address `0xffdef45585b57e294487c72f01043d5dee3f069f` monitored for zkSwap on zkSync Era

## 3. Step-by-step calculation

### Component A: Token balance change tracking
- **Purpose**: Identifies and processes all token transfers involving the zkSwap treasury address to track balance changes over time
- **Logic**: The system processes zkSync Era blockchain events to identify all token transfers where the treasury address `0xffdef45585b57e294487c72f01043d5dee3f069f` is either the sender or receiver. For each transfer, the system calculates the net balance change (positive for incoming transfers, negative for outgoing transfers) and records this with the transaction timestamp, token address, and other relevant metadata. The processing uses incremental updates with daily partitioning for efficiency
- **Key fields**: `timestamp` for transaction timing, `account_address` for the treasury address, `token_address` for token identification, `balance` for the net change amount, and `token_symbol` for human-readable token identification

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running totals to determine the actual token holdings at each point in time
- **Logic**: Using window functions, the system calculates cumulative sums of balance changes for each token held by the treasury address. The calculation partitions data by timestamp grain, chain, account address, and token address, then orders by timestamp to create running totals. This transforms individual transaction impacts into actual token holdings over time
- **Key fields**: `balance` representing the cumulative token holding amount for each token at each timestamp

### Component C: Data continuity and filling
- **Purpose**: Ensures continuous daily data points even when no transactions occur, maintaining consistent time series data
- **Logic**: The fill-forward process identifies gaps in the time series where no transactions occurred and interpolates the last known balance forward to subsequent dates. This ensures that treasury balances are reported for every day, not just days when transactions happened, providing a complete picture of holdings over time
- **Key fields**: Filled `balance` values extended across time gaps to maintain daily continuity

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using daily price feeds
- **Logic**: The system joins token balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Each token balance is multiplied by its corresponding USD price to calculate the dollar value of holdings. The process filters out zero or negative balances and ensures only daily price granularity is used for consistency. Safety functions handle potential null values during multiplication
- **Key fields**: `amount` representing the USD value of each token holding calculated as balance multiplied by `price_usd`

### Final aggregation
- **Combining components**: All USD-converted token values for the treasury address are summed together to create the total treasury value
- **Currency conversion**: Token amounts are converted to USD using end-of-day prices, with safe multiplication to handle edge cases
- **Time aggregation**: The metric maintains daily granularity with forward-filling to ensure continuous reporting
- **Final calculation**: The treasury metric equals the sum of all individual token holdings in USD, where each token's contribution is calculated as token balance multiplied by daily USD price, aggregated across all tokens held by the treasury address

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

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

zkSwap FinanceZF

Treasury

Treasury

Competitive landscape