# DAO Treasuries Ranked by On-Chain Holdings

> DAO treasuries ranked by on-chain holdings: own token, stablecoin reserves and other assets across each DAO's timelock, Safe and treasury addresses.

Markdown copy of https://voltfincrypto.com/apps/dao-treasuries-ranking

**Question:** Which DAOs hold the largest treasuries, and how much of it is their own token?

- Kind: Table in Voltfin Strata
- Topic: [DAOs and treasuries](https://voltfincrypto.com/topics/governance)
- Chains: Multi-chain, Ethereum, Arbitrum, OP Mainnet, Base
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

A DAO treasury is the set of addresses a DAO controls: its timelock, its multisig Safes and the contracts that hold its reserves. This table adds up what those addresses hold on each chain at the end of each day, and ranks DAOs by the total.

Each total is split into the DAO's own token, stablecoins and everything else, because they mean different things. Stablecoins can pay for work today, while a DAO's own token is valued at its market price but could rarely be sold at that price in size, so the table shows the split before the total.

Tokens with no reliable on-chain price are counted and listed but left out of the value rather than given one. Balances in vesting or lock contracts owned by a treasury are shown apart.

## Blueprint

One row: One row per DAO, across every chain its treasury addresses hold assets on, at the latest complete day

- **DAO** (`dao`): The DAO, linked to its registry entry and treasury addresses.
- **Chains** (`chains`): The chains on which the DAO's treasury addresses hold assets.
- **Treasury value** (`treasury_value`, USD): Priced liquid holdings across all of the DAO's treasury addresses at the day's last blocks.
- **Own token** (`own_token_value`, USD): Value of the DAO's own governance token held, at its on-chain price.
- **Own-token share** (`own_token_share`): Own-token value as a share of treasury value.
- **Stablecoins** (`stablecoins`, USD): USD stablecoins held, at their on-chain price.
- **Other assets** (`other_assets`, USD): ETH, wrapped bitcoin, liquid staking tokens and every other priced asset.
- **Unpriced tokens** (`unpriced_tokens`, count): Tokens held that have no reliable on-chain price and are left out of the value.
- **Locked or vesting** (`locked_value`, USD): Holdings in vesting or lock contracts owned by the treasury, not included in treasury value.
- **30-day change** (`change_30d`): Change in treasury value against thirty days earlier.
- **Receipt** (`receipt`): The addresses, blocks and balance reads behind the row.

## How it will be measured

- Treasury addresses come from a registry of each DAO's timelock, Safe and treasury contracts, each recorded with its source, such as governance documentation or the targets of executed proposals.
- Balances are ERC-20 balanceOf and native balances of those addresses at the last block of each day on each chain.
- Assets are valued with Chainlink feeds or DEX pool prices at the same block; assets with no price are left missing, never valued at zero.
- Tokens held in vesting or lock contracts owned by the treasury are counted separately from the liquid total, with their unlock schedule.

## Data it needs

- `treasury_balances_daily` (to build): Balances of DAO, protocol and multisig treasuries per asset at day end, and their inflows and outflows.
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- `dex_liquidity_daily` (to build): Liquidity held by each DEX pool at day end, in tokens and valued in USD, with fee tier and pool age.
- `stablecoins` (published): Every tracked stablecoin contract: issuer, peg, chain, decimals and whether it is native or bridged.
- `token_unlocks` (to build): Vesting and unlock schedules of major tokens, from vesting contracts where they exist and from published schedules otherwise, with each unlock's date and recipient group.
- Source: A registry of DAO treasury, timelock and Safe addresses, with sources
- Source: ERC-20 balanceOf and native balances of those addresses at daily blocks on each chain
- Source: Chainlink feeds and DEX pool prices for valuation, with unpriced assets left as NULL
- Source: Vesting and lock contracts owned by treasuries, for locked balances

## Questions

### What is a DAO treasury?

The funds a DAO controls through governance: tokens held by its timelock, its multisigs and its treasury contracts. Spending from it usually needs a passed proposal or the signatures of a council.

### Why split out the DAO's own token?

Most DAOs hold a large share of their own token, valued at its market price. Selling it in size would move that price, so a treasury that is mostly its own token has less spending power than its total suggests.

### Are funds held with exchanges or market makers included?

Only balances at addresses the registry attributes to the DAO, with a source. Funds a DAO has lent to market makers or placed with custodians are not visible on-chain as its own, so they are not counted.

### How often is the table updated?

Every day, from balances at the last block of the day on each chain. Each row's receipt names those blocks and the addresses read.

## Glossary

- **Timelock**: A contract that executes a DAO's passed proposals after a delay and often holds its treasury.
- **Safe**: A multisignature wallet contract that needs a set number of its owners to sign each transaction.
- **Own-token share**: The part of a treasury's value held in the DAO's own governance token.

## Related apps

- [DAO Governance Tracker: On-Chain Proposals and Votes](https://voltfincrypto.com/apps/dao-governance-tracker)
- [DAO Voter Turnout Ranked by Protocol](https://voltfincrypto.com/apps/dao-voter-turnout-ranking)
- [Safe Multisig Checker: Owners, Threshold and Modules](https://voltfincrypto.com/apps/safe-multisig-checker)
- [Crypto Token Buybacks Ranked by Amount Spent](https://voltfincrypto.com/apps/crypto-token-buybacks-ranking)
- [Token Unlocks This Week and Unlock Calendar](https://voltfincrypto.com/apps/token-unlocks-calendar)
- [DeFi Protocol Revenue and Fees Ranking](https://voltfincrypto.com/apps/defi-protocol-revenue-ranking)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F