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Balancer |NAV per Token
Net Asset Value per BAL Token
DAO Treasury Overview
Total Treasury
Zerion: all chains + DeFi
Excl. Native BAL
NAV numerator
Total Supply (on-chain)
BAL token contract
Circ. Supply (adjusted)
Total − 4 excluded wallets
Market Cap (adj.)
Treasury / MCap
Backing ratio
Allocation by Category
AssetProtocolChainBalanceValue
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Extended NAV — Including Working Capital & Collected Fees
Adjusted NAV per BAL
Adds assets from Balancer OpCo Limited (working capital) and Balancer Onchain Limited (collected fees).
⚠ Important: This capital is allocated for funding operations and protocol development. It should not be considered freely distributable to BAL holders.
OpCo Balancer OpCo Limited
0x3B8910F378034FD6E103Df958863e5c684072693
Onchain Balancer Onchain Limited
0x16b0056636Fcc85f92C49cD49a24bc519d4A1941
Base Treasury NAV
DAO Treasury only
+ OpCo Holdings
Working capital (ex-BAL)
+ Onchain Holdings
Collected fees (ex-BAL)
Ext. NAV / Price
Adjusted ratio
Methodology

Data sources: Zerion API (via Cloudflare Worker proxy) for all token balances, DeFi positions, and USD prices across 38+ chains and 8000+ protocols. Etherscan API for on-chain BAL supply calculation.

Circ. Supply = totalSupply() − BAL(Treasury) − BAL(BLabs Vesting) − BAL(BLabs Fundraise) − BAL(tetuBAL)
NAV = Treasury Value (ex-BAL) ÷ Circ. Supply

Wallets excluded from circulating supply: DAO Treasury (0x0EFc...fc89), BLabs Vesting (0xCDcE...DBc5), BLabs Fundraise (0xB129...20Eb), tetuBAL (0x9cC5...96Ce).

See Karpatkey and Octav for additional reporting.

All Addresses
Token BAL Token
0xba100000625a3754423978a60c9317c58a424e3D
Treasury DAO Treasury (Karpatkey)
0x0EFcCBb9E2C09Ea29551879bd9Da32362b32fc89
BLabs BLabs Vesting Safe
0xCDcEBF1f28678eb4A1478403BA7f34C94F7dDBc5
BLabs BLabs Fundraise Fund
0xB129F73f1AFd3A49C701241F374dB17AE63B20Eb
tetuBAL tetuBAL Locker
0x9cC56Fa7734DA21aC88F6a816aF10C5b898596Ce
OpCo / BLabs Balancer OpCo Limited
0x3B8910F378034FD6E103Df958863e5c684072693
Onchain Balancer Onchain Limited
0x16b0056636Fcc85f92C49cD49a24bc519d4A1941
✓ Copied