The 1inch Aggregation Protocol routes users' trades through the most efficient path for a token swap and aggregates multiple non-custodial exchanges.

The 1inch Network unites multiple decentralized protocols built on Ethereum and other blockchains. This dashboard tracks the 1inch Aggregation Protocol, which is a non-custodial DEX aggregator. 1inch was founded by Sergej Kunz & Anton Bukov and launched in 2019.

The 1inch Network is governed by 1inch DAO – a decentralized autonomous organization. Voting on the DAO is performed through the 1INCH token, a governance token, that was initially distributed to the community of 1inch Network users in late 2020. They currently do not take a cut of the total trading fees paid by traders (revenue). 1inch's investors include ParaFi Capital, FTX Exchange, Pantera Capital, etc.

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1inch

# 1inch Expenses Methodology

## 1. Overview

The 1inch expenses metric measures the daily USD value of liquidity incentives paid by the 1inch protocol to users. Currently, this consists entirely of gas refund payments made through 1inch's Gas Refund Program on Ethereum. The metric captures the protocol's operational costs related to incentivizing user activity by reimbursing transaction fees in 1inch tokens.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Blockchain events**: Parsed `Claimed` events from 1inch's Gas Refund Program contract on Ethereum, capturing when users claim gas refunds
- **Token price data**: End-of-day price feeds for 1inch token USD conversion
- **Token metadata**: 1inch token contract information for decimal precision correction
- **Configuration data**: Hardcoded mapping of liquidity incentive program accounts to human-readable names

## 3. Step-by-step calculation

### Component A: Gas refund event extraction
- **Purpose**: Identifies all gas refund claims made through 1inch's incentive programs
- **Logic**: Extracts `Claimed` events from the Gas Refund Program contract on Ethereum. Each event contains the recipient account address, token amount claimed, and blockchain metadata including block timestamp, transaction hash, and log index. The events are filtered to only include claims from the configured Gas Refund Program account address. Additional metadata is added including chain identification, business classification as DEX Aggregator, and version tagging.
- **Key fields**: `block_timestamp` for timing, `account_address` for recipient identification, `amount` for 1inch tokens claimed, `token_address` for the 1inch token contract

### Component B: Account dimension mapping
- **Purpose**: Provides human-readable context for liquidity incentive program accounts
- **Logic**: Maps the Gas Refund Program contract address to its descriptive name "Gas Refund Program". This dimension currently contains one configured account but provides extensibility for additional incentive programs.
- **Key fields**: `account_address` for joining with events, `account_name` for program identification

### Component C: Token incentives calculation
- **Purpose**: Converts raw blockchain token amounts to standardized USD values with proper context
- **Logic**: Joins gas refund events with account dimensions to add program context. Applies daily timestamp truncation to aggregate events by day. Converts raw 1inch token amounts from blockchain precision to standard decimal format and then to USD using end-of-day price feeds. Adds business context including business line, market sector, and product categorization.
- **Key fields**: `timestamp` for daily aggregation, `token_incentives` for USD-converted amounts, `business_line` and related classification fields

### Final aggregation
- **Combining components**: Token incentives are passed directly as expenses without additional transformation, since all current 1inch expenses consist of liquidity incentive payments
- **Currency conversion**: 1inch token amounts are converted to USD using end-of-day price feeds, with proper decimal correction applied based on token metadata
- **Time aggregation**: Events are aggregated to daily boundaries using timestamp truncation, with all events within a calendar day summed together
- **Final calculation**: The daily expenses equal the sum of all USD-converted gas refund payments made on that day, with zero values filled for days when no incentives were distributed. Results are filtered based on chain availability configuration to ensure data completeness.

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

Total project operating and incentive expenses.

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Expenses

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