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 Fees Methodology

## 1. Overview

The 1inch fees metric measures the daily revenue collected by the 1inch protocol through fees accumulated in their treasury addresses. This metric tracks token inflows to two specific treasury contracts, representing fees earned from the protocol's DEX aggregation services. The calculation captures both ERC-20 token transfers and ETH transfers, converts them to USD, and aggregates them on a daily basis.

## 2. Data sources

- **Ethereum ERC-20 token transfer events**: Parsed `Transfer` events showing token movements to 1inch treasury addresses
- **Ethereum transaction traces**: Internal ETH transfers captured from transaction execution traces to treasury addresses
- **End-of-day token price feeds**: Daily token prices in USD for currency conversion
- **Token metadata**: Token contract information including decimal places for amount normalization

## 3. Step-by-step calculation

### Component A: Treasury address 1 fee collection
- **Purpose**: Captures fee inflows to the first 1inch treasury address during its active period
- **Logic**: Identifies all token transfers to treasury address `0xdd9f24efc84d93deef3c8745c837ab63e80abd27` from March 10, 2021 to November 14, 2021. Excludes transfers from the Binance address `0x28c6c06298d514db089934071355e5743bf21d60` and denylisted token `0x065cc8636a00c007276ed9cb874cd59b89e6609b`. Also captures ETH transfers to the same address using transaction traces, with the same exclusion rules and time boundaries
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `from_address`, `token_address`, `value` (converted to `amount`)

### Component B: Treasury address 2 fee collection  
- **Purpose**: Captures fee inflows to the second 1inch treasury address with stricter token filtering
- **Logic**: Identifies token transfers to treasury address `0x7951c7ef839e26f63da87a42c9a87986507f1c07` from October 11, 2021 onwards. Only includes transfers of allowlisted tokens (USDC, USDT, 1INCH token, WETH, DAI, WBTC). Excludes transfers from Binance address and specific denylisted transaction `0xae439dccd70e5b1119f683f90dbd3278f4aedef2387337aa80bfe5c2474c6620`. Also captures ETH transfers using transaction traces with the same address and time filters
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `from_address`, `token_address`, `value` (converted to `amount`)

### Component C: Daily aggregation and metadata assignment
- **Purpose**: Combines fee collections and applies business categorization
- **Logic**: Unions data from both treasury addresses and truncates timestamps to daily boundaries. Assigns business metadata including market sector as 'exchanges', business segment as 'dex_aggregator', and business line as 'DEX Aggregator'
- **Key fields**: Daily aggregated `timestamp`, `chain_id`, `token_address`, `amount` (renamed from `fees`)

### Component D: USD conversion and decimal correction
- **Purpose**: Normalizes token amounts and converts to USD
- **Logic**: Applies decimal correction based on token metadata to convert raw token amounts to proper decimal representation. Converts corrected amounts to USD using end-of-day price feeds matched by date and token address
- **Key fields**: `fees` (amount in USD), maintaining all original fields

### Final aggregation
- **Combining components**: All fee collections from both treasury addresses are unioned together and processed through the same conversion pipeline
- **Currency conversion**: Uses end-of-day price feeds to convert token amounts to USD after applying proper decimal corrections
- **Time aggregation**: Groups data by daily timestamps with truncation to day boundaries
- **Final calculation**: Sums all USD-converted fee amounts by day, applying gap filling with zero values for days with no fee collection activity. The final metric represents total daily fees collected by the 1inch protocol across both treasury addresses

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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Fees

Fees

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