# Slipstream Fees Methodology

## 1. Overview

Fees measures the total economic value paid by users to interact with Aerodrome's Slipstream product. These fees are generated from trading activities within concentrated liquidity pools and from voting incentives deposited to direct emissions. Trading fees are paid by traders to liquidity providers during swaps, while voting incentives are deposited by protocols to attract votes and direct asset emissions to specific pools. This metric is utilized to assess the economic value generated by the Slipstream concentrated liquidity engine.

## 2. Data sources

- **Blockchain events**: `PoolCreated` events from `CLPoolFactory` contracts, `CollectFees` events from `CLPool` contracts, `NotifyReward` events from `BribeVotingReward` and `CLBribeVotingReward` contracts, and `GaugeCreated` events from `Voter` contracts, covering Base and Arc
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Slipstream pool identification

- **Purpose**: To identify active Slipstream concentrated liquidity pools.
- **Logic**: `PoolCreated` events from `CLPoolFactory` contracts are parsed to extract pool addresses and the associated trading assets. These pools are classified as Slipstream (concentrated liquidity) and mapped to their respective asset decimals.

### Component B: Trading fee extraction

- **Purpose**: To capture trading fees collected by Slipstream pools.
- **Logic**: `CollectFees` events from `CLPool` contracts are parsed to extract the collected fee amounts for both assets. These raw amounts are normalized by the decimal precision of each asset and converted to USD using end-of-day price feeds.

### Component C: Voting incentive extraction

- **Purpose**: To capture voting incentives deposited for Slipstream pools.
- **Logic**: `GaugeCreated` events from `Voter` contracts are parsed to identify the voting reward contracts associated with Slipstream gauge factories. `NotifyReward` events from these `BribeVotingReward` and `CLBribeVotingReward` contracts are then parsed to extract the incentive asset addresses and deposit amounts. The amounts are normalized by decimal precision and converted to USD using end-of-day price feeds, with time-weighted average prices applied for specific launchpad assets when standard price feeds are unavailable.

### Component D: Final aggregation

- **Purpose**: To combine trading fees and voting incentives into the final metric.
- **Logic**: Daily trading fees and voting incentives are summed to calculate the total fees generated by Slipstream. The final values are aggregated to a daily granularity using UTC day boundaries, and any missing days are represented as zero.

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

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

Fees

Exchanges (DEX)

Liquidity providers deposit funds into Aerodrome and stake their LP tokens to receive AERO tokens in proportion to their share of the votes (token incentives).

Aerodrome is a non-custodial exchange protocol built on Base. Aerodrome was launched by the Velodrome team in 2023.

AERO tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue), while the pools' unstaked liquidity providers earn the remainder of the trading fees (supply-side fees).

Slipstream

Fees

Fees

Chain breakdown