# Slipstream Revenue Methodology

## 1. Overview

Revenue measures the portion of fees generated by Slipstream that is retained by the protocol and distributed to veAERO holders, combined with voting incentives paid by third-party protocols. The earning power of the Slipstream concentrated liquidity product before operating expenses and token incentives are deducted is represented by this metric. Revenue is accumulated from two primary streams: trading fees directed to liquidity incentive gauges and voting incentives (bribes) deposited to attract votes. These streams are aggregated to represent the total economic value captured by the protocol's governance participants.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Slipstream trading fee extraction

- **Purpose**: Captures trading fees generated by Slipstream pools that are routed to veAERO holders.
- **Logic**: `CollectFees` events from `CLPool` contracts are parsed to extract the collected amounts of both assets (`amount0` and `amount1`). These events are filtered to include only those where the fee recipient matches an active gauge address, which is identified from `GaugeCreated` events emitted by `Voter` contracts. The extracted asset amounts are normalized by decimal precision using asset metadata and converted to USD using end-of-day price feeds.

### Component B: Slipstream voting incentive extraction

- **Purpose**: Captures voting incentives (bribes) deposited to direct emissions to Slipstream pools.
- **Logic**: `NotifyReward` events from `CLBribeVotingReward` and `BribeVotingReward` contracts are parsed to extract the incentive asset address and amount. The pool version is determined by mapping the associated bribe contract to its gauge factory via `GaugeCreated` events from `Voter` contracts; incentives associated with factories other than the V1 factory (`0x35f35ca5b132cadf2916bab57639128eac5bbcb5`) are classified as Slipstream. For campaigns registered on-chain, `IgnitionEvent` events from `IgnitionRegistry` contracts are used to identify relevant incentive addresses. The incentive amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.

### Component C: Fallback valuation for launchpad incentives

- **Purpose**: Values Slipstream launchpad incentives that lack price data on their deposit date.
- **Logic**: For Slipstream incentives associated with the Ignition launchpad that do not have an end-of-day price on the deposit date, a fallback valuation is applied. A 24-hour time-weighted average price (TWAP) is calculated from hourly price feeds starting from the asset's first available price date. This TWAP is multiplied by the incentive amount, provided that the first-day trading volume of the asset is equal to or greater than the total calculated incentive value.

### Component D: Revenue aggregation

- **Purpose**: Combines trading fees and voting incentives into the final revenue metric.
- **Logic**: The USD-denominated trading fees and voting incentives are summed on a daily basis. The final values are aggregated by day, chain, and product ID to represent the total revenue generated by Slipstream.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

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

Revenue

Revenue

Chain breakdown