Liquidity providers deposit funds into Aperture and receive trading fees from traders (supply-side fees).

Aperture is a non-custodial DeFi exchange protocol built on Manta Pacific (originally a fork of Uniswap). Aperture was founded by Gao Han, Lian Zhu, and Peiqian Li in 2021.

Aperture team & investors own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Aperture's investors include ParaFi Capital, Arrington XRP Capital, Costanoa Ventures and Divergence Ventures.

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# Aperture Supply-side fees Methodology

## 1. Overview

The Aperture fees supply side metric measures the total fees earned by liquidity providers from trading and flash loan activities on the Aperture V1 decentralized exchange on the Manta blockchain. This metric represents the supply-side revenue generated from automated market maker (AMM) operations, calculated by applying pool-specific fee tiers to both trading volumes and flash loan volumes, then aggregating the results daily in USD terms.

## 2. Data sources

The calculation uses the following raw data sources:

- **Pool creation events**: Parsed Manta blockchain `Factory_PoolCreated_event` logs containing pool addresses, token pairs, and fee tier configurations
- **Trading events**: Parsed Manta blockchain `Pool_Swap_event` logs capturing swap transactions with token amounts and user addresses
- **Flash loan events**: Parsed Manta blockchain `Pool_Flash_event` logs recording flash loan transactions with borrowed amounts and user addresses
- **Transaction records**: Manta blockchain transaction data providing transaction originators and metadata
- **Token metadata**: Reference data containing token symbols, decimal places, and contract addresses for proper amount calculations
- **Price feeds**: End-of-day token price feeds providing USD conversion rates for tokens traded on Aperture

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Establish all trading pools with their fee structures and token configurations
- **Logic**: Extract pool creation events from Manta blockchain logs to identify unique trading pairs. Parse the `fee` field from `Factory_PoolCreated_event` logs and convert from integer format to decimal percentage by dividing by 10^6. Join with token metadata to obtain token symbols and decimal places for both `token0` and `token1` in each pool. Create readable pool names by concatenating token symbols with hyphens.
- **Key fields**: `pool` address as unique identifier, `token0` and `token1` addresses, `fee` tier as decimal percentage, token `decimals` for amount corrections, and constructed `account_name` for pool identification

### Component B: Trading volume calculation  
- **Purpose**: Calculate daily USD trading volumes for each pool with anti-manipulation controls
- **Logic**: Process `Pool_Swap_event` logs to extract swap transactions. Take absolute values of `amount0` and `amount1` fields to handle both buy and sell directions. Correct token amounts by dividing by 10 raised to the respective token's decimal places. Aggregate amounts daily by pool and convert both tokens to USD using end-of-day price feeds. Apply anti-manipulation filter by taking the lesser of the two USD amounts (token0 vs token1) to prevent inflated volume from price discrepancies.
- **Key fields**: Daily aggregated `trading_volume` in USD, `token0_amount` and `token1_amount` in corrected decimals, joined with `price_usd` from price feeds

### Component C: Flash loan volume calculation
- **Purpose**: Calculate daily USD flash loan volumes for each pool
- **Logic**: Process `Pool_Flash_event` logs to extract flash loan transactions. Capture `amount0` and `amount1` fields representing borrowed amounts. Correct token amounts using decimal places from trading pair metadata. Aggregate amounts daily by pool and convert both tokens to USD using end-of-day price feeds. Sum both token USD values to get total flash loan volume (unlike trading volume which uses the minimum).
- **Key fields**: Daily aggregated `flash_loan_volume` in USD, `token0_amount` and `token1_amount` in corrected decimals, joined with `price_usd` from price feeds

### Component D: Fee calculation
- **Purpose**: Calculate total fees earned by liquidity providers from both trading and flash loan activities
- **Logic**: Apply pool-specific fee tiers to calculated volumes. Multiply trading volumes by their respective pool fee tiers to get trading fees. Multiply flash loan volumes by their respective pool fee tiers to get flash loan fees. Combine both fee types using union operation and aggregate by day and chain to get total fees.
- **Key fields**: `fees` calculated as volume multiplied by `fee_tier`, aggregated across trading and flash loan activities

### Final aggregation
- **Combining components**: Union trading volume fees with flash loan volume fees, then sum by timestamp, chain, and product identifiers to get total daily fees
- **Currency conversion**: All amounts converted to USD using end-of-day price feeds joined on date, token address, and chain
- **Time aggregation**: All data aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: The final `fees_supply_side` value represents the sum of (trading_volume × fee_tier) + (flash_loan_volume × fee_tier) for all pools, expressed in USD and aggregated daily

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

Portion of fees distributed to service providers or supply-side participants.

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