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

# Aperture Revenue Methodology

## 1. Overview

Aperture revenue represents the protocol-level earnings from its automated market maker (AMM) operations on Manta chain. The metric tracks revenue generated from trading fees and flash loan fees across all Aperture liquidity pools. However, Aperture operates as a pure AMM protocol where all fees are distributed to liquidity providers, resulting in zero protocol-level revenue despite generating fees from user activities.

## 2. Data sources

The calculation relies on several types of blockchain data and external feeds:

- **Pool creation events**: Parsed Manta `Factory_PoolCreated` events that establish all Aperture liquidity pools with their token pairs and fee tier structures
- **Trading activity**: Parsed Manta `Pool_Swap` events capturing all token swaps within Aperture pools, including token amounts and participating addresses  
- **Flash loan activity**: Parsed Manta `Pool_Flash` events tracking temporary token borrowing within single transactions
- **Transaction data**: Manta transaction records used to identify the actual users initiating pool interactions
- **Token metadata**: Token contract information including decimals and symbols for proper amount calculations and display names
- **External price data**: End-of-day token price feeds providing USD conversion rates for volume calculations

## 3. Step-by-step calculation

### Component A: Pool identification and metadata
- **Purpose**: Establishes the universe of Aperture pools and their fee structures
- **Logic**: Processes `Factory_PoolCreated` events from Manta chain to identify all Aperture pools. Extracts pool contract addresses, underlying token pair addresses (token0 and token1), and fee tier percentages. Enriches pool data with token metadata including decimal places and symbols to create human-readable pool names in "TOKEN0-TOKEN1" format. Fee tiers are normalized by dividing by 10^6 to convert from basis points to decimal percentages.
- **Key fields**: Pool `address`, `token0_address`, `token1_address`, `fee_tier`, token `decimals`, and constructed `account_name`

### Component B: Trading volume calculation  
- **Purpose**: Calculates USD trading volume from swap activities across all pools
- **Logic**: Processes `Pool_Swap` events from Manta pools, extracting token amounts for both tokens in each swap. Takes absolute values of token amounts since swaps can have positive or negative values depending on direction. Joins with pool metadata to apply correct decimal normalization for each token. Aggregates volumes daily by pool, then converts both token amounts to USD using end-of-day price feeds. Uses the minimum USD value between the two tokens in each swap to prevent price manipulation attacks where one token might have artificially inflated prices.
- **Key fields**: `token0_amount`, `token1_amount` (after decimal correction), `trading_volume` (in USD)

### Component C: Flash loan volume calculation
- **Purpose**: Calculates USD volume from flash loan activities across all pools  
- **Logic**: Processes `Pool_Flash` events from Manta pools, capturing temporary token borrowing within single transactions. Flash loans allow users to borrow tokens without collateral as long as they repay within the same transaction. Extracts borrowed amounts for both tokens, applies decimal correction using pool metadata, and aggregates daily volumes by pool. Converts both token amounts to USD using end-of-day price feeds and sums them together (unlike trading volume, no minimum is applied since flash loans represent actual borrowed amounts rather than potentially manipulated swap values).
- **Key fields**: `token0_amount`, `token1_amount` (after decimal correction), `flash_loan_volume` (in USD)

### Component D: Fee calculation
- **Purpose**: Calculates total fees generated from both trading and flash loan activities
- **Logic**: Multiplies trading volumes by their respective pool fee tiers to calculate trading fees. Similarly multiplies flash loan volumes by fee tiers to calculate flash loan fees. Combines both fee types and aggregates by day, chain, and product to get total fees generated across all Aperture pools. Fee tiers represent the percentage of volume collected as fees (e.g., 0.003 for 0.3% fee tier).
- **Key fields**: Calculated `fees` from volume × `fee_tier` for both activity types

### Final aggregation
- **Combining components**: Trading fees and flash loan fees are unioned together and aggregated by timestamp, chain, and product dimensions to create total fee amounts
- **Currency conversion**: All volume calculations use end-of-day USD price feeds matched by token address, chain, and timestamp for consistent valuation
- **Time aggregation**: All activities are aggregated to daily boundaries using timestamp truncation, with "day" as the timestamp grain
- **Final calculation**: Despite generating fees through the calculation above, the revenue metric hardcodes the final revenue value to zero, reflecting Aperture's business model where all fees are distributed to liquidity providers rather than retained by the protocol

*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.

Aperture

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Revenue

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