Aragon develops smart contract frameworks and other products which is funded by Aragon treasury.

Aragon develops and manages smart contract frameworks for creating and managing decentralized organizations. Aragon was founded by Luis Cuende and Jorge Izquierdo and launched in 2016.



ANT tokenholders own and govern the protocol. Aragon does not currently charge fees for providing the smart contract frameworks. Aragon's investors include Tim Draper, Boost VC, CoinFund, etc.

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Aragon

# Aragon Earnings Methodology

## 1. Overview

Aragon earnings measures the protocol's net financial performance by calculating the difference between revenue and expenses. This metric answers how much profit or loss Aragon generates from its operations. Since Aragon operates as a non-profit infrastructure protocol that charges no fees, earnings are calculated as zero revenue minus token incentive expenses, resulting in negative earnings equal to the USD value of ANT tokens distributed as user rewards.

## 2. Data sources

The calculation uses the following raw data sources:
- **Blockchain events**: Parsed Ethereum `RewardPaid` events from three reward distribution contracts (AntBptRewards, AntUniRewards, and Unipool) that track ANT token distributions to users
- **Token metadata**: ANT token contract information including decimal precision for both v1 and v2 versions of the ANT token
- **External data**: End-of-day price feeds for ANT token USD conversion
- **Protocol configuration**: Token version cutoff dates and contract addresses for proper reward classification

## 3. Step-by-step calculation

### Component A: User reward tracking
- **Purpose**: Captures all ANT token rewards distributed to protocol users
- **Logic**: Extracts `RewardPaid` events from three Ethereum reward contracts that distribute ANT tokens to users. Events are filtered to exclude removed transactions and include key transaction metadata like block timestamp, transaction hash, and log index. The system applies token version logic using a cutoff date of October 15, 2020 to determine whether rewards should be attributed to ANT v1 or v2 tokens based on when they were distributed.
- **Key fields**: `block_timestamp` for timing, `reward` amount for distribution quantity, contract addresses for source classification, and `transaction_hash` for unique event identification

### Component B: Token incentives calculation  
- **Purpose**: Converts raw reward amounts to USD-denominated daily token incentives
- **Logic**: Takes the extracted reward events and applies timestamp truncation to daily boundaries. Performs decimal correction for ANT tokens and converts amounts to USD using end-of-day price feeds. The system aggregates all reward distributions within each day to produce daily token incentive totals. Missing days are filled with zeros to ensure complete time series data.
- **Key fields**: `timestamp` truncated to daily grain, `token_incentives` as USD-converted reward amounts, `chain_id` set to ethereum, and standardized business classification fields

### Component C: Expenses calculation
- **Purpose**: Treats token incentives as the protocol's primary expense category  
- **Logic**: Takes the calculated token incentives and reclassifies them as expenses since distributed rewards represent costs to the protocol. The USD values are carried forward without modification, maintaining the daily aggregation and zero-fill strategy for missing dates.
- **Key fields**: `expenses` field containing the USD value of token incentives, maintaining timestamp and metadata consistency

### Component D: Revenue calculation
- **Purpose**: Establishes zero revenue baseline for Aragon protocol
- **Logic**: Sets revenue to zero for all time periods since Aragon charges no fees to users. The model creates a complete time series starting from April 6, 2017 with zero values, ensuring proper alignment with expense calculations. Uses the same daily aggregation and zero-fill strategy for consistency.
- **Key fields**: `revenue` field set to 0, with matching timestamp grain and business classification structure

### Final aggregation
- **Combining components**: Revenue and expenses are combined using the standard earnings formula where earnings equals revenue minus expenses
- **Currency conversion**: All amounts are already converted to USD during the token incentives calculation step using end-of-day price feeds
- **Time aggregation**: Daily boundaries are established through timestamp truncation, with zero-fill strategy ensuring no gaps in the time series
- **Final calculation**: Since revenue is zero and expenses equal token incentives, the earnings calculation produces negative values equal to the negative USD amount of distributed ANT token rewards, representing the protocol's daily net loss from reward distributions

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

AragonANT

Earnings

Earnings

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