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 Expenses Methodology

## 1. Overview

The Aragon expenses metric measures the total value of ANT token incentives distributed to users through Aragon's reward programs. This metric quantifies the protocol's operational costs related to user incentive programs by tracking token distributions from specific reward contracts and converting them to USD values. The metric answers the business question: "How much is Aragon spending on user incentives over time?"

## 2. Data sources

The calculation relies on the following raw data sources:
- **Ethereum reward contract events**: Parsed `RewardPaid` events from three specific Aragon reward contracts (AntBptRewards, AntUniRewards, and Unipool)
- **End-of-day token price feeds**: Price data for ANT tokens (both v1 and v2) to convert token amounts to USD values
- **Token metadata**: Decimal precision information for proper token amount calculations

## 3. Step-by-step calculation

### Component A: User reward extraction
- **Purpose**: Extracts all user reward distributions from Aragon reward contracts
- **Logic**: Queries parsed `RewardPaid` events from three specific reward contracts on Ethereum. Filters out removed events to ensure only valid transactions are included. Applies conditional logic to determine the correct ANT token address based on the event timestamp - uses ANT v2 address for events after October 15, 2020, and ANT v1 address for earlier events. Extracts the reward amount from the `reward` field and captures transaction metadata including block timestamp, transaction hash, and log index.
- **Key fields**: `block_timestamp` for timing, `reward` for token amounts, `transaction_hash` and `log_index` for transaction identification, `token_address` determined by date logic

### Component B: Daily aggregation and USD conversion
- **Purpose**: Aggregates reward distributions by day and converts token amounts to USD
- **Logic**: Truncates timestamps to daily boundaries using day-level aggregation. Groups rewards by chain, business dimensions, and token address. Applies decimal correction to convert raw token amounts to proper token units based on token metadata. Converts corrected token amounts to USD using end-of-day price feeds matched by date and token address. Sums all reward amounts within each day and dimensional grouping.
- **Key fields**: `timestamp` truncated to day, `token_incentives` as the USD-converted sum, `chain_id` set to ethereum, various business dimension fields

### Final aggregation
- **Combining components**: The daily aggregated USD values flow directly from the token incentives calculation
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds, with decimal correction applied first to ensure proper token unit calculations
- **Time aggregation**: All reward events are aggregated to daily boundaries, with gaps filled using zero-filling strategy
- **Final calculation**: The expenses metric is simply the token incentives value renamed - representing the total USD value of ANT tokens distributed as user rewards each day. Chain availability filters are applied to ensure data consistency across supported networks.

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

Total project operating and incentive expenses.

AragonANT

Expenses

Expenses

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