Liquidity providers deposit funds into Beethoven X and receive trading fees from traders (supply-side fees). In addition, Beethoven X provides liquidity providers with additional yield using boosted pools.

Beethoven X is a non-custodial exchange protocol built on Fantom and Optimism. It was founded by an anonymous team and launched in 2021.

BEETS tokenholders own and govern the protocol. They currently take a cut of the total trading and yield fees (revenue). Beethoven X shares 50% of the Optimism revenues with Balancer (Beethoven X is an official friendly fork of Balancer).

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Beets

# Beets Assets staked Methodology

## 1. Overview

The Beethoven X assets staked metric measures the total value of assets deposited into Beethoven's sFTMx liquid staking protocol on Fantom. This metric tracks the cumulative balance of the sFTMx liquid staking token, representing user deposits minus withdrawals over time. The calculation focuses specifically on the period from February 15, 2024, onwards, when Beethoven X acquired management of sFTMx from Stader Labs.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Fantom blockchain events**: Parsed `Transfer` events from the sFTMx token contract on Fantom blockchain
- **Token metadata**: sFTMx token contract information including decimal precision and contract address
- **External price data**: End-of-day USD price feeds for token valuation
- **Transaction data**: Fantom transaction logs containing token transfer events with sender/receiver addresses and amounts

## 3. Step-by-step calculation

### Component A: sFTMx deposits identification
- **Purpose**: Identifies user deposits into the sFTMx liquid staking protocol
- **Logic**: Filters Fantom `Transfer` events for the sFTMx token contract where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`). These represent token mints that occur when users deposit FTM and receive sFTMx in return. Events marked as removed are excluded to ensure data quality.
- **Key fields**: `block_timestamp` for timing, `value` for deposit amount, `token_address` for sFTMx contract identification, and transaction details for deduplication

### Component B: sFTMx withdrawals identification  
- **Purpose**: Identifies user withdrawals from the sFTMx liquid staking protocol
- **Logic**: Filters Fantom `Transfer` events for the sFTMx token contract where the `to_address` equals either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`). These represent token burns that occur when users withdraw their staked FTM by burning sFTMx tokens.
- **Key fields**: `block_timestamp` for timing, `value` for withdrawal amount, and transaction identifiers for proper tracking

### Component C: Daily balance calculation
- **Purpose**: Combines deposits and withdrawals to calculate net daily flows and cumulative balances
- **Logic**: Unions deposit transactions (as positive amounts) with withdrawal transactions (as negative amounts), then truncates all timestamps to daily boundaries. Daily net amounts are calculated by summing all deposits minus withdrawals for each day. Decimal precision is corrected using token metadata to ensure proper amount calculations. Missing days are filled with zero values to maintain a continuous time series.
- **Key fields**: Daily `timestamp`, `net_amount` representing daily flows, and dimensional attributes for protocol classification

### Final aggregation
- **Combining components**: Daily net flows are processed through a running cumulative sum calculation, partitioned by chain, account name, and token address, and ordered by timestamp to track total assets staked over time
- **Currency conversion**: Raw token amounts are converted to USD using end-of-day price feeds, with decimal precision corrections applied before price conversion
- **Time aggregation**: All data is aggregated to daily granularity with timestamp truncation, and missing days are forward-filled with the previous balance
- **Final calculation**: The final assets staked value represents the cumulative sum of all deposits minus withdrawals from the sFTMx acquisition date (February 15, 2024) onwards, converted to USD and validated through standard metric finalization processes

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

Value of assets staked or restaked through the project.

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Assets staked

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Competitive landscape

Chain breakdown