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 Earnings Methodology

## 1. Overview

Beethoven earnings represents the protocol's daily net profit, calculated as total revenue minus total expenses. This metric answers the business question: "How much profit does Beethoven X generate daily after accounting for all costs?" The calculation uses the standard financial formula: earnings = revenue - expenses, where revenue comes from trading and flash loan fees, and expenses include revenue sharing with Balancer and token incentive distributions.

## 2. Data sources

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

- **Vault events**: Parsed `FlashLoan` events from Beethoven X Fantom and Balancer V2 Optimism vault contracts capturing flash loan activity and associated fees
- **Pool balance events**: Parsed `PoolBalanceChanged` events from the same vault contracts that include protocol fee collection data
- **Transaction data**: Fantom and Optimism transaction records providing user addresses and transaction context
- **Token transfers**: Parsed `Transfer` events from the null address to protocol fee collector addresses for LP token protocol fees
- **Pool registrations**: `PoolRegistered` events linking pool IDs to LP token addresses
- **Protocol fee updates**: `FlashLoanFeePercentageChanged` and `SwapFeePercentageChanged` events tracking fee tier changes over time
- **Incentive distributions**: `Harvest` events from Beethoven X MasterChef contracts on Fantom tracking BEETS token rewards
- **External data**: End-of-day token price feeds for USD conversion and token metadata containing decimals and symbols

## 3. Step-by-step calculation

### Component A: Flash loan fee collection
- **Purpose**: Captures fees generated from flash loan services
- **Logic**: Extract all `FlashLoan` events from Beethoven X Fantom vault and Balancer V2 Optimism vault contracts. Each event contains the flash loan amount and associated fee amount. Join with transaction data to get user addresses. Apply protocol fee tiers by looking up the most recent `FlashLoanFeePercentageChanged` event prior to each flash loan transaction using event-based time ordering. Convert token amounts to standard decimal representation using token metadata, then to USD using end-of-day price feeds. Aggregate daily by chain, account address, and token.
- **Key fields**: `amount` (flash loan principal), `feeAmount` (fees charged), `token` (token address), `newFlashLoanFeePercentage` (protocol fee tier as 18-decimal percentage)

### Component B: Trading fee collection  
- **Purpose**: Captures protocol fees from trading activity
- **Logic**: Extract protocol fees from two sources: non-LP token fees from `PoolBalanceChanged` events where `protocolfeeamounts` arrays contain fee data, and LP token fees from `Transfer` events where tokens move from null address to protocol fee collectors. For `PoolBalanceChanged` events, unnest token and fee arrays and match by position. For LP token transfers, identify relevant pool tokens through `PoolRegistered` events and filter transfers to protocol fee collector addresses. Apply trading fee tiers using `SwapFeePercentageChanged` events with time-based lookups. Convert amounts using decimals and USD prices, then aggregate daily.
- **Key fields**: `tokens` and `protocolfeeamounts` arrays from pool events, `value` from transfer events, `newSwapFeePercentage` (protocol fee tier)

### Component C: Token incentive expenses
- **Purpose**: Tracks BEETS token rewards distributed to liquidity providers
- **Logic**: Extract `Harvest` events from Beethoven X MasterChef contracts on Fantom chain. Each event represents BEETS tokens distributed as liquidity mining rewards. Join with incentive account dimensions to get contract names. Convert BEETS token amounts using 18 decimals and end-of-day BEETS price feeds to get USD values. Aggregate daily by chain and account.
- **Key fields**: `amount` (BEETS tokens distributed), hardcoded BEETS token address `0xf24bcf4d1e507740041c9cfd2dddb29585adce1e`

### Component D: Revenue sharing expenses
- **Purpose**: Calculates cost of revenue paid to Balancer for Optimism deployment
- **Logic**: Take 50% of all Optimism chain revenues as cost of revenue, representing Beethoven X's revenue sharing agreement with Balancer for co-managing the Optimism deployment. Apply this percentage to daily aggregated Optimism revenue totals. Fantom revenues have no revenue sharing costs.
- **Key fields**: Revenue amounts from Optimism chain only, fixed 50% revenue share percentage

### Final aggregation
- **Combining components**: Sum all flash loan and trading fees (converted to USD) to calculate total daily revenue by chain. Sum token incentives and revenue sharing costs to calculate total daily expenses by chain. Revenue and expenses are aggregated separately before final combination.
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds matched by timestamp, token address, and chain. Decimal correction is applied using token metadata before price conversion.
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation. Missing days are filled with zero values to create complete time series.
- **Final calculation**: Daily earnings equals daily revenue minus daily expenses (earnings = revenue - expenses), calculated separately for each chain and then aggregated across Fantom and Optimism networks.

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

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

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