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 Expenses Methodology

## 1. Overview

Beethoven X expenses represents the total operational costs incurred by the protocol, consisting of two main components: cost of revenue (revenue sharing payments to Balancer) and token incentives (liquidity mining rewards). This metric captures the protocol's direct costs for maintaining operations and incentivizing liquidity provision across Fantom and Optimism deployments.

## 2. Data sources

The calculation utilizes several blockchain data sources and external feeds:

- **Balancer V2 vault events**: `FlashLoan` events from Fantom and Optimism capturing flash loan activity and associated fees
- **Protocol fee events**: `PoolBalanceChanged` events showing fee collections in both regular tokens and LP tokens from the Balancer V2 vault
- **Pool registration data**: `PoolRegistered` events from Balancer V2 vault to identify LP token addresses
- **Token transfer logs**: Transfer events from Fantom and Optimism blockchains to track LP token fee payments
- **Fee configuration events**: `SwapFeePercentageChanged` and `FlashLoanFeePercentageChanged` events from ProtocolFeesCollector contracts
- **Liquidity incentive events**: `MasterChef_Harvest` events from Fantom capturing BEETS token distributions
- **Transaction data**: Fantom and Optimism transaction records for event context
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Symbol and decimal information for proper token amount calculations

## 3. Step-by-step calculation

### Component A: Cost of revenue calculation
- **Purpose**: Calculates revenue sharing payments owed to Balancer for the Optimism deployment
- **Logic**: Start with flash loan volume and fees from parsed `FlashLoan` events on Fantom and Optimism, extracting `token`, `amount`, and `feeAmount` fields. Aggregate protocol fees from `PoolBalanceChanged` events, capturing both token-based fees (via `tokens` and `protocolfeeamounts` arrays) and LP token fees (by matching `poolid` with token transfers to protocol fee collector addresses). Apply protocol fee tier configurations from fee percentage change events to determine the protocol's share versus total fees collected. Calculate total fees by dividing collected protocol fees by the applicable protocol fee tier percentage. Multiply total fees by protocol fee tier to determine protocol revenue. For Optimism specifically, apply a 50% revenue sharing rate to calculate cost of revenue owed to Balancer
- **Key fields**: `token_amount`, `fee_amount` from flash loan events; `protocolfeeamounts` from pool balance changes; `protocol_fee_tier` from fee configuration events

### Component B: Token incentives calculation  
- **Purpose**: Captures liquidity mining rewards distributed to users
- **Logic**: Extract BEETS token distributions from `MasterChef_Harvest` events on Fantom blockchain, focusing on the BEETS token contract address `0xf24bcf4d1e507740041c9cfd2dddb29585adce1e`. Join with liquidity incentive account dimensions to identify the MasterChef contract `0x8166994d9ebbe5829ec86bd81258149b87facfd3`. Aggregate daily emission amounts and convert raw token amounts using BEETS token decimals. Apply end-of-day USD price conversion for the distribution timestamp
- **Key fields**: `amount` from harvest events representing BEETS token quantities distributed as rewards

### Final aggregation
- **Combining components**: Union the cost of revenue (Optimism revenue sharing) with token incentives (BEETS distributions) using timestamp and chain dimensions for alignment
- **Currency conversion**: Apply end-of-day price feeds matched by timestamp, chain, and token address, with decimal correction using token metadata
- **Time aggregation**: Truncate all timestamps to daily boundaries, aggregate amounts by day while preserving chain and product dimensions
- **Final calculation**: Sum cost of revenue and token incentives across all time periods and chains to produce total protocol expenses, with zero-filling applied for periods without expense activity and chain availability filtering for supported networks

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

Total project operating and incentive expenses.

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