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 Fees Methodology

## 1. Overview

Beethoven fees represent the total fee revenue collected by the Beethoven X protocol from both flash loans and trading activities. This metric combines direct flash loan fees with protocol fees collected from trading, providing a comprehensive view of the protocol's fee generation across Fantom and Optimism networks. The calculation aggregates fees from two distinct sources: explicit flash loan fee payments and protocol fee collections from automated market making activities.

## 2. Data sources

The methodology relies on several core blockchain data sources:

- **Flash loan events**: Parsed `Vault_FlashLoan_event` logs from Beethoven V1 Fantom and Balancer V2 Optimism contracts containing direct fee amounts and flash loan details
- **Protocol balance events**: Parsed `Vault_PoolBalanceChanged_event` logs containing arrays of protocol fee amounts collected in various tokens
- **Pool registration events**: Parsed `Vault_PoolRegistered_event` logs for identifying pool addresses and LP token contracts
- **Token transfer events**: Standard ERC20 transfer events showing LP token movements to protocol fee collector addresses
- **Protocol fee rate events**: Parsed `ProtocolFeesCollector_SwapFeePercentageChanged_event` and `ProtocolFeesCollector_FlashLoanFeePercentageChanged_event` logs tracking fee rate changes over time
- **Transaction records**: Blockchain transaction data for identifying user addresses and transaction context
- **Token metadata**: Token contract information including decimal places and symbols for amount normalization
- **End-of-day price feeds**: Daily token price data for USD conversion of fee amounts

## 3. Step-by-step calculation

### Component A: Flash loan fees
- **Purpose**: Captures direct fees paid for flash loan services
- **Logic**: Extracts `Vault_FlashLoan_event` logs from Beethoven V1 Fantom and Balancer V2 Optimism contracts. Each event contains the flash loan amount (`amount`) and explicit fee amount (`feeAmount`). Events are joined with transaction records to identify user addresses and with token metadata for decimal correction. Protocol fee tier rates are applied from rate change events using time-windowed joins based on block order. Daily aggregation sums fee amounts by token, and USD conversion uses end-of-day price feeds. Only flash loans with `protocol_fee_tier` equal to 0 are included in the final calculation to avoid double-counting with protocol fees.
- **Key fields**: `token_amount` (flash loan principal), `fee_amount` (explicit fee charged), `token_address` (borrowed token), `block_timestamp` (timing), `protocol_fee_tier` (applicable rate)

### Component B: Protocol trading fees
- **Purpose**: Calculates total trading fees from protocol fee collections
- **Logic**: Captures protocol fees through two mechanisms: 1) Non-pool LP token fees from `Vault_PoolBalanceChanged_event` arrays where `protocolfeeamounts` contains collected fee amounts for multiple tokens, and 2) Pool LP token fees from transfers of newly minted LP tokens to protocol fee collector addresses (0xc6920d3a369e7c8bd1a22dbe385e11d1f7af948f for Fantom, 0xce88686553686da562ce7cea497ce749da109f9f for Optimism). Protocol fee rates are applied using time-windowed joins with rate change events. Since protocol fees represent only a portion of total trading fees, the complete fee amount is calculated by dividing collected amounts by the applicable `protocol_fee_tier` rate. Token amounts are corrected for decimals and converted to USD using end-of-day price feeds.
- **Key fields**: `amount` (collected protocol fee), `token_address` (fee token), `protocol_fee_tier` (collection rate), `account_address` (source pool), `block_timestamp` (timing)

### Component C: Protocol fee rate tracking
- **Purpose**: Maintains current protocol fee rates for accurate fee calculations
- **Logic**: Tracks protocol fee rate changes through `ProtocolFeesCollector_SwapFeePercentageChanged_event` and `ProtocolFeesCollector_FlashLoanFeePercentageChanged_event` logs. Rate values are divided by 10^18 to convert from wei to decimal percentages. Uses window functions to create time ranges (`id` to `next_id`) for applying correct rates to transactions based on block order and log index sequencing.
- **Key fields**: `newSwapFeePercentage` and `newFlashLoanFeePercentage` (rate changes), `block_number` and `log_index` (ordering), `protocol_fee_tier` (decimal rate)

### Final aggregation
- **Combining components**: Flash loan fees and protocol trading fees are combined using a union operation, with both streams standardized to include timestamp, chain, business metadata, token addresses, and fee amounts
- **Currency conversion**: All fee amounts are converted to USD using end-of-day price feeds matched by timestamp, token address, and chain
- **Time aggregation**: Fees are aggregated to daily boundaries using timestamp truncation, with all events within a day summed together
- **Final calculation**: The metric represents the sum of direct flash loan fees (where `protocol_fee_tier` equals 0) plus inferred total trading fees (calculated as collected protocol fees divided by the applicable protocol fee rate), providing comprehensive protocol fee revenue in USD

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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