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 Flash loan volume Methodology

## 1. Overview

Flash loan volume measures the total USD value of flash loans taken from Beethoven X and Balancer vault contracts on a daily basis. Flash loans are uncollateralized loans that must be repaid within the same transaction, and this metric tracks the aggregate volume of these loans to understand protocol utilization. The calculation aggregates flash loan amounts across all supported tokens, applies decimal corrections, converts to USD using end-of-day prices, and tracks protocol fee tiers over time.

## 2. Data sources

The flash loan volume calculation relies on several key data sources:

- **Flash loan events**: Parsed `Vault_FlashLoan` events from Beethoven X on Fantom and Balancer V2 on Optimism, capturing loan amounts, tokens, fees, and vault addresses
- **Protocol fee events**: Parsed `ProtocolFeesCollector_FlashLoanFeePercentageChanged` events from both networks to track fee tier changes over time
- **Transaction data**: Fantom and Optimism transaction records to identify users initiating flash loans
- **Token metadata**: Token symbol and decimal information for proper amount normalization
- **Price feeds**: End-of-day token price feeds for USD conversion across all supported tokens

Note: Balancer co-manages the Beethoven X Optimism deployment, so Optimism data is sourced from Balancer V2 contracts but attributed to Beethoven.

## 3. Step-by-step calculation

### Component A: Flash loan event extraction
- **Purpose**: Extract raw flash loan data from vault contracts
- **Logic**: Query `Vault_FlashLoan` events from Beethoven X Fantom and Balancer V2 Optimism contracts. Extract key fields including block timestamp, transaction hash, vault address, token address (`token`), loan amount (`amount`), and fee amount (`feeAmount`). Join with transaction records to identify the actual user address (`from_address`) who initiated the flash loan transaction. Filter data to only include flash loans taken directly from vault contracts, not pool contracts.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for transaction identification, `token` for token address, `amount` for loan amount, `feeAmount` for fees, `from_address` for user identification

### Component B: Protocol fee tier tracking
- **Purpose**: Track protocol fee percentage changes over time
- **Logic**: Extract `ProtocolFeesCollector_FlashLoanFeePercentageChanged` events from both networks. Convert the `newFlashLoanFeePercentage` from wei format (18 decimals) to decimal percentage by dividing by 10^18. Use window functions to determine validity periods for each fee tier by identifying the next fee change event, creating time-based ranges for fee tier assignment.
- **Key fields**: `newFlashLoanFeePercentage` converted to decimal `protocol_fee_tier`, event IDs for range-based joining

### Component C: Daily volume aggregation with decimal correction
- **Purpose**: Aggregate flash loan volumes daily with proper token decimal handling
- **Logic**: Truncate timestamps to daily boundaries and group flash loans by day, chain, and token. Join with token metadata to get decimal places for each token. Apply decimal correction by dividing raw token amounts by 10^(token decimals) to get actual token quantities. Join with protocol fee tier data using ID range matching to assign the applicable fee percentage for each flash loan based on when it occurred. Sum corrected token amounts and fee amounts separately across all flash loans per day.
- **Key fields**: Corrected `flash_loan_volume` and `fee_amount` after decimal adjustment, `protocol_fee_tier` assignment

### Component D: USD conversion and final aggregation
- **Purpose**: Convert token amounts to USD values and create final daily totals
- **Logic**: Join aggregated daily volumes with end-of-day price feeds using timestamp, token address, and chain. Multiply corrected token amounts by USD prices to get dollar values. Handle missing price data by defaulting to zero for tokens without available pricing. Sum USD-converted flash loan volumes across all tokens and transactions within each day to create total daily flash loan volume.
- **Key fields**: USD-converted `flash_loan_volume` after price multiplication

### Final aggregation
- **Combining components**: Daily flash loan volumes are summed across all tokens, users, and transactions within each day
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds matched by timestamp, token address, and blockchain
- **Time aggregation**: All flash loans are aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: The final flash loan volume represents the total USD value of all flash loans taken from Beethoven X and Balancer vault contracts on each day, with proper decimal correction and USD conversion applied

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

Total value of assets borrowed and repaid within the same transaction.

BeetsBEETS

Flash loan volume

Flash loan volume

Competitive landscape

Chain breakdown