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 Liquidity turnover Methodology

## 1. Overview

Liquidity turnover measures the efficiency of capital deployed in Beethoven X liquidity pools by calculating the ratio of trading volume to total value locked (TVL). This metric indicates how actively the locked liquidity is being utilized for trading, with higher turnover suggesting more efficient capital usage. The calculation divides daily trading volume by TVL to produce a turnover ratio.

## 2. Data sources

The calculation uses the following raw data sources:

- **Blockchain events**: Parsed `Vault_Swap_event` logs from Fantom (Beethoven X v1) and Optimism (Balancer v2, co-managed by Beethoven X)
- **Transaction data**: Fantom and Optimism transaction records containing user addresses and transaction metadata
- **Pool creation events**: `PoolCreated` events from multiple factory contracts including weighted pools, stable pools, composable stable pools, linear pools, and liquidity bootstrapping pools on both chains
- **Fee configuration events**: `SwapFeePercentageChanged` events from individual pools and the protocol fee collector contract
- **Pool reserves**: Hourly balance snapshots from internal reserve tracking systems for both Beethoven X v1 (Fantom) and Balancer v2 (Optimism)
- **External data**: End-of-day token price feeds for USD conversion and token metadata including symbols and decimal places

## 3. Step-by-step calculation

### Component A: Trading volume calculation
- **Purpose**: Calculate daily trading volume across all Beethoven X pools
- **Logic**: Extract swap events from `Vault_Swap_event` logs on Fantom and Optimism chains. Filter out pool join and exit transactions by excluding swaps where either `tokenIn` or `tokenOut` matches the pool address extracted from `poolId`. Aggregate swap volumes daily, grouping by pool address, and apply decimal corrections using token-specific decimal places from token metadata. Convert token amounts to USD using end-of-day price feeds for both tokens in each swap. Apply anti-manipulation logic by taking the minimum USD value between the two tokens in each swap pair to filter out potential price manipulation. Assign appropriate fee tiers to each trade using time-based windowing that matches trades to the most recent fee tier update for each pool.
- **Key fields**: `tokenIn`, `tokenOut`, `amountIn`, `amountOut`, `poolId`, `block_timestamp`, `transaction_hash`, `swapFeePercentage`

### Component B: TVL calculation  
- **Purpose**: Calculate total value locked in Beethoven X liquidity pools
- **Logic**: Extract end-of-day balance snapshots from hourly pool reserve data by filtering for hour 0 timestamps and adjusting backward by one day to get previous day's closing balances. Source reserve data from Beethoven X v1 reserves on Fantom and Balancer v2 reserves on Optimism. Exclude LP tokens from TVL calculation to avoid double counting by filtering out cases where the token address matches any known trading pair address or where the account address equals the token address. Convert all token balances to USD using end-of-day price feeds and sum across all pools and tokens to get total TVL.
- **Key fields**: `pool_address`, `token_address`, `reserve`, `timestamp`, `chain`, `price_usd`

### Final aggregation
- **Combining components**: Trading volume and TVL are calculated independently and then combined using the liquidity turnover formula
- **Currency conversion**: All values are converted to USD using end-of-day price feeds to ensure consistent currency denomination
- **Time aggregation**: Both trading volume and TVL use daily boundaries with consistent timezone handling
- **Final calculation**: Liquidity turnover is calculated as the ratio of daily trading volume divided by daily TVL, expressed as a decimal ratio where higher values indicate more efficient capital utilization

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

Trading volume divided by total liquidity.

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Liquidity turnover

Liquidity turnover

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