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 Tradeable assets Methodology

## 1. Overview

Tradeable assets measures the number of unique tokens available for trading on Beethoven X, categorized by their liquidity levels. This metric tracks both the total count of registered tokens and how they're distributed across different liquidity tiers, providing insights into the platform's token diversity and liquidity distribution. The calculation combines token registration events with liquidity analysis to show not just how many assets are tradeable, but how much liquidity backs each asset.

## 2. Data sources

- **Token registration events**: Parsed `TokensRegistered` events from Beethoven v1 Vault contracts on Fantom and Balancer v2 Vault contracts on Optimism (co-managed deployment)
- **Pool reserve snapshots**: Daily reserve balance snapshots from Beethoven v1 and Balancer v2 Optimism AMM pools
- **Token metadata**: Token symbol and contract information for display purposes
- **End-of-day price feeds**: USD price data for converting token reserves to dollar values
- **Blockchain transaction data**: Ethereum event logs containing the token registration transactions

## 3. Step-by-step calculation

### Component A: Token registration tracking
- **Purpose**: Identifies when new tokens become available for trading and builds cumulative counts
- **Logic**: Extracts `TokensRegistered` events from Vault contracts on Fantom (Beethoven v1) and Optimism (Balancer v2). Each event contains an array of token addresses that are unnested to create individual token registration records. Registration timestamps are truncated to daily boundaries and grouped to count new tokens per day. A cumulative sum is calculated over time to show the total number of registered tokens available on each chain.
- **Key fields**: `block_timestamp` for registration timing, `token_address` for unique token identification, `pool_id` for pool association, `chain` for network identification

### Component B: Liquidity reserve calculation
- **Purpose**: Calculates the total USD value of reserves backing each token across all pools
- **Logic**: Aggregates daily reserve snapshots from AMM pools, taking the reserves from the first hour of each day to represent the previous day's closing balances. Reserve amounts are joined with token metadata and converted to USD using end-of-day price feeds. For each token, reserves are summed across all pools where that token appears to get total liquidity backing.
- **Key fields**: `reserve` amounts in native token units, `token_address` for aggregation, `timestamp` for daily boundaries, converted USD values for comparison

### Component C: Liquidity cohort classification  
- **Purpose**: Categories tokens into liquidity tiers based on their total USD reserves
- **Logic**: Takes the total USD reserves calculated for each token and classifies them into six liquidity cohorts: greater than $1 million, $500k-$1m, $100k-$500k, $25k-$100k, $5k-$25k, and less than $5k. This classification is applied daily, so tokens can move between cohorts as their liquidity changes over time.
- **Key fields**: `total_reserves` in USD for classification, `liquidity_cohort` labels for categorization

### Final aggregation
- **Combining components**: The final calculation uses a union operation with three parts: 1) Cumulative count of all registered tokens assigned to the "< $5k" category, 2) Positive counts of tokens in each liquidity cohort based on their current reserves, 3) Negative counts to subtract tokens that have moved into higher liquidity cohorts from the base "< $5k" category
- **Currency conversion**: All reserve amounts are converted to USD using end-of-day price feeds before liquidity classification
- **Time aggregation**: Data is aggregated at daily boundaries with zero-filling applied to ensure continuous time series
- **Final calculation**: The result shows tradeable assets by liquidity cohort, where the "< $5k" category represents registered tokens with insufficient liquidity for higher tiers, and each higher tier shows tokens with reserves in that specific range. The correction mechanism prevents double-counting by ensuring tokens only appear in their highest applicable liquidity tier.

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

Number of unique tokens tradeable on the exchange.

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Tradeable assets

Tradeable assets

Competitive landscape

Chain breakdown