# Deliswap Revenue Methodology

## 1. Overview

Revenue is measured as the portion of fees retained by Deliswap after the distribution of rewards to supply-side participants. It represents the net earnings generated from trading activity across liquidity pools utilizing Deliswap hooks. This metric is calculated by subtracting the value of liquidity provider rewards from the total gross fees collected by the protocol.

## 2. Data sources

- **Blockchain events**: `FeeCollected` events from `FeeProcessor` contracts, `RewardsAdded` events from `DailyEpochGauge` contracts, and `Initialize` events from `PoolManager` contracts, covering Base
- **External data**: End-of-day price feeds for `wBLT`, `BMX`, and other relevant pool assets

## 3. Step-by-step calculation

### Component A: Deliswap pool identification

- **Purpose**: Identify the specific liquidity pools associated with Deliswap infrastructure.
- **Logic**: `Initialize` events from `PoolManager` contracts are parsed to identify new pool deployments. These pools are filtered by verifying the presence of specific Deliswap hook addresses (including V4 and AMM hooks). This ensures that only trading pairs integrated with Deliswap logic are included in the analysis.
- **Key fields**: `pool_address`, `hook_address`, `token_address_0`, `token_address_1`

### Component B: Gross fee extraction

- **Purpose**: Capture the total fees generated by user trading activity.
- **Logic**: `FeeCollected` events from `FeeProcessor` contracts are extracted for all identified Deliswap pools. Internal swap transactions, which represent automated protocol buybacks rather than organic user activity, are excluded from the calculation. The `total_amount` field is captured to represent the gross fee value before distributions.
- **Key fields**: `total_amount`, `pool_address`, `isInternalSwap`

### Component C: Supply-side reward tracking

- **Purpose**: Determine the value of incentives distributed to liquidity providers.
- **Logic**: `RewardsAdded` events from `DailyEpochGauge` contracts are parsed. These events represent the rewards allocated to supply-side participants as compensation for providing liquidity to the protocol. These amounts are treated as a cost that reduces the total gross fees to arrive at net revenue.
- **Key fields**: `amount`, `pool_address`

### Component D: USD conversion and net revenue aggregation

- **Purpose**: Normalize all fee and reward components to USD for final reporting.
- **Logic**: Gross fee amounts (typically denominated in `wBLT`) and supply-side rewards (typically denominated in `BMX`) are normalized by decimal precision. These values are multiplied by end-of-day price feeds for the respective assets. Net revenue is calculated by subtracting the USD value of supply-side rewards from the USD value of gross fees. Data is aggregated to a daily granularity using UTC day boundaries.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

Exchanges (DEX)

Liquidity providers deposit funds into BMX and receive trading fees from traders (supply-side fees).

BMX is a non-custodial exchange for spot and perpetual contracts built on Base. BMX has three product lines: Classic, Freestyle, and Based MediaX

BMX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

Deliswap

Archived

Revenue

Revenue

Chain breakdown