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BullX

# BullX Revenue Methodology

## 1. Overview

BullX revenue represents the total fees collected by the BullX protocol on Solana. This metric captures revenue by monitoring native SOL transfers to specific BullX fee collection addresses. The calculation aggregates these fee payments daily and converts them to USD for standardized reporting. BullX revenue directly equals the fees collected, making it a straightforward measure of the protocol's earnings from user transactions.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Solana native transfers**: Transaction records showing SOL transfers between addresses, specifically transfers to BullX fee collection addresses
- **End-of-day token price feeds**: Daily USD prices for SOL to enable currency conversion
- **Token metadata**: Information about SOL token decimals and contract addresses for proper amount calculations

## 3. Step-by-step calculation

### Component A: Fee collection identification
- **Purpose**: Identifies and extracts fee payments made to BullX protocol addresses
- **Logic**: The system monitors Solana native transfers to two specific BullX fee collection addresses: `F4hJ3Ee3c5UuaorKAMfELBjYCjiiLH75haZTKqTywRP3` and `9RYJ3qr5eU5xAooqVcbmdeusjcViL5Nkiq7Gske3tiKq`. It filters native SOL transfers where the recipient address matches either of these addresses. To exclude internal protocol operations, transfers are excluded when the transaction signer is the same as the fee address (preventing self-transfers from being counted as revenue).
- **Key fields**: The process captures `block_timestamp` for timing, `transaction_id` for uniqueness, `transaction_signer` to identify the fee payer, `to_address` for the recipient validation, and `amount` in lamports for the fee value

### Component B: Daily aggregation and conversion
- **Purpose**: Aggregates individual fee transactions into daily totals and converts amounts to standard units
- **Logic**: Fee transactions are grouped by day using timestamp truncation to daily boundaries. Amounts are converted from Solana's native lamports unit to SOL by dividing by 1e9 (1 billion lamports = 1 SOL). The aggregation groups by timestamp, chain identifier, product identifier, and token address, summing all fee amounts for each unique combination.
- **Key fields**: The aggregation produces daily `timestamp` values, `chain_id` set to 'solana', `product_id` (currently null), `token_address` for SOL, and total `fees` in SOL units

### Component C: USD conversion
- **Purpose**: Converts SOL-denominated fees to USD for standardized reporting
- **Logic**: The system applies end-of-day USD prices to convert SOL amounts to dollar values. This uses the standard Token Terminal price conversion methodology, matching daily aggregated fees with corresponding daily SOL prices. The conversion maintains the SOL decimal precision without additional decimal corrections since SOL amounts are already properly normalized.
- **Key fields**: The conversion produces USD-denominated `fees` values while preserving all original grouping dimensions

### Final aggregation
- **Combining components**: Revenue directly equals the USD-converted fees with no additional transformations or adjustments
- **Currency conversion**: Uses end-of-day SOL prices for USD conversion, applied to daily aggregated fee totals
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with fees summed across all transactions within each day
- **Final calculation**: BullX revenue equals the sum of all fee payments made to BullX fee collection addresses, converted to USD using end-of-day exchange rates. The metric includes gap filling with zero values for days with no fee activity to ensure continuous time series data.

*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.

BullX

Revenue

Revenue

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