# StableFX Revenue Methodology

## 1. Overview

Revenue measures the portion of fees that is retained from the StableFX product. This metric represents the total fees collected from settled foreign exchange trades on the Arc chain. Because no fees are distributed to supply-side participants, 100% of the collected fees are retained as protocol revenue. This metric is utilized to assess the financial performance and monetization of the foreign exchange infrastructure.

## 2. Data sources

- **Blockchain events**: `recordTrade` and `authorizeTrade` function calls, alongside `TradeStatusChanged`, `TakerRefunded`, and `MakerRefunded` events from `FxEscrow` contracts, covering Arc
- **External data**: End-of-day price feeds and asset metadata for fee-denominated assets

## 3. Step-by-step calculation

### Component A: StableFX trade settlement and fee extraction

- **Purpose**: Identify settled, non-refunded StableFX trades and extract taker and maker fees
- **Logic**: Trade details are extracted from `recordTrade` and `authorizeTrade` function calls on `FxEscrow` contracts. These trades are matched with `TradeStatusChanged` events where the status is updated to settled. Trades associated with `TakerRefunded` or `MakerRefunded` events are excluded from the calculation. Taker fees and maker fees are extracted from the settled trades, where each fee is denominated in the asset delivered by the opposing party.
- **Key fields**: `trade_id`, `taker_fee`, `maker_fee`, `taker_delivered_token_address`, `maker_delivered_token_address`

### Component B: Decimal normalization and USD conversion

- **Purpose**: Normalize fee amounts and convert them to USD
- **Logic**: Fee amounts are normalized by decimal precision using asset metadata. The normalized taker and maker fees are then multiplied by end-of-day price feeds for their respective assets to convert the values to USD.
- **Key fields**: `taker_fee`, `maker_fee`, `price_usd`

### Component C: Fee aggregation and revenue calculation

- **Purpose**: Aggregate daily fees and calculate protocol revenue
- **Logic**: The USD-denominated taker and maker fees are summed on a daily basis to calculate total fees. Because StableFX has no liquidity providers and supply-side fees are set to zero, 100% of the aggregated fees are allocated directly to protocol revenue. Daily values are aggregated using UTC day boundaries.
- **Key fields**: `fees`, `revenue`

*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)

Users deposit funds into Circle account and receive USDC or EUROC at a 1:1 rate.

Circle is a financial technology company that is the principal architect of USDC and EUROC - full-reserve fiat stablecoins that bring US dollar and euro liquidity on-chain.

Circle is a private company registered in the US. Circle's investors include Goldman Sachs, Baidu, and IDG Capital etc.

StableFX

Revenue

Revenue

Chain breakdown