Liquidity providers deposit funds into Clipper and receive returns generated by Clipper’s costless diversified rebalancing liquidity pools (supply-side fees). LP yields are generated from the rebalancing process itself rather than from fees charged to traders.

Clipper is a non-custodial exchange protocol built on Ethereum. Clipper was built by Shipyard Software and launched in 2021.

AdmiralDAO and SAIL token holders own and govern the protocol. They currently receive all trading fees paid by traders (revenue). Clipper's investors include Polychain, Robot Ventures, 0x Labs, etc.

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Exchanges (DEX)

Clipper

# Clipper Token incentives Methodology

## 1. Overview

The Clipper token incentives metric measures the USD value of token-based rewards distributed by the protocol to users or liquidity providers. For Clipper, this metric is explicitly set to zero as the protocol does not currently distribute token incentives. The calculation creates a standardized token incentives dataset that maintains dimensional consistency with other protocol metrics while reflecting Clipper's current non-incentivized operating model.

## 2. Data sources

The token incentives metric inherits its dimensional structure from the fees metric, which uses:
- **Subgraph swap events**: Parsed `SwappedV1Event` data from Ethereum and `DirectExchangeV1SwappedV1Event` data from Polygon subgraphs containing swap transaction details
- **Migrated swap data**: USD-denominated swap information from Clipper's internal API covering Ethereum, Polygon, Optimism, and Arbitrum networks
- **Token metadata**: Token symbol and decimal information for standardization
- **Chain availability data**: Supported blockchain network configurations

## 3. Step-by-step calculation

### Component A: Dimensional structure inheritance
- **Purpose**: Establish the dimensional framework for token incentives reporting
- **Logic**: Extract timestamp, timestamp grain, product identifier, and chain identifier dimensions from the underlying fees metric data. This ensures token incentives reporting maintains consistency with other protocol metrics and covers all time periods and chains where Clipper operates.
- **Key fields**: `timestamp` for daily boundaries, `timestamp_grain` set to day, `product_id` for protocol identification, `chain_id` for blockchain network identification

### Component B: Zero value assignment
- **Purpose**: Set token incentives to zero reflecting Clipper's current non-incentivized model
- **Logic**: Assign a hardcoded value of zero to the `token_incentives` field for all records, explicitly indicating that Clipper does not currently distribute token-based rewards to users or liquidity providers.
- **Key fields**: `token_incentives` set to 0 for all records

### Final aggregation
- **Combining components**: The dimensional structure from the fees metric is combined with the zero token incentives values to create a complete dataset
- **Schema validation**: Apply the finalize_metric_token_incentives macro to ensure proper schema formatting, validate identifiers, and handle any data gaps
- **Gap filling**: Use fill_zeros strategy to ensure continuous time series data with zero values for any missing periods
- **Chain filtering**: Apply chain availability filtering to limit results to blockchains currently supported by Token Terminal's infrastructure
- **Final calculation**: The result is a time series dataset showing zero token incentives across all time periods and supported chains where Clipper operates

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

Value of native tokens distributed as incentives.

ClipperSAIL

Token incentives

Token incentives

Competitive landscape

Chain breakdown