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Stablecoin issuers

Coinshift

# Coinshift Expenses Methodology

## 1. Overview

The Coinshift expenses metric represents token-based incentive payments made by the protocol. Currently, this metric is set to zero for all time periods, indicating that Coinshift does not distribute token incentives to users. The calculation follows the same data structure and time series as the protocol's fee calculations to maintain consistency and enable future token incentive tracking if the protocol implements such programs.

## 2. Data sources

The expenses calculation uses the same underlying data infrastructure as Coinshift's fee calculations:
- **Idle asset state data**: External snapshots of asset balances across Coinshift vaults and markets
- **Ethereum blockchain events**: Parsed `Deposit` and `Withdraw` events from the wUSDL token contract for exchange rate calculations
- **Market configuration data**: Vault addresses, AUM fee rates, and product mappings for different Coinshift markets
- **End-of-day token price feeds**: USD price data for token value conversion
- **Token metadata**: Decimal precision data for accurate token amount calculations

## 3. Step-by-step calculation

### Component A: Token incentives calculation
- **Purpose**: Determines the amount of token incentives distributed by the protocol
- **Logic**: The calculation starts by referencing the fees model structure to maintain consistent time series coverage across all dates and products where Coinshift operates. For each timestamp, chain, and product combination present in the fees data, the token incentives value is explicitly set to zero. This approach ensures that the expenses metric has complete time series coverage matching other Coinshift metrics while indicating no actual token incentive distributions.
- **Key fields**: The output includes `timestamp`, `timestamp_grain`, `chain_id`, `product_id`, and `token_incentives` (set to 0.00)

### Component B: Fees model structure (for reference)
- **Purpose**: Provides the time series framework and data validation structure for expenses
- **Logic**: The underlying fees calculation involves tracking idle asset balances from external state data, computing time-weighted AUM fees using annual rates applied to balance snapshots, converting wUSDL amounts to USDL using exchange rates from blockchain events, and normalizing all values to USD using end-of-day price feeds. Daily aggregation occurs by timestamp, chain, product, and token address, with decimal corrections applied during USD conversion.
- **Key fields**: Key references include `timestamp`, `chain_id`, `product_id`, `token_address`, and calculated fee amounts

### Final aggregation
- **Combining components**: The expenses metric directly takes the `token_incentives` value from the token incentives calculation
- **Currency conversion**: No currency conversion is needed since the token incentives value is zero
- **Time aggregation**: Daily grain maintained with consistent timestamp boundaries matching the fees model structure
- **Final calculation**: Expenses equals token incentives, which is zero for all time periods, resulting in a complete time series of zero values across all active Coinshift products and chains

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

Total project operating and incentive expenses.

Coinshift

Expenses

Expenses

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