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Coinshift

# Coinshift Revenue Methodology

## 1. Overview

Coinshift revenue represents management fees earned on idle assets held in Coinshift's treasury management vaults. The metric calculates assets under management (AUM) fees by applying annual fee rates to daily balance snapshots of idle vault assets, with fees prorated based on time elapsed between balance updates. This metric answers the business question of how much revenue Coinshift generates from its treasury management services through AUM-based fee structures.

## 2. Data sources

The calculation relies on several key data sources:
- **External state data**: Daily balance snapshots of idle assets in Coinshift treasury management vaults from Coinshift's state tracking system
- **Ethereum events**: Parsed `Deposit` and `Withdraw` events from the wUSDL wrapper contract on Ethereum for exchange rate calculations
- **Token metadata**: Token decimal information for proper unit conversion
- **External data**: End-of-day token price feeds for USD conversion
- **Static configuration**: Hardcoded vault addresses, fee rates, and product mappings for Coinshift's treasury products (csusdl and csusdc)

## 3. Step-by-step calculation

### Component A: Idle asset balance tracking
- **Purpose**: Captures daily snapshots of idle asset balances in Coinshift treasury vaults that are subject to AUM fees
- **Logic**: Daily balance data is retrieved from Coinshift's external state tracking system for specific vault addresses. The system tracks idle assets across different market IDs within each vault. Balance snapshots are filtered to only include data from January 1, 2025 onwards, representing when the fee structure became active. Each balance record includes the `amount` of idle assets, `vault_address`, `market_id`, and `chain_id`
- **Key fields**: `amount` (idle asset balance), `vault_address` (treasury vault contract), `market_id` (specific market within vault), `timestamp` (daily snapshot date)

### Component B: Vault configuration and fee rates
- **Purpose**: Provides static configuration data for Coinshift treasury products including fee rates and token mappings
- **Logic**: A hardcoded dimension table maps vault addresses to their underlying tokens, products, and fee structures. Currently includes two main products: csusdl vaults with 0.2% annual AUM fees and csusdc vaults with 0% fees. The configuration specifies which `underlying_token_address` each vault manages and the applicable `aum_fee_rate` for that vault
- **Key fields**: `vault_address`, `underlying_token_address`, `product_id` (csusdl/csusdc), `aum_fee_rate` (annual percentage), `performance_fee_rate`

### Component C: AUM fee calculation
- **Purpose**: Calculates time-proportional management fees on idle vault assets based on daily balance changes
- **Logic**: For each vault and token combination, daily balance snapshots are ordered chronologically. AUM fees are calculated by taking the current balance, multiplying by the annual fee rate, and prorating by the time elapsed since the previous snapshot. The calculation uses 31,536,000 seconds as the number of seconds in a year. For the first snapshot in each series, no fee is calculated since there's no previous period to measure. The `attributed_aum_fee` represents the fee earned for the time interval between consecutive balance snapshots
- **Key fields**: `attributed_aum_fee` (calculated fee amount), `timestamp` (snapshot date), `token_address` (underlying token)

### Component D: Token conversion for wrapped USDL
- **Purpose**: Converts wUSDL-denominated fees to underlying USDL tokens using exchange rates derived from on-chain events
- **Logic**: Exchange rates between wUSDL and USDL are calculated from parsed `Deposit` and `Withdraw` events on Ethereum's wUSDL contract. Each event contains `underlying_value` (USDL amount) and `wrapped_value` (wUSDL amount), with the conversion rate calculated as wrapped divided by underlying value. Daily average conversion rates are computed from all events occurring on each day. Fees originally denominated in wUSDL token are divided by the conversion rate to get equivalent USDL amounts
- **Key fields**: `conversion_rate` (wUSDL to USDL exchange rate), `block_timestamp` (event timestamp), `token_address` (wUSDL contract address)

### Component E: Daily aggregation and USD conversion
- **Purpose**: Aggregates all fees by day and product, then converts to USD for final revenue reporting
- **Logic**: Individual AUM fees are summed by day, product, and token to create daily totals. After token conversion, fees are grouped by `timestamp`, `chain_id`, and `product_id`. The aggregated token amounts are then converted to USD using end-of-day token price feeds and corrected for decimal places using Token Terminal's standard macros. The conversion ensures proper handling of token decimals and applies current market prices
- **Key fields**: `fee_amount` (daily aggregated fees), `revenue` (USD-converted fee amount), `product_id` (treasury product identifier)

### Final aggregation
- **Combining components**: Daily fee calculations from all vaults and products are combined into a single revenue stream. The final model applies Token Terminal's standard revenue finalization macro, which handles time series formatting, fills missing days with zeros, and applies chain availability filtering
- **Currency conversion**: All fees are converted to USD using end-of-day token prices, with proper decimal correction applied based on each token's decimal specification
- **Time aggregation**: Revenue is calculated and reported on daily boundaries, with the timestamp representing the end of each day
- **Final calculation**: The final revenue value represents the sum of all AUM fees earned by Coinshift across all treasury products and vaults for each day, expressed in USD. Fees are calculated as: (idle_asset_balance × annual_fee_rate × time_elapsed_seconds) / 31,536,000_seconds_per_year, aggregated daily and converted to USD

*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.

Coinshift

Revenue

Revenue

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