Liquidity providers deposit funds into DODO and receive trading fees from traders (supply-side fees).

DODO is a non-custodial exchange protocol built on Ethereum and other blockchains. DODO launched in 2020.

DODO tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). DODO's investors include Pantera Capital, Three Arrows Capital, Binance Labs, etc.

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# DODO Earnings Methodology

## 1. Overview

DODO earnings is calculated as the difference between total protocol revenue and total expenses on a daily basis. Financial performance is measured by subtracting costs incurred through token incentive programs from revenue generated via trading fees. The standard financial formula of Earnings = Revenue - Expenses is applied, where revenue is derived from the protocol's share of trading fees and expenses are represented by DODO asset distributions for liquidity mining rewards.

## 2. Data sources

- **Blockchain events**: `DODOSwap` events from `VendingMachine`, `StablePool`, `PrivatePool`, and `GasSavingPool` contracts; `BuyBaseToken` and `SellBaseToken` events from `NewBornDODO` and `USTPair` contracts; `DODOBirth` events from `Zoo` contracts; `NewDVM`, `NewDSP`, `NewDPP`, and `NewGSP` events from their respective factory contracts; `UpdateLiquidityProviderFeeRate`, `UpdateMaintainerFeeRate`, and `LpFeeRateChange` events; `breedDODO`, `createDODOStablePool`, and `createDODOVendingMachine` function calls; and `Claim` events from `Mine` and `ERC20Mine` contracts, covering Ethereum, Arbitrum, Base, Polygon, and 3 other chains
- **External data**: End-of-day price feeds for traded assets and the DODO asset, and asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: Revenue calculation

- **Purpose**: Calculate protocol revenue from trading fees across all DODO versions and chains
- **Logic**: Swap events are extracted from DODO contracts and joined with trading pair data to identify asset addresses and decimal precision. For DODO V2 swaps, asset amounts are oriented based on the trading pair's base and quote asset configuration using the from-asset address. Fee tiers consisting of liquidity provider (LP) fees and maintainer fees are applied, with intraday fee updates tracked at the block level. Asset amounts are converted to USD using end-of-day price feeds, with the minimum USD value between the two swapped assets selected to prevent price manipulation. Total fees are calculated by multiplying trading volume by the applicable fee tier, and protocol revenue is determined as 20% of these total fees.
- **Key fields**: `token0_amount`, `token1_amount`, `in_fromToken`, `lpFeeRate`, `mtFeeRate`, `newMaintainerFeeRate`, and `block_timestamp`

### Component B: Expenses calculation

- **Purpose**: Calculate protocol expenses from DODO token incentive distributions across mining programs
- **Logic**: `Claim` events are extracted from various mining contract versions across all supported chains. Version-specific filtering logic is applied, such as filtering for specific reward indices in V2 contracts. All DODO asset amounts are normalized by decimal precision and converted to USD using Ethereum-based DODO asset prices, regardless of the chain where the incentives were distributed. Daily incentive distributions are summed across all mining contracts and chains to determine total protocol expenses.
- **Key fields**: `amount`, `reward`, `in_i`, and contract `address`

### Component C: Fee tier management

- **Purpose**: Track and apply correct fee rates to trading volumes based on timing
- **Logic**: Liquidity provider (LP) fee rates and maintainer fee rates are combined from factory creation functions and fee update events. Intraday fee changes are managed by creating a block-level mapping of fee tiers, allowing the appropriate rates to be applied to trades based on their block-level timing relative to fee updates. For days without fee updates, the most recent fee tier is forward-filled. LP and maintainer fee components are summed together to determine the total fee rate applied to trading volume.
- **Key fields**: `lpFeeRate`, `mtFeeRate`, `newMaintainerFeeRate`, `block_number`, and `log_index`

### Component D: Final earnings aggregation

- **Purpose**: Combine revenue and expenses to calculate daily protocol earnings
- **Logic**: Daily protocol revenue and daily expenses are calculated independently. Daily protocol earnings are then determined by subtracting daily expenses from daily protocol revenue. All data is aggregated to daily boundaries using UTC timestamp truncation, and zero-filling is applied for dates with missing data.

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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