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

# DODO Fees Methodology

## 1. Overview

Fees measures the total trading fees generated by the DODO decentralized exchange protocol. DODO is operated across multiple blockchains with two main versions (V1 and V2) where different pool types and fee structures are utilized. Daily trading volume is multiplied by applicable fee tiers, where fee tiers consist of combined liquidity provider (LP) and maintainer fee components that are updated dynamically.

## 2. Data sources

- **Blockchain events**: `BuyBaseToken` and `SellBaseToken` events from `NewBornDODO` and `USTPair` contracts; `DODOSwap` events from `VendingMachine`, `StablePool`, `PrivatePool`, and `GasSavingPool` contracts; `DODOBirth` events from `Zoo` contracts; `NewDVM` events from `VendingMachineFactory` contracts; `NewDSP` events from `StablePoolFactory` contracts; `NewDPP` events from `PrivatePoolFactory` contracts; `NewGSP` events from `GasSavingPoolFactory` contracts; `UpdateLiquidityProviderFeeRate` and `UpdateMaintainerFeeRate` events from `NewBornDODO` and `USTPair` contracts; `LpFeeRateChange` events from `PrivatePool` contracts; `breedDODO` function calls from `Zoo` contracts; `createDODOStablePool` function calls from `StablePoolFactory` contracts; and `createDODOVendingMachine` function calls from `VendingMachineFactory` contracts, plus transaction records from blockchain networks, covering Ethereum, BSC, Polygon, Arbitrum, and 3 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trade data extraction

- **Purpose**: Extraction of all swap transactions from DODO pools across multiple chains and versions.
- **Logic**: Trade events are collected from various DODO contract types, including `VendingMachine`, `StablePool`, `PrivatePool`, and `GasSavingPool` contracts for V2, and `NewBornDODO` and `USTPair` contracts for V1. Token amounts, pool addresses, user addresses, and transaction metadata are extracted. These events are joined with transaction records to identify the trader address. For V2 swaps, token amounts are oriented into token0 and token1 amounts by comparing the trade's starting token (`from_token`) with the pool's base and quote token addresses from the trading pair registry. If the swap starts from the quote token, the amounts are flipped to ensure correct token0 and token1 alignment.
- **Key fields**: `from_token`, `token0_amount`, `token1_amount`, `account_address`, `user_address`

### Component B: Trading pair registry

- **Purpose**: Creation of a comprehensive mapping of pool addresses to their underlying token pairs.
- **Logic**: Pool creation events are extracted from DODO factory contracts across all supported chains, including `Zoo` contracts for V1, and `VendingMachineFactory`, `StablePoolFactory`, `PrivatePoolFactory`, and `GasSavingPoolFactory` contracts for V2. Each pool address is mapped to its token0 and token1 addresses, with special handling applied for hardcoded pairs. These are joined with asset metadata to obtain decimal precision and symbols for proper amount normalization.
- **Key fields**: `account_address`, `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component C: Fee tier management

- **Purpose**: Tracking of dynamic fee tier changes for each pool over time.
- **Logic**: Fee tier updates are extracted from both pool initialization functions and subsequent update events. LP fee tiers and Maintainer fee tiers are combined for each pool. Forward-filling logic is applied to maintain current fee rates across time periods. Special cases where fee tiers are updated multiple times within a single day are handled by tracking updates at block-level granularity. Fee rates are converted from wei units to decimal percentages by normalizing by decimal precision.
- **Key fields**: `fee_tier`, `account_address`, `fee_type`, `block_timestamp`, `chain`

### Component D: Volume calculation with fee tier application

- **Purpose**: Calculation of USD trading volume and application of appropriate fee tiers.
- **Logic**: Trade data is joined with trading pair information to normalize token amounts using correct decimal precision. Trades are matched with their applicable fee tiers, using either daily-level fee rates (for stable periods) or block-level rates (when fees change intra-day). Normalized token amounts are converted to USD using end-of-day price feeds. Manipulation filtering is applied by taking the minimum USD value between the two tokens in each trade. Cases where fee tiers are updated multiple times per day are handled by determining which trades fall within each fee tier period.
- **Key fields**: `token0_amount`, `token1_amount`, `token0_price_usd`, `token1_price_usd`, `trading_volume`, `fee_tier`

### Component E: Final aggregation

- **Purpose**: Combination of fee components and aggregation of values to calculate total fees.
- **Logic**: Trading volumes from both daily-aggregated fee periods and intra-day fee change periods are unioned to ensure complete coverage. All amounts are converted to USD using end-of-day price feeds, with manipulation filtering applied via the minimum token value methodology. Total fees are calculated by multiplying the trading volume by the applicable fee tier. Daily aggregation is performed with proper handling of timezone boundaries and incremental processing.
- **Key fields**: `trading_volume`, `fee_tier`, `fees`

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

Total value users pay to use a protocol (gross fees, user-paid fees).

DODODODO

Fees

Fees

Competitive landscape

Chain breakdown