Liquidity providers deposit funds into Equalizer and stake their LP tokens to receive EQUAL tokens (token incentives).

Equalizer is a non-custodial exchange protocol built on Fantom. Equalizer was founded by Blake Hooper and launched in 2022.

EQUAL tokenholders own and govern the protocol. They vote for pools where they wish to receive trading fees and external bribes from, while pools receive EQUAL emissions in respect to their share of votes.

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Equalizer Exchange

# Equalizer Exchange Fees Methodology

## 1. Overview

Equalizer fees represents the total daily fee revenue generated by the Equalizer protocol, measured in USD. This metric combines two primary revenue streams: trading fees collected from automated market maker (AMM) swaps, and voting incentives (bribes) paid to governance participants. The metric answers the business question of how much total fee revenue Equalizer generates per day across all its revenue-generating activities.

## 2. Data sources

The calculation uses the following raw data sources:

- **Fantom blockchain event logs**: Parsed `Pair_Fees_event` logs from Equalizer V1 trading pair contracts containing fee amounts collected in both tokens of each pair
- **Fantom blockchain event logs**: Parsed `NotifyReward_event` logs from ExternalBribeV1, InternalBribeV1, and BribeV2 contracts containing voting incentive payment amounts and reward token addresses  
- **Fantom blockchain event logs**: Parsed `PairFactory_PairCreated_event` logs containing trading pair creation data with underlying token addresses
- **Token metadata**: Token information including decimal places and symbols for proper amount normalization
- **End-of-day price feeds**: Daily USD price data for all tokens involved in fee calculations

## 3. Step-by-step calculation

### Component A: Trading fees from AMM swaps

- **Purpose**: Calculates daily USD value of fees collected by Equalizer trading pairs from swap transactions
- **Logic**: Extracts fee collection events from each trading pair contract, where fees are collected in both underlying tokens of the pair. Joins with trading pair dimension data to identify the specific tokens and their decimal specifications. Corrects the raw token amounts by dividing by the appropriate power of 10 based on each token's decimals. Converts the decimal-corrected amounts to USD using end-of-day price feeds matched by date and token address. Sums the USD values of both tokens to get the total daily trading fee value per trading pair.
- **Key fields**: `amount0` and `amount1` representing fees in the pair's two underlying tokens, `account_address` identifying the trading pair contract, `token0_address` and `token1_address` for the underlying tokens, `token0_decimals` and `token1_decimals` for decimal correction

### Component B: Voting incentives from governance bribes

- **Purpose**: Calculates daily USD value of voting incentives paid to governance participants to influence pool reward allocations
- **Logic**: Extracts reward notification events from external bribe, internal bribe, and V2 bribe contracts when payments are made to incentivize votes. Uses decimal correction macro to normalize token amounts based on the reward token's decimal specification. Converts the decimal-corrected amounts to USD using end-of-day price feeds matched by date and reward token address. Aggregates all voting incentive payments by day.
- **Key fields**: `amount` representing the incentive payment amount, `token_address` identifying the reward token used for the incentive payment, `account_address` identifying the bribe contract

### Final aggregation

- **Combining components**: The two components are combined using a union operation where trading fees and voting incentives are both mapped to a common `fees` field, creating a unified dataset of all fee-generating activities
- **Currency conversion**: USD conversion occurs within each component using end-of-day price feeds, with amounts converted after decimal correction and before aggregation
- **Time aggregation**: All data is aggregated to daily boundaries using day-level timestamp truncation, ensuring consistent daily reporting periods
- **Final calculation**: The final metric value represents the sum of all trading fees and voting incentives converted to USD for each day, with any missing days filled with zero values to maintain a complete time series

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

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

Equalizer ExchangeEQUAL

Fees

Fees

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