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 Supply-side fees Methodology

## 1. Overview

Supply-side fees represent trading fees claimed by liquidity providers (LPs) who opted to receive direct trading fee rewards rather than EQUAL token incentives. This metric measures the USD value of fees that LPs extract from the protocol by claiming their portion of trading fees generated by their liquidity positions. It excludes fees claimed by LPs who chose to receive EQUAL token rewards through the gauge incentive system.

## 2. Data sources

- **Blockchain events**: Parsed Fantom `Pair_Claim_event` logs from Equalizer V1 trading pairs containing fee collection transactions
- **Trading pair creation events**: Parsed Fantom `PairFactory_PairCreated_event` logs that establish trading pair contracts and token relationships
- **Incentive system events**: Parsed Fantom `Voter_GaugeCreated_event` logs that identify liquidity incentive gauge accounts
- **External data**: End-of-day price feeds for USD conversion and token metadata including decimal precision and symbols

## 3. Step-by-step calculation

### Component A: Raw fee claims extraction
- **Purpose**: Identify all instances where liquidity providers claim trading fees from Equalizer trading pairs
- **Logic**: Extract `Pair_Claim_event` logs from Fantom blockchain for Equalizer V1 contracts. Each event contains the claiming address (`sender`), the trading pair contract address, and amounts for both tokens in the pair (`amount0` and `amount1`). Events are classified with business metadata including market sector as 'exchanges' and business segment as 'dex'
- **Key fields**: `sender` (fee collector address), `amount0` and `amount1` (raw token amounts), trading pair contract address, block timestamp

### Component B: Trading pair metadata enrichment
- **Purpose**: Add token addresses and decimal precision needed for amount calculations
- **Logic**: Join fee claims with trading pair dimension data created from `PairFactory_PairCreated_event` logs. This provides the `token0` and `token1` addresses for each trading pair contract, along with decimal precision for each token and constructed pair names using token symbols
- **Key fields**: `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component C: Amount correction and aggregation
- **Purpose**: Convert raw token amounts to human-readable values and aggregate by day
- **Logic**: Correct token amounts by dividing by 10 raised to the power of each token's decimal precision. Aggregate fee claims by day using daily timestamp boundaries, summing corrected amounts for each trading pair and fee collector combination
- **Key fields**: Corrected `token0_amount` and `token1_amount` values, daily `timestamp`

### Component D: USD conversion
- **Purpose**: Convert token amounts to USD values for standardized measurement
- **Logic**: Join with end-of-day price feeds for both tokens using daily timestamps, trading pair addresses, and chain identifiers. Multiply corrected token amounts by their respective USD prices and sum the results to get total fees in USD. Handle missing prices by defaulting to zero
- **Key fields**: `price_usd` for both tokens, calculated `fees` as sum of both token values in USD

### Component E: Incentive account identification
- **Purpose**: Identify accounts that receive EQUAL token incentives rather than direct trading fees
- **Logic**: Extract gauge account addresses from `Voter_GaugeCreated_event` logs. These represent liquidity incentive accounts where LPs receive EQUAL tokens instead of direct fee claims. Map gauge addresses to their corresponding trading pool addresses
- **Key fields**: `incentive_account_address` (gauge addresses), `exchange_account_address` (pool addresses)

### Final aggregation
- **Combining components**: Join fee claims with incentive account data using fee collector addresses as the key
- **Supply-side filtering**: Exclude fee claims where the collector address matches any incentive account address using a left join with null filter. This ensures only fees claimed by LPs who chose direct rewards (not EQUAL incentives) are counted
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds matched by date, token address, and chain
- **Time aggregation**: Data is aggregated at daily boundaries using timestamp truncation to day level
- **Final calculation**: Sum the USD values of both tokens (token0_USD + token1_USD) for each qualifying fee claim, then apply schema validation and gap-filling through the finalize metric macro

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

Portion of fees distributed to service providers or supply-side participants.

Equalizer ExchangeEQUAL

Supply-side fees

Supply-side fees

Competitive landscape

Chain breakdown