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 Revenue Methodology

## 1. Overview

Equalizer revenue represents the total value accruing to veEQUAL token holders through two distinct revenue streams: trading fees claimed from liquidity pools and voting incentives paid by third-party protocols. This metric answers the business question of how much value the Equalizer protocol generates for its governance token holders on a daily basis. The calculation combines fee claims from automated market maker (AMM) trading pairs with bribe payments made to influence veEQUAL voting behavior, both converted to USD values.

## 2. Data sources

- **Blockchain events**: Parsed Fantom blockchain event logs including `Pair_Claim_event` from Equalizer V1 trading pair contracts, `NotifyReward_event` from ExternalBribeV1, InternalBribeV1, and BribeV2 bribe contracts, `PairFactory_PairCreated_event` from the pair factory contract, and `Voter_GaugeCreated_event` from the voter contract
- **Transaction data**: Fantom transaction records containing event logs with block timestamps, transaction hashes, and log indices for event identification
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimal precision and symbols
- **Data types**: Event log data capturing fee claims and incentive payments, trading pair creation events, liquidity gauge mappings, daily price snapshots, and token configuration data

## 3. Step-by-step calculation

### Component A: Trading fee claims
- **Purpose**: Captures trading fees claimed by veEQUAL holders from Equalizer liquidity pools
- **Logic**: Extract `Pair_Claim_event` logs from Equalizer V1 trading pair contracts on Fantom, capturing the fee collector address and amounts for both tokens in each trading pair. Join these events with trading pair dimension data to identify the specific token addresses and decimal precision for each pair. Correct the raw token amounts by dividing by 10 raised to the power of each token's decimal precision. Aggregate the corrected amounts daily by truncating timestamps to day boundaries. Convert both token amounts to USD using end-of-day price feeds and sum them to get total daily fee value per claim event. Filter the results to only include claims where the `fee_collector_address` matches an `incentive_account_address` from the liquidity incentive accounts mapping, ensuring only fees going to veEQUAL holders are counted
- **Key fields**: `fee_collector_address` identifies who claimed the fees, `token0_amount` and `token1_amount` contain raw token quantities, `token0_address` and `token1_address` specify the tokens, `token0_decimals` and `token1_decimals` provide decimal correction factors

### Component B: Voting incentives
- **Purpose**: Captures voting incentives (bribes) paid by external protocols to influence veEQUAL holder voting
- **Logic**: Extract `NotifyReward_event` logs from ExternalBribeV1, InternalBribeV1, and BribeV2 contracts on Fantom, capturing the reward token address and payment amount for each incentive event. Apply decimal correction by dividing raw amounts by 10 raised to the power of the token's decimal precision using token metadata. Aggregate the corrected amounts daily by truncating event timestamps to day boundaries. Convert the corrected token amounts to USD using end-of-day price feeds matched by timestamp, token address, and chain
- **Key fields**: `token_address` specifies the incentive token, `amount` contains the raw incentive quantity, token decimals from metadata provide correction factors

### Final aggregation
- **Combining components**: Union the daily fee claims and voting incentives datasets, both structured with identical schema including timestamp, chain, business classification fields, and revenue amounts in USD
- **Currency conversion**: USD conversion performed using end-of-day price feeds matched by exact timestamp (day), token address, and chain, with token amounts multiplied by corresponding USD prices
- **Time aggregation**: Daily boundaries established by truncating all event timestamps to day level using timestamp truncation, ensuring consistent daily aggregation across both revenue components
- **Final calculation**: Total daily revenue equals the sum of all fee claims USD values (token0 USD value plus token1 USD value per claim) plus all voting incentive USD values for that day, standardized through the finalize metric revenue macro which validates business classification fields and fills any gaps in the time series

*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.

Equalizer ExchangeEQUAL

Revenue

Revenue

Competitive landscape

Chain breakdown