Users deposit funds into pools, called Hypervisors, and receive a return on investment (supply-side fees) after rebalancing.

Gamma Strategies is an asset management protocol built on Ethereum and other blockchains. Gamma Strategies was founded by an anonymous team and launched in 2020.

GAMMA tokenholders own and govern the protocol. They currently take a cut of the total return on investment & total assets under management paid by liquidity providers (revenue).

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Asset management

Gamma Strategies

# Gamma Strategies Expenses Methodology

## 1. Overview

GammaStrategies expenses represent token incentives distributed to users by the protocol. The metric measures zero expenses because GammaStrategies does not distribute token incentives. The calculation inherits the dimensional structure from the protocol's fee calculation but sets all expense values to zero, providing daily time series data across all supported chains (Ethereum, Arbitrum, Optimism, Polygon) where the protocol operates.

## 2. Data sources

The dimensional structure underlying this metric relies on:
- **Hypervisor events**: Parsed `Rebalance` events from GammaStrategies v1 hypervisors across Ethereum, Arbitrum, Optimism, and Polygon
- **Token transfer events**: Token transfer events to specific fee wallet addresses for v2 hypervisors
- **Protocol configuration events**: `ZeroBurn` events containing protocol fee rate information for v2 hypervisors
- **Factory events**: `HypeAdded` events from hypervisor factories for version classification
- **External data**: End-of-day token price feeds and token metadata for decimal correction
- **Chain configuration**: Chain availability settings determining active chains for each time period

## 3. Step-by-step calculation

### Component A: Token incentives baseline
- **Purpose**: Establishes the dimensional structure for expenses with zero values
- **Logic**: Takes the complete dimensional structure from the fees metric including `timestamp`, `chain_id`, and `product_id` fields, then hardcodes `token_incentives` as 0 for all records. This reflects GammaStrategies' business model where no token incentives are distributed to users as expenses
- **Key fields**: `timestamp` (daily grain), `chain_id` (blockchain identifier), `product_id` (protocol identifier), `token_incentives` (set to 0)

### Component B: Metric finalization
- **Purpose**: Applies standard Token Terminal metric formatting and gap filling
- **Logic**: Uses the `finalize_metric_expenses` macro to standardize the data structure, validate identifiers, and ensure complete time series coverage. Implements a "fill_zeros" strategy that forward-fills missing dates with zero values to maintain continuous daily coverage
- **Key fields**: Standardized schema with `expenses` field (renamed from `token_incentives`), validated `data_id` as 'gammastrategies'

### Final aggregation
- **Combining components**: Direct pass-through of zero token incentives renamed as expenses
- **Currency conversion**: No conversion needed since all values are zero
- **Time aggregation**: Daily boundary logic inherited from underlying fee calculation structure
- **Final calculation**: Expenses equals zero token incentives for all time periods and chains, representing GammaStrategies' policy of not distributing token-based user incentives

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

Total project operating and incentive expenses.

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Expenses

Expenses

Competitive landscape

Chain breakdown