Liquidity providers deposit funds into Holdstation DeFutures and receive trading fees from traders (supply-side fees).

Holdstation DeFutures is a non-custodial perpetual exchange protocol built on zkSync Era. Holdstation DeFutures was founded by Hoai Nam and Trung Banh, and launched in 2023.

HOLD tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Holdstation's investors include ViaBTC Capital, Kryber, K300 Ventures, etc.

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Holdstation

# Holdstation Earnings Methodology

## 1. Overview

Holdstation earnings represents the net profit generated by the Holdstation DeFutures perpetual trading protocol. This metric is calculated as revenue minus expenses, where revenue comes from trading fees collected by the protocol and expenses consist of HOLD and esHOLD token incentives paid to users. The metric measures the protocol's profitability after accounting for token-based user rewards and provides insight into the sustainability of the protocol's business model.

## 2. Data sources

- **zkSync Era smart contract event logs**: Parsed events from Holdstation DeFutures trading contracts including `AgencyFeeCharged`, `DevGovFeeCharged`, `StakingFeeCharged`, `ReferralFeeCharged`, and `VaultFeeCharged` events
- **zkSync Era reward contract events**: Parsed events from Holdstation staking and escrow contracts including `HSEscrowHold_Claimed`, `HSStaking_ESHoldClaimed`, and `ConvertHSTCredit_Converted` events
- **End-of-day token price feeds**: Daily closing prices for USDC and HOLD tokens used for USD conversion
- **Token metadata**: Decimal precision information for proper unit conversion of token amounts

## 3. Step-by-step calculation

### Component A: Revenue calculation
- **Purpose**: Calculate total fees collected by the Holdstation protocol from perpetual trading activities
- **Logic**: Extract fee collection events from zkSync Era smart contracts where trading fees are charged to users. Filter events to include only protocol revenue components: Agency fees, Dev & Governance fees, Staking fees, Referral fees, and Vault fees. Exclude LP fees and NFT bot fees as these represent payments to supply-side participants rather than protocol revenue. All fee amounts are denominated in USDC and extracted from the `valueUsdc` parameter in the event logs. Convert USDC amounts from wei to token units using decimal correction, then convert to USD using end-of-day USDC price feeds. Aggregate daily by grouping events by truncated block timestamp, chain, and protocol identifiers.
- **Key fields**: `valueUsdc` amounts from fee events, `block_timestamp` for daily aggregation, contract addresses to identify fee types, `account_address` for user tracking

### Component B: Token incentive expenses calculation  
- **Purpose**: Calculate total token rewards paid out to users as protocol expenses
- **Logic**: Extract HOLD and esHOLD token claim events from zkSync Era reward and escrow contracts. Include claimed amounts from escrow releases, staking rewards, and credit conversions. All claims use the HOLD token address as the reference since esHOLD tokens eventually vest into HOLD tokens. Extract token amounts from event parameters including `amount`, `reward`, and `holdAmount` fields depending on the specific event type. Apply decimal correction to convert from wei to token units, then convert to USD using end-of-day HOLD token price feeds. Aggregate daily by grouping events by truncated block timestamp, chain, and protocol identifiers.
- **Key fields**: Token `amount` fields from claim events, `block_timestamp` for daily aggregation, `token_address` for HOLD token identification, `account_address` for recipient tracking

### Final aggregation
- **Combining components**: Join daily revenue and expense aggregations on timestamp, chain, and protocol dimensions. Use the `calculate_earnings` macro to perform the subtraction calculation where earnings equals revenue minus expenses for each day.
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds retrieved at the timestamp boundary. USDC fees use USDC/USD rates while HOLD token incentives use HOLD/USD rates.
- **Time aggregation**: Events are aggregated to daily boundaries using timestamp truncation to day level. Block timestamps are converted to UTC day boundaries for consistent aggregation.
- **Final calculation**: Daily earnings equal the sum of all protocol revenue components minus the sum of all token incentive expenses for each day, chain, and protocol combination. Missing days are filled with zero values to maintain complete time series data.

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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