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 Expenses Methodology

## 1. Overview

The Holdstation expenses metric measures the daily USD value of token incentives distributed by the Holdstation perpetual trading platform. This metric treats token incentives (HOLD and esHOLD rewards) as operational expenses, providing insight into the protocol's cost structure for user acquisition and retention. The calculation aggregates all token incentive distributions across escrow claims, staking rewards, and credit conversions on zkSync Era.

## 2. Data sources

- **zkSync Era blockchain events**: Parsed event logs from Holdstation's smart contracts capturing token incentive distributions
  - `HSEscrowHold_Claimed_event`: esHOLD token claims from escrow contracts
  - `HSStaking_ESHoldClaimed_event`: esHOLD rewards claimed from staking contracts  
  - `ConvertHSTCredit_Converted_event`: HOLD tokens received from credit conversions
- **End-of-day token price feeds**: USD pricing data for HOLD token conversion
- **Token metadata**: Decimal precision information for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Token incentive event extraction
- **Purpose**: Captures all HOLD and esHOLD token incentive distributions from Holdstation contracts
- **Logic**: Extracts blockchain events from three contract types on zkSync Era. All events use the HOLD token address (`0xed4040fd47629e7c8fbb7da76bb50b3e7695f0f2`) as they represent different forms of the same underlying incentive. Each event type maps to specific amount parameters (`amount` for escrow claims, `reward` for staking, `holdAmount` for conversions). Events are classified under perpetual trading derivatives with the product identifier `holdstationdefuturesv1`
- **Key fields**: `block_timestamp`, `account_address`, `amount` (varies by event type), `token_address`, business classification metadata

### Component B: Daily aggregation and USD conversion
- **Purpose**: Aggregates token incentives by day and converts to USD values
- **Logic**: Groups token incentive events by daily timestamp boundaries using day-level truncation. Applies USD conversion using end-of-day price feeds for the HOLD token. Corrects for token decimal precision to ensure accurate amount calculations. Maintains dimensional breakdowns by chain, product, and business segment
- **Key fields**: `timestamp` (daily), `chain_id`, `product_id`, `token_incentives` (USD value)

### Final aggregation
- **Combining components**: Token incentives are treated directly as expenses without additional transformation
- **Currency conversion**: Token amounts converted to USD using end-of-day HOLD token prices with decimal corrections applied
- **Time aggregation**: Daily boundaries determined by timestamp truncation to day level
- **Final calculation**: The final expenses value equals the daily USD value of all token incentives distributed by the protocol, representing operational costs for user incentivization

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

Total project operating and incentive expenses.

HoldstationHOLD

Expenses

Expenses

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