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 Fees Methodology

## 1. Overview

The Holdstation fees metric measures the total daily fees generated by the Holdstation DeFutures perpetual trading protocol on zkSync Era. This metric combines both protocol revenue (fees retained by Holdstation) and supply-side fees (fees paid to liquidity providers and NFT bots). The calculation captures fees from leveraged position opening/closing, liquidations, funding payments, and rollover operations. The metric answers the business question: "What is the total economic value generated by trading activity on Holdstation DeFutures?"

## 2. Data sources

The calculation uses the following raw data sources:
- **Smart contract events**: Parsed zkSync Era event logs from Holdstation DeFutures smart contracts, specifically `HSTradingCallbacks` and `HSPairInfos` contracts
- **Fee charging events**: Seven different event types that capture fee distributions (`AgencyFeeCharged`, `DevGovFeeCharged`, `LpFeeCharged`, `NftBotFeeCharged`, `ReferralFeeCharged`, `SssFeeCharged`, `UsdcVaultFeeCharged`)
- **Funding fee events**: `FeesCharged` events from `HSPairInfos` contract capturing funding and rollover fees
- **Price data**: End-of-day USDC price feeds for USD conversion
- **Token metadata**: USDC token information for decimal precision handling
- **Transaction context**: Block timestamps, transaction hashes, and log indices for event identification

## 3. Step-by-step calculation

### Component A: Raw fee event extraction
- **Purpose**: Extract all fee-related events from Holdstation DeFutures smart contracts and categorize them by fee type
- **Logic**: Query parsed event logs from `HSTradingCallbacks` and `HSPairInfos` contracts on zkSync Era. Extract seven types of trading fee events plus funding fee events. Each event contains the fee amount in USDC and identifies the fee recipient. Trading fees are split into two categories: revenue components (Agency, Dev & Governance, Staking, Referral, Vault) that represent protocol earnings, and supply-side components (LP, NFT bot) that represent payments to liquidity providers and automated market makers. Funding and rollover fees from the `FeesCharged` event go entirely to liquidity providers
- **Key fields**: `block_timestamp` for timing, `valueUsdc` for trading fee amounts, `rolloverFees` and `fundingFees` for funding-related amounts, `address` for the account generating fees, `transaction_hash` and `log_index` for event identification

### Component B: Revenue aggregation  
- **Purpose**: Calculate daily protocol revenue from trading fees
- **Logic**: Filter the raw fee events to include only revenue components (Agency, Dev & Governance, Staking, Referral, Vault fees). Aggregate these amounts by day using timestamp truncation to daily boundaries. Group by account address, product identifier, and chain to maintain granular attribution. Convert USDC amounts to USD using end-of-day price feeds and apply token decimal corrections. Fill missing days with zero values to ensure complete time series coverage
- **Key fields**: `revenue_amount` containing the sum of protocol-retained fees, `timestamp` truncated to daily grain, `chain_id` for zkSync Era identification, `product_id` for Holdstation DeFutures classification

### Component C: Supply-side fees aggregation
- **Purpose**: Calculate daily fees paid to liquidity providers and NFT bots
- **Logic**: Filter the raw fee events to include LP fees, NFT bot fees, and all funding/rollover fees. These represent payments to supply-side participants who provide liquidity or automated services. Aggregate by day using the same time boundaries as revenue. Apply the same USD conversion and decimal correction processes. Fill gaps with zeros to maintain consistent time series alignment with revenue data
- **Key fields**: `lp_bot_amount` containing fees paid to supply-side participants, `timestamp` at daily granularity, matching dimensional attributes to revenue component

### Final aggregation
- **Combining components**: Join the revenue and supply-side fee datasets on timestamp and chain dimensions using an inner join to ensure both components exist for each data point
- **Currency conversion**: All amounts are converted from USDC to USD using end-of-day price feeds, with proper decimal adjustment for USDC's 6-decimal precision
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to day level, ensuring consistent 24-hour periods across UTC time zones  
- **Final calculation**: Total fees equal the sum of revenue and supply-side fees for each day: `total_fees = revenue + fees_supply_side`. Missing data points are filled with zeros to provide complete daily coverage

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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