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 Revenue Methodology

## 1. Overview

The Holdstation revenue metric measures the daily USD revenue generated by the Holdstation DeFutures perpetual trading protocol on zkSync Era. This metric captures fees that flow directly to the protocol operators, excluding fees paid to liquidity providers and other supply-side participants. The calculation aggregates various fee types charged during leveraged trading activities, including trading fees, liquidation fees, and protocol-specific charges, then converts them to USD for daily reporting.

## 2. Data sources

- **zkSync Era blockchain events**: Parsed fee charging events from Holdstation DeFutures smart contracts, including `AgencyFeeCharged`, `DevGovFeeCharged`, `LpFeeCharged`, `NftBotFeeCharged`, `ReferralFeeCharged`, `SssFeeCharged`, `UsdcVaultFeeCharged`, and `FeesCharged` events
- **Transaction data**: zkSync Era transaction records containing block timestamps, transaction hashes, and log indices
- **Token metadata**: USDC token contract address (`0x3355df6d4c9c3035724fd0e3914de96a5a83aaf4`) and decimal specifications for zkSync Era
- **External data**: End-of-day price feeds for USD conversion of USDC amounts
- **Contract addresses**: Holdstation DeFutures smart contract addresses on zkSync Era

## 3. Step-by-step calculation

### Component A: Trading and liquidation fees extraction
- **Purpose**: Extracts fee events from Holdstation DeFutures trading activities and categorizes them by recipient
- **Logic**: Queries zkSync Era blockchain event logs for seven different fee charging events from Holdstation DeFutures contracts. Each event represents fees charged for different aspects of perpetual trading (agency fees, development/governance fees, liquidity provider fees, NFT bot fees, referral fees, staking fees, and vault fees). The system extracts the `valueUsdc` field from each event, which contains the fee amount in USDC token units. Events are classified into two categories: protocol revenue components (Agency, Dev & Governance, Staking, Referral, Vault) where fees go to Holdstation, and supply-side components (LP, NFT bot) where fees go to liquidity providers and automated trading bots
- **Key fields**: `block_timestamp` for daily aggregation, `transaction_hash` and `log_index` for event identification, `address` as the fee-paying account, `valueUsdc` containing the fee amount in USDC token units

### Component B: Funding and rollover fees extraction  
- **Purpose**: Captures funding and rollover fees from perpetual trading positions
- **Logic**: Queries zkSync Era blockchain for `FeesCharged` events from Holdstation pair info contracts. These events contain funding fees charged to maintain leveraged positions and rollover fees for position extensions. Extracts `rolloverFees` and `fundingFees` fields, which represent fees that accrue to liquidity providers rather than protocol revenue. For revenue calculation purposes, these amounts are classified as supply-side fees (set to 0 for protocol revenue) while being tracked separately as LP compensation
- **Key fields**: `rolloverFees` and `fundingFees` containing fee amounts in USDC token units, `block_timestamp` for timing, standard transaction identification fields

### Final aggregation
- **Combining components**: Union all trading fee events and funding fee events into a single dataset. Filter to include only protocol revenue amounts (excluding LP and NFT bot fees) by summing `revenue_amount` field where component types are Agency, Dev & Governance, Staking, Referral, or Vault
- **Currency conversion**: Apply decimal correction to convert USDC token amounts from 6-decimal representation to standard decimal format, then convert to USD using end-of-day price feeds matched by date and token address
- **Time aggregation**: Truncate all event timestamps to daily boundaries using day-level timestamp truncation. Group all fee events by day, chain, and other metadata dimensions
- **Final calculation**: Sum all protocol revenue amounts by day after USD conversion and decimal correction. Apply zero-filling strategy to populate missing days with zero revenue values. Apply chain availability filtering to ensure data completeness and consistency across the reporting period

*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.

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Revenue

Revenue

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