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 Token incentives Methodology

## 1. Overview

Token incentives measure the total value of HOLD and esHOLD tokens distributed to users as rewards or claims through Holdstation's perpetual trading platform. This metric captures all forms of token-based incentives including esHOLD claims from escrow, esHOLD rewards from staking, and HST credit conversions to HOLD tokens. The calculation aggregates these incentive distributions daily and converts them to USD value to provide a standardized measure of the protocol's token-based user incentivization.

## 2. Data sources

- **zkSync Era blockchain events**: Parsed smart contract event logs from Holdstation's token incentive contracts
- **HSEscrowHold contract events**: `Claimed` events representing esHOLD token claims from escrow contracts
- **HSStaking contract events**: `ESHoldClaimed` events representing esHOLD rewards distributed from staking activities  
- **ConvertHSTCredit contract events**: `Converted` events representing conversions of HST credits to HOLD tokens
- **Token metadata**: HOLD token contract details including decimal precision and token specifications
- **End-of-day price feeds**: Daily closing prices for HOLD token to enable USD conversion

## 3. Step-by-step calculation

### Component A: Token incentive event extraction
- **Purpose**: Identifies and extracts all token incentive distribution events from Holdstation smart contracts on zkSync Era
- **Logic**: Monitors three specific smart contract event types that represent different forms of token incentives. The `HSEscrowHold` contract's `Claimed` events capture esHOLD tokens claimed from escrow using the `amount` parameter. The `HSStaking` contract's `ESHoldClaimed` events capture esHOLD rewards distributed to stakers using the `reward` parameter. The `ConvertHSTCredit` contract's `Converted` events capture HST credits converted to HOLD tokens using the `holdAmount` parameter. Each event provides the recipient address, transaction hash, block timestamp, and log index for complete traceability.
- **Key fields**: `amount`/`reward`/`holdAmount` (token quantities), `address` (recipient), `block_timestamp` (event timing), `transaction_hash` and `log_index` (event identification)

### Component B: Token address standardization and business classification
- **Purpose**: Standardizes all token incentive events to use a consistent token address and applies business metadata classification
- **Logic**: All events are mapped to the same HOLD token address (`0xed4040fd47629e7c8fbb7da76bb50b3e7695f0f2`) regardless of whether the claimed tokens are HOLD or esHOLD, based on the assumption that esHOLD will eventually vest into HOLD tokens. Each event is classified with consistent business metadata including perpetual trading as the business line, derivatives as the market sector, perpetual as the business segment, and holdstationdefuturesv1 as the product identifier. The version is set to v1 corresponding to the first version of Holdstation's contracts.
- **Key fields**: `token_address` (standardized HOLD address), `business_line`, `market_sector_id`, `business_segment_id`, `product_id`, `version`

### Component C: Daily aggregation and USD conversion
- **Purpose**: Aggregates token incentive amounts by day and converts to USD values
- **Logic**: Token incentive amounts are aggregated by truncating block timestamps to daily boundaries, grouping by account address, token address, chain, and business classification metadata. The raw token amounts are then converted to USD using end-of-day price feeds for the HOLD token, with appropriate decimal correction applied based on the token's decimal precision to ensure accurate value calculations.
- **Key fields**: `timestamp` (daily), `token_incentives` (aggregated amounts), USD conversion with decimal correction

### Final aggregation
- **Combining components**: All token incentive events from the three contract types are combined into a single dataset, with daily aggregation preserving account-level and token-level detail while summing incentive amounts
- **Currency conversion**: USD conversion uses end-of-day HOLD token prices with decimal precision correction to convert raw token amounts to standardized USD values
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to day precision, ensuring consistent time-based aggregation
- **Final calculation**: The final metric value represents the total USD value of HOLD and esHOLD token incentives distributed daily, with zero-filling applied to ensure continuous time series data and proper gap handling for periods with no incentive distributions

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

Value of native tokens distributed as incentives.

HoldstationHOLD

Token incentives

Token incentives

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