Houdini Swap routes users transactions privately through Monero between non-custodial exchanges. Due to the protocols focus on preserving privacy, Token Terminal is unable to calculate the total fees paid by the user, trading volume and active users.

Houdini Swap is a non-custodial DEX aggregator which enables private transactions. Houdini Swap was launched in 2022.

Houdini Swap team & POOF tokenholders govern the protocol. Houdini Swap currently earns a fee from the partner exchanges. In addition, Houdini Swap currently charge a trading tax on the POOF token. Houdini Swap's investors include DreamLabs & Theia Blockchain.

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Houdini Swap

# Houdini Swap Earnings Methodology

## 1. Overview

HoudiniSwap earnings represents the net profit generated by the protocol, calculated as total revenue minus total expenses. This metric measures the protocol's profitability by subtracting liquidity incentive expenses from fee-based revenue streams. The calculation aggregates multiple revenue sources (buybacks, penalties, token flows, treasury inflows) and subtracts incentive expenses to determine daily net earnings in USD.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Ethereum token transfer events**: Parsed `Transfer` events tracking LOCK token movements for buybacks and various ERC-20 token transfers to treasury addresses
- **Ethereum native flow traces**: ETH flow data from vault contracts tracking POOF token interactions
- **HoudiniSwap staking contract events**: Parsed events including `RewardPaid` from multiple staking contracts, `RewardAdded` from reward pools, and `FallenWizardFee` penalty events
- **End-of-day token price feeds**: Daily closing prices for USD conversion of LOCK, POOF, and other tokens
- **Token metadata**: Decimal precision and symbol information for proper token amount calculations

## 3. Step-by-step calculation

### Component A: Revenue from fees
- **Purpose**: Aggregates all fee-based revenue streams that generate income for the protocol
- **Logic**: Combines four distinct fee sources. Buyback fees track LOCK token transfers between specific addresses with date-conditional multipliers (normal rate until Feb 3 2025, normal rate Feb 3-24, then 2x multiplier after Feb 24 to account for cross-chain activity). Withdrawal penalty fees capture `FallenWizardFee` events when users withdraw early. POOF token flows track value movements through the vault address. Treasury inflows aggregate all token transfers to the treasury address, excluding specific denylisted tokens
- **Key fields**: Token amounts from `value` fields, timestamps from `block_timestamp`, token addresses for identification, transaction hashes and log indexes for deduplication

### Component B: Expenses from liquidity incentives  
- **Purpose**: Calculates total token incentive expenses paid to liquidity providers and stakers
- **Logic**: Aggregates reward payments from multiple staking contracts by combining `RewardPaid` events from six different staking contracts and `RewardAdded` events from reward pools. All incentives are paid in POOF tokens to various recipient addresses. Uses hardcoded account mapping to categorize different staking contracts as "Staking Rewards" or "Reward Pool" based on their addresses
- **Key fields**: Reward amounts from `reward` fields in events, recipient addresses, staking contract addresses for categorization

### Component C: Currency conversion and aggregation
- **Purpose**: Converts token amounts to USD and aggregates by day for consistent reporting
- **Logic**: Applies decimal correction using token metadata to ensure proper token amount representation. Converts all token amounts to USD using end-of-day price feeds matched by token address and date. Truncates timestamps to daily boundaries and sums all values within each day. Applies zero-fill strategy for missing data points to ensure continuous time series
- **Key fields**: Converted `amount` values in USD, daily `timestamp` boundaries

### Final aggregation
- **Combining components**: Revenue and expense components are calculated separately, then earnings is computed as revenue minus expenses for each day
- **Currency conversion**: All amounts converted to USD using end-of-day token prices, with proper decimal adjustment based on token metadata
- **Time aggregation**: Data aggregated at daily level using timestamp truncation to day boundaries
- **Final calculation**: Daily earnings equals daily revenue minus daily expenses, with zero-fill applied for gaps in the time series to maintain continuity

*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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