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 Expenses Methodology

## 1. Overview

HoudiniSwap expenses represent the total USD value of token incentives paid out by the protocol to liquidity providers and participants. This metric captures the protocol's operational costs in the form of reward distributions from staking contracts and reward pools. The calculation aggregates daily reward payments across multiple HoudiniSwap v1 contracts on Ethereum and treats these incentive payments as protocol expenses.

## 2. Data sources

The calculation relies on several key data sources:

- **Blockchain events**: Parsed Ethereum event logs from HoudiniSwap v1 contracts, specifically `RewardPaid` events from five different staker contracts and `RewardAdded` events from the rewards pool contract
- **Transaction data**: Ethereum transaction records containing block timestamps, transaction hashes, and log indices for reward distribution events
- **External data**: End-of-day price feeds for USD conversion and token metadata for decimal place corrections
- **Contract mappings**: Predefined mappings of contract addresses to account types (Staking Rewards or Reward Pool)

## 3. Step-by-step calculation

### Component A: Raw event collection
- **Purpose**: Gather all reward-related events from HoudiniSwap v1 contracts
- **Logic**: The system collects events from six different contract event types on Ethereum: `Staker_RewardPaid_event`, `Staker2_RewardPaid_event`, `Staker3_RewardPaid_event`, `Staker4_RewardPaid_event`, `Staker6_RewardPaid_event`, and `RewardsPool_RewardAdded_event`. Each event contains reward payment information including the recipient address and reward amount. All events track the same token (POOF token at address `0x888cea2bbdd5d47a4032cf63668d7525c74af57a`). The system extracts key transaction details including block timestamp, transaction hash, log index, and the contract address where the event occurred.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `address` (contract address), `reward` (raw token amount)

### Component B: Account classification and enrichment
- **Purpose**: Map contract addresses to meaningful account types and add business metadata
- **Logic**: The system joins the raw events with a predefined dimension table that maps six specific contract addresses to account classifications. Five addresses are classified as 'Staking Rewards' contracts and one is classified as 'Reward Pool'. The system also adds standard business metadata including chain identifier (ethereum), business line (DEX Aggregator), market sector (exchanges), and business segment (dex_aggregator). Events are filtered to only include those from recognized contract addresses through an inner join operation.
- **Key fields**: `account_address`, `account_name`, `chain_id`, `business_line`, `market_sector_id`, `business_segment_id`

### Component C: Time aggregation and USD conversion
- **Purpose**: Aggregate events to daily granularity and convert token amounts to USD values
- **Logic**: Events are grouped by day using timestamp truncation, creating daily summaries of reward distributions. The system applies token decimal corrections based on the POOF token's metadata to convert raw blockchain units to proper token amounts. USD conversion uses end-of-day price feeds to determine the dollar value of each reward payment. The aggregation groups by timestamp, chain, business segment, account details, and token address to create comprehensive daily summaries.
- **Key fields**: `timestamp` (daily), `timestamp_grain`, `token_incentives` (USD-adjusted amount), `token_address`

### Final aggregation
- **Combining components**: The processed incentive data flows directly into the expenses calculation without additional aggregation, as token incentives are treated as protocol expenses on a one-to-one basis
- **Currency conversion**: USD conversion occurs during the token incentives calculation using end-of-day price feeds combined with token decimal metadata for accurate value determination
- **Time aggregation**: Daily boundaries are established through timestamp truncation, with gaps filled using a zero-fill strategy to ensure continuous time series data
- **Final calculation**: The final expenses value equals the total USD value of token incentives paid out each day, calculated as the sum of all reward payments from staking contracts and reward pools, converted to USD using end-of-day exchange rates and properly adjusted for token decimals

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

Total project operating and incentive expenses.

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Expenses

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