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 Fees Methodology

## 1. Overview

The HoudiniSwap fees metric represents the total daily fee revenue generated across all HoudiniSwap protocol operations. This metric captures four distinct revenue streams: token buybacks, withdrawal penalties from early unstaking, POOF token operation fees, and general treasury inflows. The calculation aggregates these fee sources on a daily basis and converts all values to USD using end-of-day price feeds.

## 2. Data sources

The metric utilizes several blockchain data sources and external feeds:
- **Token transfer events**: Parsed Ethereum ERC20 `Transfer` events for tracking LOCK token buybacks and various token inflows to the treasury
- **Contract events**: HoudiniSwap Staker contract `FallenWizardFee` events for withdrawal penalty tracking
- **Native token flows**: Ethereum native ETH transaction traces for POOF token operation fees
- **Token metadata**: Reference data for token symbols, decimals, and chain information
- **Price feeds**: End-of-day token price feeds for USD conversion across all supported tokens

## 3. Step-by-step calculation

### Component A: Buyback fees
- **Purpose**: Captures fees from LOCK token buyback operations with time-period specific logic to handle protocol migrations
- **Logic**: Tracks LOCK token transfers with three distinct periods. Before February 3rd, 2025, captures transfers from the buyback wallet to the staking contract. Between February 3rd and 24th, 2025, captures transfers to the buyback wallet on Ethereum. After February 24th, 2025, captures transfers to the buyback wallet but multiplies the amount by 2 to account for cross-chain operations where 50% of buyback value remains on Solana
- **Key fields**: Uses `value` field from token transfers, applies time-based filtering on `block_timestamp`, and targets specific addresses (`0x4401c51110e7d3a970fe48aeaee8249b181210a1` for staking, `0x45cf73349a4895faba18c0f51f06d79f0794898d` for buyback wallet)

### Component B: Withdrawal penalty fees  
- **Purpose**: Captures penalty fees charged when users withdraw staked LOCK tokens before the end of their staking period
- **Logic**: Extracts fee amounts directly from `FallenWizardFee` events emitted by the HoudiniSwap Staker contract. These events are triggered when users pay penalties for early withdrawal from staking positions
- **Key fields**: Uses `amount` field from the contract event, with all penalties denominated in LOCK tokens on Ethereum

### Component C: POOF token operation fees
- **Purpose**: Captures native ETH fees generated from POOF token operations and taxes
- **Logic**: Tracks positive native ETH inflows to the POOF vault address after the token launch date of January 18th, 2023. Only includes transactions with positive values representing actual fee collection rather than outflows
- **Key fields**: Uses `value` field from native token flows, filters by `account_address` matching the vault and `block_timestamp` after launch date

### Component D: Treasury inflows
- **Purpose**: Captures general token inflows to the HoudiniSwap treasury representing various fee types and revenue sources
- **Logic**: Tracks all token transfers to the designated treasury address while excluding a specific denylisted token to filter out unwanted or spam transfers. Joins with token metadata to ensure proper token classification and decimal handling
- **Key fields**: Uses `value` field from token transfers, filters by `to_address` matching treasury address, excludes specific `token_address` for spam prevention

### Final aggregation
- **Combining components**: All four fee components are combined using union operations, with each maintaining daily timestamp granularity and consistent field mapping for token addresses, chain identification, and business classification
- **Currency conversion**: Applies USD conversion using end-of-day price feeds with automatic decimal correction based on token metadata to ensure accurate value representation across different token standards
- **Time aggregation**: Timestamps are truncated to daily boundaries using the start of each day, ensuring consistent daily aggregation regardless of transaction timing within each day
- **Final calculation**: The metric represents the daily sum of all fee components converted to USD, with zero-filling applied for days without fee activity to maintain continuous time series data for analysis and reporting

*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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