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 Revenue Methodology

## 1. Overview

HoudiniSwap revenue represents the total daily USD value of fees and income generated by the HoudiniSwap protocol across four distinct revenue streams: token buybacks, withdrawal penalties from staking, POOF token-related vault flows, and general treasury inflows. This metric captures all value flowing to the protocol treasury and fee collection mechanisms, providing a comprehensive view of HoudiniSwap's revenue generation from its decentralized exchange aggregation and staking services.

## 2. Data sources

The revenue calculation draws from multiple blockchain data sources:
- **Token transfer events**: Parsed Ethereum ERC-20 `Transfer` events tracking movements to and from specific protocol contracts
- **Native ETH flows**: Ethereum native token transfer traces for vault-related revenue
- **Smart contract events**: HoudiniSwap V2 staking contract events, specifically `FallenWizardFee` penalty events
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Decimal precision and symbol information for proper amount calculations

## 3. Step-by-step calculation

### Component A: Buyback revenue
- **Purpose**: Tracks token buyback activity as a revenue source, with different calculation methods based on time periods reflecting the protocol's cross-chain migration strategy
- **Logic**: Identifies transfers of LOCK tokens (`0x922d8563631b03c2c4cf817f4d18f6883aba0109`) involving the buyback wallet (`0x45cf73349a4895faba18c0f51f06d79f0794898d`) and staking contract (`0x4401c51110e7d3a970fe48aeaee8249b181210a1`). Before February 3, 2025, tracks transfers from buyback wallet to staking contract. Between February 3-24, 2025, tracks incoming transfers to the buyback wallet at face value. After February 24, 2025, tracks incoming transfers to the buyback wallet but multiplies by 2 to account for Solana migration where only 50% of value stays on Ethereum
- **Key fields**: Uses `value` from token transfer events, applies time-based multipliers, includes transaction metadata like `block_timestamp`, `transaction_hash`, and `log_index`

### Component B: Withdrawal penalty revenue  
- **Purpose**: Captures penalty fees charged when users withdraw from staking positions early
- **Logic**: Extracts `FallenWizardFee` events from the HoudiniSwap V2 staking contract, representing penalties collected when stakers exit positions before maturity
- **Key fields**: Uses `amount` from the contract event, associates with LOCK token address and Ethereum chain

### Component C: POOF token vault flows
- **Purpose**: Tracks native ETH revenue flowing to the protocol vault related to POOF token operations
- **Logic**: Monitors native ETH transfers to the vault address (`0x995f2de133e2c8bd2c17a1fddfd3570e624a0d59`) occurring after the POOF launch date of January 18, 2023. Only includes positive value flows representing incoming revenue
- **Key fields**: Uses `value` from native flow traces, filters for incoming flows with value greater than zero

### Component D: Treasury inflows
- **Purpose**: Captures general token inflows to the protocol treasury representing various revenue sources
- **Logic**: Identifies all ERC-20 token transfers directed to the treasury address (`0xc36d36dd4a45f8817a49d3751557fec9871f0e32`), excluding transfers of denylisted tokens (`0x8a0ba6b870ca0b3a29ac09dd01863c5d828d0c30`) to filter out unwanted or spam tokens
- **Key fields**: Uses `value` from token transfer events, includes `token_address` for different revenue tokens, `from_address` to identify revenue sources

### Final aggregation
- **Combining components**: All four revenue streams are combined using union operations, with each maintaining daily timestamp boundaries and consistent metadata fields including chain ID, market sector, and business segment classifications
- **Currency conversion**: Token amounts are corrected for decimal precision using token metadata, then converted to USD using end-of-day price feeds matched by token address, chain, and date
- **Time aggregation**: All timestamps are truncated to daily boundaries using `timestamp_trunc(block_timestamp, day)` to create consistent daily revenue totals
- **Final calculation**: The metric applies the `finalize_metric_fees` macro with zero-filling strategy to ensure complete time series data, then relabels the aggregated fees as revenue through a simple passthrough transformation. Chain availability filters ensure only data from supported chains is included in the final output

*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.

Houdini SwapLOCK

Revenue

Revenue

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