# Fluid DEX Revenue Methodology

## 1. Overview

Revenue measures the share of trading and operational fees retained by Fluid DEX and Fluid DEX Lite. Fees generated from swap activities across various liquidity pools and arbitrage fees captured during liquidity layer operations are included in this metric. The protocol's ability to monetize its automated market-making and liquidity management infrastructure is indicated by this metric.

## 2. Data sources

- **Blockchain events**: `Swap` events from `FluidDex` and `FluidDexT1` contracts, `LogSwap` events from `FluidDexLite` contracts, and `LogOperate` events from `FluidLiquidity` and `FluidLiquidityProxy` contracts, covering Ethereum, Arbitrum, Base, Polygon, and 2 other chains
- **External data**: End-of-day price feeds for traded assets and asset metadata

## 3. Step-by-step calculation

### Component A: Fluid DEX trading fee extraction

- **Purpose**: Revenue generated from classic trading activities on Fluid DEX is calculated.
- **Logic**: Swap data is extracted from `Swap` events emitted by `FluidDex` and `FluidDexT1` contracts. For each swap, the input asset and its corresponding amount are identified based on the swap direction. These amounts are normalized by decimal precision using asset metadata. Fees are calculated by multiplying the input asset amount by the trade fee rate. Protocol revenue is then determined by applying the pool-specific revenue cut percentage to these fees.
- **Key fields**: `amount_0`, `amount_1`, `token_address_0`, `token_address_1`, `trade_fee_rate`, `revenue_cut`

### Component B: Fluid DEX Lite trading fee extraction

- **Purpose**: Revenue from trades executed through the Fluid DEX Lite product is captured.
- **Logic**: Trade data is parsed from `LogSwap` events emitted by `FluidDexLite` contracts. Encoded swap data is decoded to extract the swap direction, the input and output amounts, and the associated decentralized exchange identifier. These amounts are normalized to a standard decimal precision. Fees are calculated by multiplying the input asset amount by the trade fee rate. Protocol revenue is then determined by applying the pool-specific revenue cut percentage to these fees.
- **Key fields**: `swapData`, `dex_id`, `amount_0`, `amount_1`, `trade_fee_rate`, `revenue_cut`

### Component C: Arbitrage fee identification

- **Purpose**: Fees generated from arbitrage operations within the liquidity layer are identified and captured.
- **Logic**: Operations within the liquidity layer are monitored via `LogOperate` events from `FluidLiquidity` and `FluidLiquidityProxy` contracts. These events are filtered to include only those where the account address corresponds to a known Fluid DEX or Fluid DEX Lite address. Arbitrage fees are identified by calculating the absolute difference between the supply amount and the borrow amount for a specific asset within a single operation.
- **Key fields**: `supply_amount`, `borrow_amount`, `account_address`, `token_address`

### Component D: Normalization and USD conversion

- **Purpose**: Revenue values across different assets and chains are standardized into a single currency.
- **Logic**: All identified fee and revenue components are normalized by the decimal precision of the respective assets. These normalized values are then multiplied by the end-of-day price of the asset in USD. The results are aggregated at a daily granularity using UTC day boundaries to produce the final revenue metric.
- **Key fields**: `timestamp`, `chain_id`, `revenue`, `price_usd`

*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.

Revenue

Exchanges (DEX)

Fluid acts as a lending, vault, and DEX platform for seamless DeFi interaction.

Fluid is a non-custodial lending, vaults, and DEX protocol built by Instadapp. Instadapp was founded by Samyak Jain & Sowmay Jain and launched in 2018.

FLUID tokenholders own and govern the protocol. They currently earn a cut of the fees generated through Fluid lending, vault and DEX services. Instadapp's investors include Coinbase Ventures, Pantera Capital, Robot Ventures, etc.

Fluid DEX

Revenue

Revenue

Chain breakdown