Integral provides low slippage on large trades by executing orders using a time-weighted average price (TWAP).

Integral is a non-custodial TWAP-based exchange on Ethereum and Arbitrum that specializes in handling large trades with low slippage. Integral was founded by a group of pseudonymous developers, mathematicians and financial engineers, and their flagship product Integral SIZE was launched in 2022.

ITGR tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Integral

# Integral Earnings Methodology

## 1. Overview

Earnings represents the net profit of the Integral protocol, calculated as total revenue minus total expenses. This metric answers the fundamental business question: "How much profit does Integral generate after accounting for operational costs?" The calculation follows standard financial accounting where earnings equals revenue (fees collected from trading) minus expenses (liquidity incentive payments to users).

## 2. Data sources

The methodology relies on several types of raw blockchain data and external feeds:

- **Blockchain events**: Parsed Ethereum and Arbitrum `TwapPair_Swap_event` logs from Integral DEX contracts capturing all trading activity
- **Incentive events**: Parsed Ethereum `IntegralMerkleTimeRelease_Claim_event` logs from liquidity incentive distribution contracts  
- **Trading pair data**: Parsed Ethereum and Arbitrum `TwapFactory_PairCreated_event` logs identifying valid trading pairs and their token compositions
- **Fee configuration**: Parsed Ethereum and Arbitrum `TwapPair_SetSwapFee_event` logs capturing fee tier changes for each trading pair
- **External data**: End-of-day token price feeds for USD conversion and token metadata containing decimals and symbols for proper unit conversion

## 3. Step-by-step calculation

### Component A: Trading volume calculation
- **Purpose**: Calculates daily USD trading volume for each trading pair to serve as the basis for fee calculations
- **Logic**: Extract all swap events from Integral DEX contracts on Ethereum and Arbitrum. For each swap, calculate the absolute change in both token amounts (`amount0In - amount0Out` and `amount1In - amount1Out`). Join with trading pair metadata to obtain token addresses and decimal values. Correct token amounts by dividing by 10 raised to the token's decimal places. Convert both token amounts to USD using end-of-day price feeds. To prevent price manipulation attacks, use the smaller of the two USD values as the final trading volume for each swap. Aggregate all swaps by day, trading pair, and chain.
- **Key fields**: `token0_amount`, `token1_amount` (corrected for decimals), `trading_volume` (USD value), `account_address` (trading pair contract)

### Component B: Fee calculation and revenue
- **Purpose**: Determines total fees collected by the protocol, which represents 100% of revenue since Integral retains all trading fees
- **Logic**: Take the daily trading volumes and apply the appropriate fee tier for each trading pair and day. Fee tiers are determined from `SetSwapFee` events and forward-filled for days when no new fee is set. Multiply trading volume by the fee tier percentage to calculate total fees collected. Since Integral operates with a 100% fee retention model (no liquidity provider fees), all collected fees constitute protocol revenue.
- **Key fields**: `fee_tier` (as decimal percentage), `fees` (USD value), `trading_volume`

### Component C: Liquidity incentive expenses
- **Purpose**: Calculates the total cost of liquidity incentive payments distributed to users, representing the protocol's primary operational expense
- **Logic**: Extract all claim events from Integral's Merkle Time Release incentive contracts on Ethereum. Filter events to only include claims from predefined incentive distribution account addresses (13 specific contract addresses that handle different incentive programs). For each claim, extract the ITGR token amount from the `option2Amount` field. Convert ITGR token amounts to USD using end-of-day price feeds and correct for the token's 18 decimal places. Aggregate all incentive payments by day to get total daily expenses.
- **Key fields**: `amount` (ITGR tokens), `token_incentives` (USD value), `account_address` (incentive contract)

### Final aggregation
- **Combining components**: Revenue and expenses are calculated independently and then combined using the earnings formula. Both components are aggregated to the same daily time boundaries and standardized schema before subtraction.
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds matched by token address, chain, and date. Token amounts are corrected for decimals before price conversion.
- **Time aggregation**: All events are aggregated to daily boundaries using timestamp truncation. Days with no activity are zero-filled to maintain a continuous time series.
- **Final calculation**: Daily earnings equals daily revenue (total fees collected) minus daily expenses (total incentive payments distributed). The result shows the net profit generated by the Integral protocol each day.

*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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