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).

github

twitter

discord

etherscan

website

Exchanges (DEX)

Integral

# Integral Supply-side fees Methodology

## 1. Overview

Supply-side fees represent the portion of trading fees that go to liquidity providers or other supply-side participants in a protocol. For Integral, this metric measures the fees allocated to liquidity providers, though notably Integral retains 100% of trading fees at the protocol level, resulting in zero supply-side fees. This metric answers the business question: "How much are liquidity providers earning from trading fees?" The calculation involves determining total trading fees and then applying Integral's specific fee allocation model.

## 2. Data sources

The calculation relies on several key data sources:
- **Blockchain events**: Parsed `TwapPair_Swap_event` logs from Integral V1 contracts on Ethereum and Arbitrum containing trade execution data with token amounts
- **Trading pair data**: Parsed `TwapFactory_PairCreated_event` logs from Integral V1 contracts providing trading pair creation information and token relationships
- **Fee configuration**: Parsed `TwapPair_SetSwapFee_event` logs from Integral V1 contracts containing fee tier updates for each trading pair
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimal precision and symbols
- **Transaction data**: Ethereum and Arbitrum transaction metadata including timestamps and transaction hashes for proper event ordering

## 3. Step-by-step calculation

### Component A: Trade extraction and processing
- **Purpose**: Extract and normalize raw trade data from Integral V1 swap events
- **Logic**: Parse `TwapPair_Swap_event` logs from Ethereum and Arbitrum to extract trade information. Calculate net token changes for each trade by subtracting amounts out from amounts in for both `token0` and `token1`. Group trades by transaction hash and log index to ensure proper deduplication. Apply daily timestamp truncation to organize trades by day.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` for calculating net token movements, `account_address` for identifying trading pairs, and `block_timestamp` for temporal organization

### Component B: Trading pair metadata enrichment
- **Purpose**: Combine trade data with trading pair information and token metadata
- **Logic**: Join trade events with trading pair creation data from `TwapFactory_PairCreated_event` logs to identify token addresses for each pair. Enhance with token metadata to obtain decimal precision information and token symbols. Create human-readable pair names by concatenating token symbols.
- **Key fields**: `pair` address linking trades to trading pairs, `token0` and `token1` addresses for price lookups, `decimals` for proper token amount normalization, and `symbol` for pair identification

### Component C: Fee tier calculation
- **Purpose**: Determine the fee rate charged for each trading pair on each day
- **Logic**: Extract fee tier information from `TwapPair_SetSwapFee_event` logs, converting from wei to decimal format by dividing by 10^18. Calculate daily average fee tiers for each trading pair. Apply forward-filling logic to propagate the most recent fee tier to days without explicit fee updates, ensuring continuous fee rate coverage.
- **Key fields**: `fee` value in wei format requiring decimal conversion, `account_address` for linking to specific trading pairs, and `timestamp` for temporal fee tier tracking

### Component D: Volume calculation and USD conversion
- **Purpose**: Calculate accurate USD trading volumes while preventing price manipulation
- **Logic**: Correct token amounts using decimal precision information by dividing by 10 raised to the token's decimal places. Take absolute values of token amounts to handle bi-directional swaps properly. Convert both token amounts to USD using end-of-day price feeds matched by timestamp, chain, and token address. Apply anti-manipulation logic by selecting the lesser USD value between the two tokens in each pair, preventing artificially inflated volumes from price discrepancies.
- **Key fields**: `token0_amount` and `token1_amount` after decimal correction, `price_usd` from price feeds, and the calculated `trading_volume` representing the conservative USD estimate

### Final aggregation
- **Combining components**: Join all components on trading pair address, chain, and timestamp to create a comprehensive view of trading activity with associated fee rates and USD volumes
- **Currency conversion**: USD conversion occurs at the individual trade level using end-of-day price feeds, with the minimum USD value between paired tokens selected to prevent manipulation
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation, with fee tiers forward-filled to ensure complete coverage
- **Final calculation**: Total fees are calculated by multiplying the USD trading volume by the fee tier percentage for each trading pair and day. Supply-side fees are then determined by applying Integral's allocation model, which allocates 0% to liquidity providers (supply-side) and 100% to the protocol (demand-side), resulting in zero supply-side fees across all periods and trading pairs.

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

Portion of fees distributed to service providers or supply-side participants.

IntegralITGR

Supply-side fees

Supply-side fees

Competitive landscape

Chain breakdown