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 Revenue Methodology

## 1. Overview

Integral revenue represents the total fees collected by the Integral protocol from decentralized exchange (DEX) trading activities. Integral collects 100% of the trading fees charged to users, making revenue directly equal to total fees generated. The calculation involves processing swap events to determine trading volumes, applying dynamic fee tiers, and converting everything to USD values using end-of-day price feeds.

## 2. Data sources

The calculation uses several types of blockchain and external data:
- **Swap events**: Parsed Integral `TwapPair_Swap_event` events from Ethereum and Arbitrum containing token amount changes for each trade
- **Trading pair creation events**: Parsed `TwapFactory_PairCreated_event` events that identify trading pair contracts and their associated token0/token1 addresses
- **Fee tier events**: Parsed `TwapPair_SetSwapFee_event` events that track fee rate changes over time for each trading pair
- **Price feeds**: End-of-day token price feeds providing USD values for all traded tokens
- **Token metadata**: Token information including decimal places and symbols for amount normalization and pair identification

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identifies all Integral trading pairs and their associated tokens
- **Logic**: Processes `TwapFactory_PairCreated_event` events from both Ethereum and Arbitrum to extract trading pair contract addresses along with their token0 and token1 addresses. Joins with token metadata to get decimal places for amount normalization and token symbols for readable pair names like "USDC-WETH"
- **Key fields**: `pair` (trading pair contract address), `token0` and `token1` (constituent token addresses), token decimals, and constructed pair names

### Component B: Fee tier tracking
- **Purpose**: Tracks dynamic fee rates for each trading pair over time
- **Logic**: Processes `TwapPair_SetSwapFee_event` events to capture fee changes, normalizes fee values by dividing by 10^18 to convert from wei, and averages fees per day per trading pair. Applies fill-forward logic to ensure every day has an associated fee tier by propagating the most recent fee rate forward through periods without fee changes
- **Key fields**: `fee` field from events normalized to decimal values, with time-series continuity ensured through forward-filling

### Component C: Trade volume calculation
- **Purpose**: Calculates trading volumes from individual swap transactions
- **Logic**: Processes `TwapPair_Swap_event` events to extract token amount changes by calculating the net difference between inflow and outflow amounts for both tokens in each swap (`amount0In - amount0Out` and `amount1In - amount1Out`). Joins with trading pair data to get token addresses and decimal places, then corrects amounts by dividing by 10^(decimals) to get true token amounts. Converts corrected amounts to USD using end-of-day price feeds and applies anti-manipulation filtering by taking the minimum USD value between the two tokens in each trade
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` from swap events, corrected for token decimals and converted to USD values

### Component D: Fee calculation
- **Purpose**: Calculates total fees generated from trading activity
- **Logic**: Multiplies the daily trading volume for each trading pair by the applicable fee tier rate for that day. Aggregates across all trading pairs and days to get total fees
- **Key fields**: Trading volume in USD multiplied by fee tier percentage

### Final aggregation
- **Combining components**: Trading volumes are calculated daily per trading pair, then multiplied by the corresponding daily fee tiers to generate fee amounts. All fee amounts are summed across trading pairs and time periods
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds, with price manipulation protection applied by taking the lesser USD value between paired tokens
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with fee tiers forward-filled to ensure complete temporal coverage
- **Final calculation**: Revenue equals the sum of all calculated fees since Integral retains 100% of trading fees. The formula is: sum of (daily trading volume × daily fee tier) across all trading pairs and time periods

*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.

IntegralITGR

Revenue

Revenue

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