Liquidity providers deposit funds into IPOR Protocol and receive trading fees and asset management yield (supply-side fees).

IPOR Protocol is a non-custodial exchange for interest rate swaps built on Ethereum. IPOR Protocol was founded by Darren Camas & Dimitar Dinev, and was launched in August 2022.

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

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IPOR Protocol

# IPOR Protocol Expenses Methodology

## 1. Overview

IPOR expenses represent the total cost of token incentives paid out by the IPOR protocol to users. This metric captures the protocol's operational expenses in the form of IPOR token rewards distributed through various incentive programs. The calculation aggregates token reward events from both IPOR v1 and v2 deployments on Ethereum, converts them to USD values, and presents them as daily expenses.

## 2. Data sources

- **IPOR v1 blockchain events**: Ethereum event logs for `PowerToken_RewardsReceived` events that capture token rewards distributed to users
- **IPOR v2 blockchain events**: Ethereum event logs for `LiquidityMining_Claimed` events that track liquidity mining reward claims
- **Transaction metadata**: Ethereum transaction data including timestamps, transaction hashes, and log indexes for event identification
- **End-of-day price feeds**: Token price data for converting IPOR token amounts to USD values
- **Token metadata**: IPOR token contract information including decimal places and contract address (`0x1e4746dc744503b53b4a082cb3607b169a289090`)

## 3. Step-by-step calculation

### Component A: Raw token incentive extraction
- **Purpose**: Collect all IPOR token reward events from both protocol versions
- **Logic**: Extract reward events from two sources - IPOR v1 `PowerToken_RewardsReceived` events and IPOR v2 `LiquidityMining_Claimed` events on Ethereum. Each event contains the reward amount distributed to users along with transaction metadata. The system standardizes the data structure across both versions, assigning consistent business classifications (derivatives market sector, perpetual business segment, interest rate swaps business line). All events are filtered to the specific IPOR token address to ensure only relevant reward distributions are captured.
- **Key fields**: `rewardsAmount` (token quantity), `block_timestamp` (event timing), `transaction_hash` and `log_index` (event identification), protocol `version` classification

### Component B: Daily aggregation and USD conversion  
- **Purpose**: Convert token amounts to daily USD expenses
- **Logic**: Group the extracted reward events by day using timestamp truncation to daily boundaries. Sum all token reward amounts within each day to get total daily token incentives. Apply decimal correction based on the IPOR token's decimal configuration to ensure accurate token quantities. Convert the corrected token amounts to USD using end-of-day price feeds that correspond to each day's aggregated rewards.
- **Key fields**: `timestamp` (daily boundary), `token_incentives` (aggregated daily token amounts), USD-converted values

### Final aggregation
- **Combining components**: The daily aggregated and USD-converted token incentive amounts flow directly into the final expenses calculation
- **Currency conversion**: USD conversion uses end-of-day price feeds matched to each day's timestamp, ensuring consistent valuation methodology
- **Time aggregation**: All events are aggregated to daily boundaries using timestamp truncation, creating a consistent daily time series
- **Final calculation**: The metric simply renames the calculated `token_incentives` field as `expenses`, reflecting that these token distributions represent operational costs to the IPOR protocol. The final value represents the total USD value of IPOR tokens distributed as incentives on each day, which constitutes the protocol's daily expense from its token reward programs.

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

Total project operating and incentive expenses.

IPOR ProtocolIPOR

Expenses

Expenses

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