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 Revenue Methodology

## 1. Overview

This metric measures the total daily revenue generated by the IPOR protocol from interest rate swap trading fees. IPOR is a derivatives protocol that allows users to trade interest rate swaps, and the protocol generates revenue by collecting various fees when traders open, close, or unwind their swap positions. The calculation aggregates fee revenue from both IPOR v1 and v2 contracts across multiple token types (DAI, USDC, USDT), converts amounts to USD, and presents daily totals.

## 2. Data sources

The calculation uses several key data sources:
- **Ethereum event logs**: Parsed smart contract events from IPOR protocol contracts on Ethereum
- **IPOR v1 events**: `OpenSwap` and `CloseSwap` events from Milton contracts (separate contracts for DAI, USDC, and USDT)
- **IPOR v2 events**: `OpenSwap` and `SwapUnwind` events from IporProtocolRouter contracts
- **Token metadata**: Contract symbols and decimal information for supported tokens
- **End-of-day price feeds**: USD conversion rates for all revenue-generating tokens

## 3. Step-by-step calculation

### Component A: IPOR v1 revenue extraction

- **Purpose**: Extract fee revenue from IPOR v1 interest rate swap operations
- **Logic**: Process events from Milton contracts for DAI, USDC, and USDT. For `OpenSwap` events, sum the `openingFeeTreasuryAmount` and `iporPublicationFee` fields to get total opening fees. For `CloseSwap` events, use the `incomeFeeValue` field which represents the income fee collected when positions are closed. All amounts are converted from wei to token units by dividing by 10^18. Each event includes the asset token address, timestamp, and transaction details.
- **Key fields**: `openingFeeTreasuryAmount`, `iporPublicationFee`, `incomeFeeValue`, `asset` (token address), `block_timestamp`

### Component B: IPOR v2 revenue extraction

- **Purpose**: Extract fee revenue from IPOR v2 interest rate swap operations using updated contract architecture
- **Logic**: Process events from unified IporProtocolRouter contracts. For `OpenSwap` events, sum the `openingFeeTreasuryAmount` and `iporPublicationFee` from the amounts structure. For `SwapUnwind` events, use the `unwindFeeTreasuryAmount` field which represents fees collected when positions are unwound. Convert all amounts from wei to token units using 10^18 divisor. Extract asset token address and transaction metadata.
- **Key fields**: `amounts.openingFeeTreasuryAmount`, `amounts.iporPublicationFee`, `unwindFeeTreasuryAmount`, `asset`, `block_timestamp`

### Component C: Revenue consolidation and daily aggregation

- **Purpose**: Combine revenue from both protocol versions and aggregate by day
- **Logic**: Union the v1 and v2 revenue data into a single dataset. Take absolute values of all revenue amounts to ensure positive values regardless of the original event structure. Truncate timestamps to daily boundaries to group all transactions within each 24-hour period. Join with token metadata to enrich each record with token symbols for reporting purposes.
- **Key fields**: Combined `amount` (absolute value), `timestamp` (truncated to day), `token_address`, `token_symbol`

### Final aggregation

- **Combining components**: All revenue events from both IPOR versions are combined using union operations, creating a unified daily revenue dataset
- **Currency conversion**: Native token amounts are converted to USD using end-of-day price feeds, with the conversion applied after decimal correction
- **Time aggregation**: All transactions within each calendar day are grouped together, with timestamps truncated to daily boundaries
- **Final calculation**: The final daily revenue represents the sum of all fees collected by the IPOR protocol on each day, expressed in USD. This includes opening fees, publication fees, closing fees, and unwinding fees from all supported tokens across both protocol versions.

*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.

IPOR ProtocolIPOR

Revenue

Revenue

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