# vKAT Revenue Methodology

## 1. Overview

Revenue is measured as the portion of fees generated by vKAT that is retained by the protocol. For vKAT, early-exit fees charged upon lock withdrawals and third-party funded voting incentives are included in this measure. Because no supply-side distribution is applied to these components, 100% of these fees are retained by the protocol and classified as revenue. This metric is utilized to evaluate the direct earnings generated from the governance and locking mechanisms of the Katana ecosystem.

## 2. Data sources

- **Blockchain events**: `Exit` events from `DynamicExitQueue` contracts and `NewCampaign` events from `DistributionCreator` contracts, covering Katana Network
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: vKAT early-exit fee extraction

- **Purpose**: Capture fees charged when locked vKAT is withdrawn early.
- **Logic**: `Exit` events from `DynamicExitQueue` contracts are parsed. The `fee` field, representing the early-exit fee charged in KAT, is extracted. The fee amount is normalized by the asset's decimal precision.
- **Key fields**: `fee` (fee amount), `token_id` (withdrawn lock identifier)

### Component B: vKAT voting incentives extraction

- **Purpose**: Capture third-party funded voting incentives allocated to vKAT lockers.
- **Logic**: `NewCampaign` events from `DistributionCreator` contracts are parsed. Campaigns are filtered to include only those with a campaign type of 102, which is designated for vKAT voting incentives. Campaigns created by the Katana DAO or its yield Safe (addresses `0xb72291652f15cf73651357383c0a86fbba29b675` and `0xc6164db338890e7a5e05d8a066c4ad54379c5a33`) are excluded to prevent the double-counting of yield or emissions. The `reward_amount` and `reward_token` address are extracted from the campaign details.
- **Key fields**: `campaign_id` (campaign identifier), `creator` (campaign creator), `reward_token` (reward asset address), `reward_amount` (reward amount)

### Component C: USD conversion and revenue aggregation

- **Purpose**: Convert native asset amounts to USD and aggregate daily revenue.
- **Logic**: The normalized early-exit fees and voting incentives are combined. These native amounts are converted to USD using end-of-day price feeds. The USD values are summed daily using UTC day boundaries. Since 100% of these fees are retained by the protocol with no supply-side distribution, the total fee amount is mapped directly as protocol revenue.

*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.

Revenue

Blockchains (L2)

The network uses pessimistic proofs via the AgglayerGateway for settlement on Ethereum, with vault bridges for cross-chain asset transfers.

Katana Network provides a scalable execution environment connected to Ethereum through the Agglayer interoperability layer.

vKAT

Revenue

Revenue

Chain breakdown