# Mantra Zone Revenue Methodology

## 1. Overview

Mantra Zone revenue is measured as the portion of trading fees retained by the protocol after distributing incentives to supply-side participants. This metric represents the value captured from decentralized exchange activity on Mantra Chain through protocol-specific take rates and asset burning mechanisms. Fees distributed to liquidity providers are excluded from this calculation to isolate the protocol's earned revenue.

## 2. Data sources

- **Blockchain events**: `wasm` events from Mantra Zone contracts, covering Mantra Chain
- **External data**: End-of-day price feeds for swapped assets and fee-denominated assets

## 3. Step-by-step calculation

### Component A: Swap fee extraction

- **Purpose**: Identify and extract fee components from exchange transactions.
- **Logic**: Transaction logs from Mantra Zone contracts are parsed to identify `execute_swap_operations` actions. Three distinct fee values are extracted from the event attributes: `protocol_fee`, `burn_fee`, and `swap_fee`. These values are captured alongside the specific fee asset identifier for each swap.
- **Key fields**: `protocol_fee`, `burn_fee`, `swap_fee`, and `fee_token`.

### Component B: Protocol revenue determination

- **Purpose**: Calculate the net revenue retained by the protocol.
- **Logic**: Total fees are initially calculated as the sum of `protocol_fee`, `burn_fee`, and `swap_fee`. The supply-side portion is identified as the `swap_fee`, which is allocated to liquidity providers. Revenue is determined by subtracting the supply-side fees from the total fees, resulting in the aggregate of the `protocol_fee` and `burn_fee` components.
- **Key fields**: `protocol_fee`, `burn_fee`, and `swap_fee`.

### Component C: USD conversion and aggregation

- **Purpose**: Normalize revenue values into USD for standardized reporting.
- **Logic**: Extracted fee amounts are normalized by the decimal precision of the respective assets. Normalized values are multiplied by end-of-day price feeds to calculate the USD equivalent. The data is aggregated at a daily granularity using UTC day boundaries.
- **Key fields**: `block_timestamp`, `fee_token`, and price data.

*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

Exchanges (DEX)

Mantra is a Decentralized Exchange (DEX), initially built on Ethereum and upgraded to the Mantra Chain, a blockchain built on the Cosmos SDK.

Mantra Zone

Archived

Revenue

Revenue

Chain breakdown