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

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MANTRA

# MANTRA Earnings Methodology

## 1. Overview

MANTRA earnings is calculated as the net value retained by the protocol after subtracting all expenses from revenue. Revenue is derived from fees collected across the MANTRA ecosystem—including Mantra Chain, Mantra Zone, and Mantra EVM—minus the portion distributed to supply-side participants. Expenses are comprised of token incentives paid to validators as block rewards. Onchain profitability is reflected by this metric after accounting for validator compensation and liquidity provider distributions.

## 2. Data sources

- **Blockchain events**: `coinbase` events and `wasm` events from Mantra Zone contracts, plus transaction data including fees and tips, covering Mantra Chain and Mantra EVM
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Mantra Chain and Mantra EVM transaction fees

- **Purpose**: Calculate daily fees collected from blockchain transactions.
- **Logic**: Transaction fees and tips are extracted from transaction records. For Mantra Chain, a transition is applied at block 13,000,000 (v7.0.0 upgrade) where the fee denomination changes from OM (`uom` with 6 decimals) to MANTRA (`amantra` with 18 decimals). For Mantra EVM, fees are calculated as gas used multiplied by the effective gas price. All amounts are normalized by decimal precision and converted to USD using end-of-day price feeds for the respective native assets.
- **Key fields**: `gas_used`, `effective_gas_price`

### Component B: Mantra Zone trading fees

- **Purpose**: Calculate daily fees collected from DEX swap operations.
- **Logic**: `wasm` events are parsed from Mantra Zone contracts where the `action` attribute equals `execute_swap_operations`. Fee components are extracted from the event attributes using regex patterns to identify `swap_fee` (trading fees), `protocol_fee` (protocol revenue), and `burn_fee` (token burning fees). Amounts are normalized by decimal precision and converted to USD using daily price feeds for the fee asset.
- **Key fields**: `swap_fee`, `protocol_fee`, `burn_fee`

### Component C: Validator block rewards (token incentives)

- **Purpose**: Track token incentives distributed to validators as block rewards.
- **Logic**: `coinbase` events are extracted to identify tokens minted as validator rewards. The amount field is parsed to identify the denomination shift at block 13,000,000 from OM (`uom` with 6 decimals) to MANTRA (`amantra` with 18 decimals). Values are normalized by their respective decimal precision and converted to USD using end-of-day price feeds.

### Component D: Supply-side fee distribution

- **Purpose**: Calculate fees distributed to supply-side participants including validators and liquidity providers.
- **Logic**: For Mantra Chain and Mantra EVM, 100% of transaction fees and base fees are allocated to validators as supply-side fees. For Mantra Zone, only the `swap_fee` component is distributed to liquidity providers, while `protocol_fee` and `burn_fee` are retained by the protocol. The total supply-side portion is calculated as the sum of these components.

### Component E: Final aggregation and USD conversion

- **Purpose**: Combine revenue and expense components to calculate net earnings.
- **Logic**: Revenue is calculated as the sum of all transaction and DEX fees minus supply-side distributions. Expenses are defined as the total token incentives paid to validators through block rewards. All amounts are converted to USD using end-of-day price feeds matched by timestamp and asset address. Data is aggregated to daily boundaries using UTC timestamp truncation. Earnings are calculated as `Revenue - Expenses`.

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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