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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Blockchains (L1)

MANTRA

# MANTRA Revenue Methodology

## 1. Overview

Revenue measures the portion of fees that MANTRA retains after distributing payments to supply-side participants, such as validators and liquidity providers. The metric is calculated as total fees collected across all MANTRA products minus fees distributed to supply-side participants. This provides insight into the protocol's actual revenue retention and economic sustainability across the Mantra Chain, Mantra Zone, and Mantra EVM products.

## 2. Data sources

- **Blockchain events**: Transaction and block data from Mantra Chain and Mantra EVM, plus `execute_swap_operations` actions from Mantra Zone `wasm` contracts, covering Mantra Chain and Mantra EVM
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Total fees collection across products

- **Purpose**: Calculate total fees collected from all MANTRA products before supply-side distributions
- **Logic**: Fees are aggregated across three distinct products. For Mantra Chain, native transaction fees are calculated by summing `transaction_fee` and `transaction_tip` fields from transaction records. For transactions recorded before the v7.0.0 upgrade (block 13,000,000), fees are denominated in `uom` with 6-decimal precision and associated with OM asset pricing. For transactions recorded after the upgrade, fees are denominated in `amantra` with 18-decimal precision and associated with MANTRA asset pricing. For Mantra Zone, fees are extracted from `wasm` contract swap events by parsing attributes to identify `burn_fee`, `protocol_fee`, and `swap_fee` amounts. For Mantra EVM, gas fees are calculated by multiplying `gas_used` by `effective_gas_price`.
- **Key fields**: `transaction_fee`, `transaction_tip`, `burn_fee`, `protocol_fee`, `swap_fee`, `gas_used`, and `effective_gas_price`

### Component B: Supply-side fee distributions

- **Purpose**: Identify fees that are distributed to supply-side participants rather than retained by the protocol
- **Logic**: Fees going to validators and liquidity providers are calculated as follows. All native Mantra Chain transaction fees are distributed to validators as supply-side payments. For Mantra Zone, `swap_fee` amounts are distributed to liquidity providers as trading rewards, while protocol fees and burn fees are retained by the protocol. For Mantra EVM, base fees (calculated as `gas_used` multiplied by `base_fee_per_gas`) are allocated to validators.
- **Key fields**: `transaction_fee`, `swap_fee`, and `base_fee`

### Component C: Final aggregation and USD conversion

- **Purpose**: Calculate net revenue and normalize values to USD
- **Logic**: Revenue is calculated as total fees collected minus supply-side fees distributed. All fee amounts are normalized by decimal precision: 6 decimals for Mantra Chain transactions prior to block 13,000,000, 18 decimals for Mantra Chain transactions post-upgrade, and 18 decimals for Mantra EVM assets. Normalized amounts are converted to USD using end-of-day price feeds matched by asset and date. Pricing for the native Mantra Chain asset transitions from the OM feed to the MANTRA feed at the v7.0.0 upgrade boundary. All data is aggregated to daily boundaries using UTC timestamps.

*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.

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Revenue

Revenue

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