Liquidity providers deposit funds into liquidity pools with different liquidity management strategies and receive trading fees from traders (supply-side fees).

Maverick is a non-custodial exchange protocol built on  Ethereum, Binance Smart Chain, Base, and zkSync Era. Maverick was founded by Alvin Xu and Bob Baxley in March 2023.

MAV tokenholders own and govern the protocol. Currently, the protocol does not take a cut of the trading fees. Maverick's investors include Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.

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Maverick Protocol

# Maverick Protocol Revenue Methodology

## 1. Overview

The Maverick Protocol revenue metric tracks the protocol's revenue extraction from decentralized exchange operations. However, Maverick operates as a community-owned protocol that doesn't extract revenue from trading fees - all fees remain in the liquidity pools for liquidity providers. This metric consistently reports $0 in revenue while maintaining the data infrastructure to track trading activity that could potentially generate revenue in the future.

The calculation aggregates trading volumes from swap events across Ethereum, BSC, Base, and zkSync Era, applies pool-specific fee tiers, but ultimately sets the revenue amount to zero, reflecting Maverick's decentralized governance model where protocol fees are not extracted.

## 2. Data sources

- **Swap events**: Parsed `Pool_Swap_event` logs from Maverick AMM pool contracts across Ethereum, BSC, Base, and zkSync Era
- **Pool creation events**: `Factory_PoolCreated_event` logs from Maverick Factory contracts containing pool configuration and fee tier information
- **Transaction data**: Blockchain transaction records from Ethereum, BSC, Base, and zkSync Era to identify trade initiators
- **Token metadata**: Token contract information including decimal places and symbols for proper amount calculations
- **External data**: End-of-day token price feeds for USD conversion and volume calculations

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extract and normalize swap events from Maverick pools across multiple blockchain networks
- **Logic**: The system processes `Pool_Swap_event` logs from Maverick pool contracts, capturing the trade direction through the `tokenAIn` boolean field, along with `amountIn` and `amountOut` values. Each swap event is joined with corresponding transaction data to identify the user address initiating the trade. The trade direction determines whether the swap moves from tokenA to tokenB or vice versa, which is then normalized to a standardized token0/token1 format where token0_amount is positive for tokenA-in trades and negative for tokenA-out trades, while token1_amount follows the opposite pattern.
- **Key fields**: `transaction_hash`, `log_index`, `account_address` (pool address), `user_address`, `trade_direction`, `token0_amount`, `token1_amount`

### Component B: Pool metadata enrichment  
- **Purpose**: Gather trading pair configuration and fee tier information from pool creation events
- **Logic**: The system extracts pool configuration data from `Factory_PoolCreated_event` logs, which contain the pool address, token pair addresses, fee tier (as `fee` parameter), and protocol fee ratio. Fee tiers are converted from wei format by dividing by 10^18 to get the decimal fee percentage. This data is enriched with token metadata including decimal places and symbols from the token reference data, creating descriptive pool names by concatenating token symbols.
- **Key fields**: `account_address` (pool), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`, `fee_tier`, `protocol_fee_tier`

### Component C: Volume calculation and USD conversion
- **Purpose**: Calculate daily trading volumes in USD terms with anti-manipulation safeguards
- **Logic**: Trades are aggregated by day, pool, and user, with token amounts converted to proper decimal representation by dividing raw amounts by 10 raised to the token's decimal places. The absolute values of both token amounts are calculated to represent trading volume regardless of direction. Each token amount is converted to USD using end-of-day price feeds matched by timestamp, token address, and chain. To prevent price manipulation attacks, the system takes the minimum USD value between the two token amounts in each trade, ensuring that artificially inflated token prices cannot inflate volume calculations.
- **Key fields**: `timestamp`, `trading_volume` (in USD), `token0_amount`, `token1_amount`, `fee_tier`

### Component D: Fee calculation
- **Purpose**: Calculate theoretical fees that would be generated from trading activity
- **Logic**: Trading fees are calculated by multiplying the daily USD trading volume by the pool's fee tier percentage. This represents the total fees collected by the pool from trading activity. The calculation aggregates across all trades within each day and maintains chain-level granularity for multi-chain analysis.
- **Key fields**: `fees` (calculated as trading_volume × fee_tier), `timestamp`, `chain_id`, `market_sector_id`, `business_segment_id`

### Final aggregation
- **Combining components**: The revenue calculation takes the fee amounts from Component D but explicitly sets the revenue value to zero for all records, reflecting Maverick's protocol design where fees remain in liquidity pools rather than being extracted as protocol revenue
- **Currency conversion**: All calculations use end-of-day USD prices matched by timestamp to ensure consistent valuation across different tokens and chains
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with gap filling applied to ensure continuous time series data
- **Final calculation**: Revenue equals zero for all time periods and chains, while maintaining the underlying fee calculation infrastructure. This approach allows the protocol to track the trading activity and potential fee generation while accurately representing that no revenue is currently extracted from these fees.

*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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