Swappers provide liquidity and execute trades. They receive trading fees charged for each swap.

Mean Finance is a protocol that enables users to Dollar Cost Average (DCA) any ERC20 into any ERC20 with their preferred period frequency.

Mean Finance team owns and governs the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Exchanges (DEX)

Mean Finance

# Mean Finance Expenses Methodology

## 1. Overview

The Mean Finance expenses metric represents token-based incentive payments made by the protocol to users. This metric tracks the cost of any token rewards, liquidity mining programs, or governance token distributions used to incentivize platform adoption and usage. For Mean Finance, this metric consistently equals zero as the protocol does not operate any token incentive programs.

## 2. Data sources

The expenses calculation relies on the following data sources:

- **DCA swap events**: Parsed `DCAHub_Swapped_event` logs from Ethereum, Optimism, Polygon, Arbitrum, and BSC containing platform fee information
- **ERC4626 factory events**: Creation events from various factory contracts including Euler, Aave V3, Venus, and Beefy wrapper factories that track Mean Finance ERC4626 token deployments
- **ERC20 approval events**: BSC approval events used to identify Beefy wrapper token addresses
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Token decimal and symbol information for proper value calculation

## 3. Step-by-step calculation

### Component A: Revenue collection from swap fees
- **Purpose**: Extract platform fees collected from DCA (Dollar Cost Averaging) trades across all supported chains
- **Logic**: Parse `DCAHub_Swapped_event` logs from five chains and unnest the token array within each swap to extract individual token platform fees. Each swap event contains information about multiple tokens involved, and the `platformFee` amount is extracted for each token. The system categorizes this revenue as "Exchange AMM" business line within the "exchanges" market sector
- **Key fields**: Extract `platformFee` amounts, `token` addresses, transaction details (`block_timestamp`, `transaction_hash`, `log_index`), and protocol metadata

### Component B: ERC4626 wrapper token mapping
- **Purpose**: Map Mean Finance ERC4626 wrapper tokens to their underlying assets to ensure complete revenue capture
- **Logic**: Track creation events from multiple ERC4626 factory contracts across different yield protocols including Euler ERC4626 factories, Aave V3 ERC4626 factories, Venus ERC4626 factories, and Beefy wrapper factories. For Beefy wrappers on BSC, use a special join with ERC20 approval events to identify the underlying token addresses. This mapping ensures that fees collected on wrapper tokens are properly attributed to their underlying assets
- **Key fields**: Map `vault` addresses to underlying `asset` addresses, track creation timestamps and chain information

### Component C: Revenue aggregation and USD conversion
- **Purpose**: Combine direct swap fees with wrapper token fees and convert to standardized USD amounts
- **Logic**: Union the direct swap fee revenue with the wrapper token revenue by joining swap events with the ERC4626 allowlist on token addresses and chains. Group by day, chain, and business dimensions. Apply USD conversion using end-of-day price feeds and correct for token decimals to ensure accurate value representation
- **Key fields**: Aggregate daily `revenue` amounts in USD, maintain dimensional attributes like `chain_id`, `business_line`, and `product_id`

### Component D: Fee calculation
- **Purpose**: Calculate total fees paid by users as a multiple of protocol revenue
- **Logic**: Apply a fixed multiplier of 4 to the revenue amounts, representing the relationship between fees paid by users and revenue retained by the protocol. This follows the standard DeFi model where user fees are typically 4x the platform's revenue share
- **Key fields**: Generate `fees` as `revenue * 4` while maintaining all temporal and dimensional attributes

### Component E: Token incentives determination
- **Purpose**: Calculate token-based incentive expenses paid by the protocol
- **Logic**: For Mean Finance, token incentives are set to zero across all time periods, chains, and products. The system takes the same structure as the fees data (timestamp, chain, product dimensions) but hardcodes the `token_incentives` value to 0, reflecting that Mean Finance does not operate any token reward or liquidity mining programs
- **Key fields**: Set `token_incentives` = 0 for all records while maintaining the complete dimensional structure

### Final aggregation
- **Combining components**: Take the token incentives amounts directly as expenses since expenses represent the same concept as token incentives for this metric
- **Currency conversion**: No additional conversion needed as token incentives are already set to 0
- **Time aggregation**: Maintain daily grain with zero-fill strategy to ensure complete time series coverage
- **Final calculation**: Expenses equals token incentives, which consistently equals zero for Mean Finance, representing the absence of any token-based incentive programs

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

Total project operating and incentive expenses.

Mean Finance

Expenses

Expenses

Competitive landscape

Chain breakdown