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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Mean Finance

# Mean Finance Supply-side fees Methodology

## 1. Overview

Supply-side fees represent the portion of trading fees that goes to liquidity providers and yield farmers in the Mean Finance ecosystem. The metric measures how much value is distributed to supply-side participants (users who provide liquidity or stake tokens) versus what the protocol retains as revenue. Mean Finance uses a 4:1 ratio where for every dollar of protocol revenue, three additional dollars are distributed to supply-side participants, resulting in supply-side fees being 3x the protocol revenue.

## 2. Data sources

The calculation relies on several blockchain data sources:
- **DCA swap events**: Parsed `DCAHub_Swapped_event` logs from Mean Finance v2 contracts deployed across Ethereum, Optimism, Polygon, Arbitrum, and BSC networks
- **ERC4626 vault creation events**: Factory contract events tracking the creation of yield-bearing vault tokens from integrated protocols including Euler (`StakeableEulerERC4626Factory_CreateERC4626_event`, `EulerERC4626Factory_CreateERC4626_event`), Aave V3 (`AaveV3ERC4626Factory_CreateERC4626_event`), Venus (`VenusERC4626Factory_CreateERC4626_event`), and Beefy (`BeefyWrapperFactory_ProxyCreated_event`)
- **Token approval events**: ERC20 approval events specifically for Beefy wrapper tokens on BSC to identify additional vault addresses
- **Price data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Decimal and symbol information for proper token amount calculations

## 3. Step-by-step calculation

### Component A: DCA trading revenue collection
- **Purpose**: Captures platform fees generated from Dollar Cost Averaging trades across all supported chains
- **Logic**: Extracts swap events from Mean Finance DCA Hub contracts on five blockchain networks. Each swap event contains nested token information including `platformFee` amounts collected by the protocol. The system processes these events by unnesting the token arrays to get individual fee amounts for each token involved in swaps. Events are filtered to focus on actual trading activity and exclude any test or invalid transactions.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `address` as the contract address, tokens token for token addresses, and tokens platformFee for the actual fee amounts collected

### Component B: ERC4626 vault token allowlist
- **Purpose**: Maintains a registry of yield-bearing vault tokens created through various DeFi protocols integrated with Mean Finance
- **Logic**: Tracks vault creation events from multiple yield protocol factories including Euler staking vaults, Aave V3 lending vaults, Venus lending vaults, and Beefy yield farming vaults. For most protocols, this involves monitoring factory creation events that emit vault and underlying asset addresses. For Beefy wrapper tokens on BSC, the process is more complex: it tracks proxy creation events and then joins with ERC20 approval events to identify the actual token addresses being wrapped. All vault information is deduplicated and tagged with chain, version, and protocol prefix identifiers.
- **Key fields**: `block_timestamp` for creation time, `account_address` (vault address), `token_address` (underlying asset), `chain`, `version`, and `prefix` for categorization

### Component C: Revenue aggregation and vault attribution
- **Purpose**: Combines direct trading fees with fees attributed to vault token holders
- **Logic**: Merges the DCA trading revenue with vault-specific revenue through a two-part union. The first part includes all direct revenue from DCA swaps. The second part joins the revenue data with the ERC4626 allowlist to attribute additional revenue to vault tokens when the fee-generating token matches a vault's underlying asset. This ensures that revenue is properly allocated both to direct traders and to vault token holders who provide liquidity indirectly through yield protocols.
- **Key fields**: `timestamp` (daily), `chain`, `business_line` (Exchange AMM), `account_address`, `token_address`, and `revenue` amounts

### Component D: USD conversion and decimal correction
- **Purpose**: Standardizes all fee amounts to USD values with proper decimal precision
- **Logic**: Applies end-of-day price feeds to convert token amounts to USD equivalents. The conversion process accounts for each token's decimal places to ensure accurate value calculations. For example, USDC amounts (6 decimals) are handled differently from ETH amounts (18 decimals). The system uses the most recent available price for each token on each day and handles cases where price data might be temporarily unavailable.
- **Key fields**: Original `revenue` amounts transformed to USD-denominated values with proper decimal adjustment

### Final aggregation
- **Combining components**: Revenue from both direct DCA trades and vault-attributed sources are combined into a single daily time series per chain and token
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds with appropriate decimal corrections for each token type
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with each day representing the cumulative fees collected during that 24-hour period
- **Final calculation**: Supply-side fees are calculated using the formula: `(protocol_revenue × 4) - protocol_revenue = protocol_revenue × 3`. This reflects Mean Finance's fee distribution model where supply-side participants receive three times what the protocol retains as revenue. Days with no trading activity are filled with zero values to maintain consistent time series data.

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

Portion of fees distributed to service providers or supply-side participants.

Mean Finance

Supply-side fees

Supply-side fees

Competitive landscape

Chain breakdown