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Meteora

# Meteora Fees Methodology

## 1. Overview

Fees measures the total value paid by users to trade across Meteora's liquidity products. These fees are distributed to liquidity providers, the protocol treasury, and referral partners. Meteora DLMM, Meteora Launchpad, and Meteora Liquidity Pools are included in this metric. All values are normalized to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: `Swap` and `LbPairCreate` instructions from `DLMM` programs, `EvtSwap` and `EvtWithdrawMigrationFee` instructions, and `InitializeVirtualPoolWithSplToken`, `InitializeVirtualPoolWithToken2022`, and `Migration` instructions from `DBC` programs, `EvtSwap2` instructions, and `InitializePool`, `InitializeCustomizablePool`, and `InitializePoolWithDynamicConfig` instructions from `DAMM_v2` programs, and `Swap`, `InitializePool`, `SetPoolFees`, and `CreateConfig` instructions from `DAMM_v1` programs, as well as token balance changes and DEX trades on Solana
- **External data**: End-of-day price feeds for assets traded on Solana

## 3. Step-by-step calculation

### Component A: Meteora DLMM fee extraction

- **Purpose**: Capture trading fees from the Meteora DLMM product
- **Logic**: `Swap` instructions from `DLMM` programs are parsed. The fee asset is determined by the pool's fee collection mode: under mode 0, the fee is collected in the input asset (asset_x if swapping for asset_y, otherwise asset_y); under mode 1, the fee is always collected in asset_y. Total fees are extracted from the `fee` field, which is inclusive of the host fee, and protocol fees are extracted from the `protocol_fee` field.
- **Key fields**: `fee`, `protocol_fee`

### Component B: Meteora Launchpad fee extraction

- **Purpose**: Capture trading and migration fees from the Meteora Launchpad product, which includes DBC swap fees, DBC token-migration fees, and fees from graduated DAMM V1 and DAMM V2 pools
- **Logic**: For DBC swap fees, `EvtSwap` instructions from `DBC` programs are parsed. The fee asset is identified as the output asset based on the trade direction (quote asset if selling base, base asset if buying base). Total fees are calculated by summing the `trading_fee`, `protocol_fee`, and `referral_fee` fields, while protocol fees are extracted from the `protocol_fee` field. For token-migration fees, `EvtWithdrawMigrationFee` instructions from `DBC` programs are parsed when accrued migration fees are withdrawn from escrow. The fee asset is identified as the quote asset, and protocol fees are determined based on the withdrawal flag. For graduated pools, DAMM V1 and DAMM V2 pools that originated from a DBC bonding-curve graduation are identified using `Migration` instructions from `DBC` programs, and their fees are routed to the Launchpad product.
- **Key fields**: `trading_fee`, `protocol_fee`, `referral_fee`, `fee`, `flag`

### Component C: Meteora Liquidity Pools fee extraction

- **Purpose**: Capture trading fees from the Meteora Liquidity Pools product, which includes non-graduated DAMM V1 and DAMM V2 pools
- **Logic**: For DAMM V2 pools, `EvtSwap2` instructions from `DAMM_v2` programs are parsed. The fee asset is determined by the fee collection mode (either the output asset or the quote asset). Total fees are calculated by summing the `claiming_fee`, `protocol_fee`, `compounding_fee`, and `referral_fee` fields, while protocol fees are extracted from the `protocol_fee` field. For DAMM V1 pools, `Swap` instructions from `DAMM_v1` programs are parsed. Because these instructions do not contain explicit fee fields, fees are derived by multiplying the input amount by the fee rate active at the time of the transaction. Fee rates are retrieved from `SetPoolFees` instructions, or from `CreateConfig` instructions for pools without a recorded fee schedule. The fee asset is identified by matching the protocol fee account in the instruction against the pool's configuration.
- **Key fields**: `claiming_fee`, `protocol_fee`, `compounding_fee`, `referral_fee`, `amount`, `trade_fee_numerator`, `trade_fee_denominator`

### Component D: Wash trading filtration

- **Purpose**: Exclude inorganic transaction activity from DAMM V2 pools
- **Logic**: Daily turnover is calculated for DAMM V2 pools by dividing daily quote-asset volume by daily quote-asset reserves. Pool-days with a turnover ratio exceeding 20 are flagged as wash trading. Fees associated with these flagged pool-days are excluded from the final dataset to ensure consistency with filtered volume.
- **Key fields**: `pool_address`, `timestamp`, `turnover`

### Component E: USD conversion and aggregation

- **Purpose**: Normalize fee values to USD and aggregate by product
- **Logic**: Daily fee amounts are aggregated by asset and product. Values are normalized by decimal precision and multiplied by end-of-day asset prices. Daily granularity is maintained using UTC day boundaries.

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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Fees

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