We currently only track the Squeeth product. Overcollateralized borrowers mint Squeeth (oSQTH), a power perpetual token that tracks the price of ETH squared.

Opyn builds derivatives and options infrastructure. Opyn was founded by Nick Sawinyh, Zubin Koticha and Alexis Gauba and launched in 2019.

Opyn team & investors own and govern the protocol. They do not currently charge a fee for Squeeth mints (revenue). Opyn’s investors include Paradigm, Dragonfly Capital, etc.

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Opyn

# Opyn Revenue Methodology

## 1. Overview

Opyn revenue represents the fees earned by the Opyn protocol from options trading activity. For Opyn v1 Squeeth options, this metric is calculated as zero because the protocol does not charge explicit fees for option minting transactions. The calculation tracks option mint events to establish the data structure but sets all revenue values to zero.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `MintShort` events from the Opyn v1 Controller contract, capturing option minting transactions
- **Token metadata**: oSQTH token information including contract address and decimal precision
- **End-of-day price feeds**: Token price data used in related volume calculations (though not directly used for revenue since it's set to zero)

## 3. Step-by-step calculation

### Component A: Option mint event extraction
- **Purpose**: Identify all Opyn Squeeth option mint transactions
- **Logic**: Extract `MintShort` events from the Opyn v1 Controller contract on Ethereum. Filter for events containing the oSQTH token address. Parse event logs to capture transaction metadata including timestamp, transaction hash, log index, and account address. Extract the `amount` field representing the quantity of options minted.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for transaction identification, `address` for account, `amount` for option quantity

### Component B: Business classification
- **Purpose**: Categorize transactions within Token Terminal's business taxonomy
- **Logic**: Apply hardcoded business classifications to all option mint events. Set business line to "Options trading", market sector to "derivatives", and business segment to "option". Assign version as "v1" and chain as "ethereum". Set the token address to the oSQTH contract address.
- **Key fields**: `business_line`, `market_sector_id`, `business_segment_id`, `version`, `chain`, `token_address`

### Component C: Fee calculation
- **Purpose**: Calculate protocol fees earned from option trading
- **Logic**: Take the parsed option mint data and set all fee values to zero. This reflects that Opyn v1 does not charge explicit fees for option minting. Maintain the timestamp and chain information from the underlying trading volume data to ensure proper data structure.
- **Key fields**: `fees` (set to 0), `timestamp`, `chain_id`, `product_id`

### Component D: Revenue calculation
- **Purpose**: Calculate total protocol revenue
- **Logic**: Take the fee data (which is zero) and set revenue values to zero as well. This maintains consistency between fees and revenue since Opyn does not generate revenue from explicit fees on option mints.
- **Key fields**: `revenue` (set to 0), `timestamp`, `chain_id`, `product_id`

### Final aggregation
- **Combining components**: Revenue data inherits the structure from fees data, which derives from the underlying option mint events
- **Currency conversion**: Not applicable since revenue is set to zero
- **Time aggregation**: Daily boundaries are applied using timestamp truncation, ensuring consistent daily reporting periods
- **Final calculation**: Revenue equals zero for all time periods and all option mint activity, reflecting Opyn v1's fee-free minting model

*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.

OpynOSQTH

Revenue

Revenue

Competitive landscape

Chain breakdown