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Origin Protocol

# Origin Protocol Earnings Methodology

## 1. Overview

Earnings represents Origin Protocol's net income, calculated as total revenue minus total expenses. This metric measures the protocol's profitability across its multi-chain ecosystem including Ethereum OETH/Origin Dollar vaults, Base superOETHb, Sonic OS, and automated rebalancing mechanisms (ARM). The calculation captures revenue from yield distributions, rebase mechanisms, and trading fees, while accounting for token incentive expenses paid to stakers.

## 2. Data sources

The calculation uses several categories of raw blockchain data:

- **Vault events**: Parsed `YieldDistribution` events from Origin vaults on Ethereum (OETH and Origin Dollar vaults), Base (superOETHb vault), and Sonic (OS vault)
- **ARM trading events**: Parsed `FeeCollected` events from Ethereum ARM contracts and related ERC4626 revenue events
- **Rebase calculation data**: Base blockchain `TotalSupplyUpdatedHighres` events, mint/burn function calls from superOETHb, and WETH transfer events from dripper to vault
- **Staking events**: Parsed `Reward` events from Ethereum OGN and xOGN staking contracts
- **Token transfer data**: Ethereum and Base token transfer events for ARM ERC4626 revenues and dripper yields
- **Fee setting events**: Parsed `FeeUpdated` events from ARM contracts for dynamic fee rate application
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal corrections

## 3. Step-by-step calculation

### Component A: Revenue calculation
- **Purpose**: Calculates total protocol revenue from all income sources
- **Logic**: Combines three main revenue streams. First, vault yield distributions are captured from `YieldDistribution` events across all chains, extracting the `yield` field (protocol's share) rather than the `fee` field (user's share). Second, Base rebase yields are calculated by determining total supply changes minus net mints/withdrawals, then applying a fee ratio adjustment (dividing by 0.8 to account for 20% protocol fee). For periods after block 24827918, rebase yields come directly from WETH transfers from the dripper contract to the vault. Third, ARM fees include both direct `FeeCollected` events and ERC4626 revenues from ARM token minting to the zapper contract.
- **Key fields**: `yield` amounts from vault events, calculated rebase amounts from supply changes, `fee` amounts from ARM events, `amount` from token transfers

### Component B: Expenses calculation  
- **Purpose**: Calculates total protocol expenses from token incentive programs
- **Logic**: Captures all token incentive payments from staking reward events. Processes `Reward` events from both OGN staking and xOGN staking contracts on Ethereum, extracting the `amount` field representing tokens distributed to stakers. These incentive payments represent the primary expense category for Origin Protocol.
- **Key fields**: `amount` field from staking reward events representing incentive token distributions

### Component C: Base rebase yield calculation
- **Purpose**: Calculates implied yield from Base superOETHb rebase mechanisms
- **Logic**: For blocks before 24827918, calculates rebase amounts using the formula: Total Supply - (Cumulative Mints - Cumulative Withdrawals). Uses window functions to track cumulative mint and withdrawal amounts up to each supply update. Calculates incremental yield by comparing current rebase amount to previous rebase amount, then applies fee ratio adjustment (dividing by 0.8 and adding 20% fee portion). For blocks after September 1, 2024, uses direct WETH transfers from the dripper contract to the vault as the yield source.
- **Key fields**: `totalSupply` from supply events, `amount` from mint/burn functions, `value` from WETH transfers

### Component D: ARM fee processing
- **Purpose**: Applies dynamic protocol fee rates to ARM trading activities
- **Logic**: Joins ARM fee events with fee setting dimension table to apply correct protocol fee rates. Uses fee setting events to create time-based fee rate ranges, matching ARM fees to the applicable rate period using event ordering by block number and log index. Applies protocol fee rates (stored with 4 decimal precision) to gross fee amounts.
- **Key fields**: `fee` amounts from ARM events, `protocol_fee_rate` from fee setting events

### Final aggregation
- **Combining components**: Revenue components (vault yields, rebase yields, ARM fees) are unioned together and aggregated by day, chain, product, and version. Expenses (token incentives) are similarly aggregated by day. Both components exclude specific outlier dates (2024-08-28 for Base rebase yields).
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds matched by token address and date. Raw amounts are divided by 10^18 for decimal correction before USD conversion.
- **Time aggregation**: All events are truncated to daily boundaries using the block timestamp. Missing days are filled with zeros to ensure complete time series.
- **Final calculation**: Earnings equals total daily revenue minus total daily expenses. The result provides daily earnings in USD across all Origin Protocol products and chains, with forward-filling applied to handle any remaining data gaps.

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

Origin ProtocolOGN

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