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Origin Protocol

# Origin Protocol Fees Methodology

## 1. Overview

Origin protocol fees represents the total daily fees earned by Origin Protocol across its multi-chain DeFi products including OETH, Origin Dollar, superOETHb, OS tokens, and the LidoARM trading system. The metric aggregates fees from four main sources: redemption fees charged when users exit positions, protocol fees from yield distributions, rebase yield fees from Base chain operations, and trading fees from the ARM (Automated Redemption Manager) system. This provides a comprehensive view of Origin's revenue generation across its yield-bearing token ecosystem.

## 2. Data sources

- **Vault yield events**: Parsed `YieldDistribution` events from Origin vaults on Ethereum, Base, and Sonic chains containing yield and fee amounts
- **Vault redemption events**: Parsed `Redeem` events from Origin vaults across all supported chains capturing user exit transactions
- **Fee configuration events**: Parsed `RedeemFeeUpdated` and `FeeUpdated` events that track changes to protocol fee rates over time
- **ARM trading events**: Parsed `FeeCollected` events from LidoARM contracts on Ethereum capturing direct trading fees
- **ARM revenue events**: Ethereum ERC20 token transfer events tracking ARM token minting to zapper contracts for ERC4626 revenue
- **Base rebase data**: Parsed `TotalSupplyUpdatedHighres` events, mint/burn function calls, and dripper-to-vault transfers for rebase yield calculations
- **End-of-day token price feeds**: USD price data for converting native token amounts to dollar values
- **Token metadata**: Contract addresses and decimal configurations for proper amount normalization

## 3. Step-by-step calculation

### Component A: Redemption fees
- **Purpose**: Calculates fees charged when users redeem (withdraw) tokens from Origin vaults
- **Logic**: Extracts `Redeem` events from OETH, Origin Dollar, superOETHb, and OS vaults across Ethereum, Base, and Sonic chains. Each redemption transaction includes a `value` field representing the redeemed amount. The system joins this transaction data with dynamic fee rate configurations tracked through `RedeemFeeUpdated` events. Fee rates are applied based on transaction timing using an ID-based ordering system where each transaction gets the most recent fee rate that was active at the time of the transaction.
- **Key fields**: `value` (redemption amount), `block_timestamp`, `chain`, `token_address`, and calculated `redeem_fee_rate` from configuration events

### Component B: Yield distribution fees
- **Purpose**: Captures protocol fees from yield distribution events across Origin's yield-bearing tokens
- **Logic**: Processes `YieldDistribution` events from Origin vaults which contain both `yield` and `fee` amounts in the same event. The system extracts the fee portion directly from these events. Base chain operations use a fixed 0.25 fee ratio, while other chains calculate the ratio dynamically from the event data by dividing fee by yield amounts. These events represent the protocol's take from yield generated by underlying DeFi strategies.
- **Key fields**: `yield` (total yield amount), `fee` (protocol fee portion), `fee_ratio` (calculated or fixed ratio), and `fee_type` identifying the specific vault

### Component C: Base rebase yield fees
- **Purpose**: Calculates fees from rebase operations on Base chain's superOETHb token using two different methodologies
- **Logic**: For transactions before block 24827918, calculates rebase amounts using supply accounting: Total Supply minus (Cumulative Mints minus Cumulative Withdrawals). The difference between consecutive calculations represents the rebase yield, from which fees are derived using a 0.2 fee ratio (fee = rebase_amount × 0.2 ÷ 0.8). After block 19148031, switches to tracking WETH transfers from the dripper contract to the vault contract, applying the same fee ratio. Excludes the outlier date 2024-08-28 due to data quality issues.
- **Key fields**: `total_supply` from supply update events, `amount` from mint/burn functions, `value` from dripper transfers, and calculated `fee` using the 0.2 ratio

### Component D: ARM fees
- **Purpose**: Aggregates fees from Origin's Automated Redemption Manager (ARM) trading system
- **Logic**: Combines two revenue streams from the LidoARM system. First, direct trading fees captured through `FeeCollected` events which represent fees earned from arbitrage trading activities. Second, ERC4626 revenue tracked through ARM token transfers to zapper contracts representing protocol earnings from the ARM's yield-generating activities. Both sources are processed with dynamic fee rate applications using `FeeUpdated` events and ID-based timing logic similar to redemption fees.
- **Key fields**: `amount` from fee collection events, `value` from token transfers, `protocol_fee_rate` from configuration events

### Final aggregation
- **Combining components**: All four fee components are combined using UNION ALL operations with consistent daily timestamp truncation and standardized field mapping including `chain`, `product_id`, and `token_address`
- **Currency conversion**: Raw token amounts are normalized by dividing by 10^18 to convert from wei to token units, then converted to USD using end-of-day price feeds matched by token address and date
- **Time aggregation**: All timestamps are truncated to daily boundaries and aggregated by day, chain, product, and token to create daily fee totals
- **Final calculation**: The metric sums all converted USD fee amounts by day, applies forward-filling logic to ensure no gaps in the time series (filling missing dates with zeros), and validates data completeness using chain availability filters

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

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

Origin ProtocolOGN

Fees

Fees

Competitive landscape

Chain breakdown