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Origin Protocol

# Origin Protocol Supply-side fees Methodology

## 1. Overview

Origin supply-side fees represent the portion of fees that accrue to Origin protocol token holders and liquidity providers, excluding the protocol's own revenue share. This metric captures fees from four main revenue streams: yield distributions from Origin vaults, rebase yields on Base chain, redemption fees from vault withdrawals, and Automated Redemption Manager (ARM) fees. The calculation determines what portion of total fees flows to the supply-side participants rather than to Origin protocol itself.

## 2. Data sources

- **Yield distribution events**: Parsed `YieldDistribution` events from Origin vault contracts across Ethereum, Base, and Sonic chains containing yield amounts and protocol fee portions
- **Supply update events**: Parsed `TotalSupplyUpdatedHighres` events from superOETHb contracts on Base chain for rebase calculations
- **Vault interaction events**: Parsed `mint` and `burn` function calls from superOETHb contracts on Base for supply change tracking
- **Token transfer events**: Ethereum and Base token transfer records for ARM minted tokens and WETH dripper transfers
- **Redemption events**: Parsed `Redeem` events from Origin vault contracts across all supported chains
- **Fee configuration events**: Parsed `RedeemFeeUpdated` and `FeeUpdated` events from Origin contracts to track historical fee rates
- **ARM fee events**: Parsed `FeeCollected` events from LidoARM contracts on Ethereum
- **End-of-day price feeds**: Token price data for USD conversion of all fee amounts

## 3. Step-by-step calculation

### Component A: Yield distribution fees
- **Purpose**: Calculate supply-side portion of fees from Origin vault yield distributions
- **Logic**: Extract yield and fee amounts from `YieldDistribution` events across Ethereum (OETH/Origin Dollar vaults), Base (superOETHb vault), and Sonic (OS vault). For Base chain, apply a fixed fee ratio of 0.25, while other chains calculate the ratio as fee amount divided by yield amount. Determine supply-side fees by subtracting the protocol's portion: yield amount minus (yield amount multiplied by fee ratio). Normalize decimal places by dividing by 10^18.
- **Key fields**: `yield` (total yield generated), `fee` (protocol fee portion), `fee_ratio` (protocol's percentage), `token_address` (vault token), `product_id` (Origin Dollar or otoken classification)

### Component B: Base rebase yield fees  
- **Purpose**: Calculate supply-side fees from superOETHb rebase mechanisms on Base chain
- **Logic**: Handle two different time periods - before block 24827918, calculate rebase amounts as total supply minus cumulative mints plus cumulative withdrawals, then derive yields using an 80/20 split where 80% goes to users and 20% represents fees. After block 24827918, use WETH transfers from the dripper contract to the vault with the same split ratio. Apply fee ratio of 0.2 and calculate supply-side portion as yield amount minus (yield amount multiplied by 0.2). Exclude outlier date 2024-08-28 from calculations.
- **Key fields**: `total_supply` (token total supply), `mint_amount` and `withdrawal_amount` (supply changes), `value` (WETH transfer amounts), `yield` (calculated yield), `fee_ratio` (fixed at 0.2)

### Component C: Redeem fees
- **Purpose**: Calculate fees collected from vault redemption transactions
- **Logic**: Capture `Redeem` events from Origin vaults across all chains and join with historical redemption fee rates from `RedeemFeeUpdated` events. Apply time-based fee rate lookup by matching transaction event ordering with fee update events. Calculate fees as redemption amount divided by 10^18 multiplied by the applicable redemption fee rate. Since these are direct user fees, the full calculated amount represents supply-side fees without further protocol deduction.
- **Key fields**: `amount` (redemption transaction amount), `redeem_fee_rate` (applicable fee percentage), `id` (event ordering identifier for time-based rate lookup)

### Component D: ARM fees
- **Purpose**: Calculate supply-side portion of Automated Redemption Manager fees
- **Logic**: Combine two ARM revenue streams - direct fee collections from `FeeCollected` events and ERC4626 revenue from minted ARM tokens transferred to zapper contracts. Join with historical ARM fee rates from `FeeUpdated` events using time-based lookup. Calculate supply-side fees as total ARM fees divided by 10^18 minus (total ARM fees divided by 10^18 multiplied by protocol fee rate). This ensures the protocol's portion is excluded from supply-side calculations.
- **Key fields**: `amount` (ARM fee amounts), `protocol_fee_rate` (protocol's percentage), `from_address` and `to_address` (transfer addresses for ERC4626 revenue identification)

### Final aggregation
- **Combining components**: Union all four fee components using identical schema with daily timestamp truncation, chain identification, product classification, and token address standardization. Each component contributes its calculated supply-side fees to the total.
- **Currency conversion**: Apply USD conversion using end-of-day token price feeds matched by token address and date, with decimal correction disabled since amounts are already normalized
- **Time aggregation**: Truncate all timestamps to daily boundaries using `timestamp_trunc(block_timestamp, day)` function, ensuring consistent daily aggregation across all fee sources
- **Final calculation**: Sum all supply-side fee amounts across the four components for each day, chain, product, and token combination. The result represents total daily supply-side fees in USD that accrue to Origin protocol participants rather than to the protocol itself.

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

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

Origin ProtocolOGN

Supply-side fees

Supply-side fees

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