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Origin Protocol

# Origin Protocol Revenue Methodology

## 1. Overview

Origin protocol revenue represents the total fees and yields generated by Origin's decentralized finance products across multiple blockchains. This metric captures revenue from yield-bearing token vaults (OETH, Origin Dollar, superOETHb, OS), automated market maker (ARM) operations, and rebase mechanisms. The calculation aggregates multiple revenue streams, converts them to USD, and provides daily totals to measure the protocol's financial performance.

## 2. Data sources

- **Yield distribution events**: Parsed `YieldDistribution` event logs from Origin vault contracts on Ethereum (OETH and Origin Dollar vaults), Base (superOETHb vault), and Sonic (OS vault)
- **Supply and mint/burn events**: Base blockchain `TotalSupplyUpdatedHighres` events and `mint`/`burn` function calls from superOETHb contract for rebase calculations
- **Token transfer logs**: Base WETH token transfers from dripper contract to vault contract, and Ethereum token transfers for LidoARM minting operations
- **ARM fee events**: Parsed `FeeCollected` event logs from LidoARM contract on Ethereum
- **Fee setting events**: Parsed `FeeUpdated` event logs from LidoARM contract for protocol fee rate configuration
- **External data**: End-of-day token price feeds for USD conversion

## 3. Step-by-step calculation

### Component A: Standard yield distributions
- **Purpose**: Captures protocol fees from yield distribution events across all Origin vaults
- **Logic**: Extracts `YieldDistribution` events from OETH vault (Ethereum), Origin Dollar vault (Ethereum), superOETHb vault (Base), and OS vault (Sonic). Each event contains `yield` and `fee` fields representing the total yield generated and protocol fee collected. The model maps token addresses to product categories, with Origin Dollar categorized as 'Origin Dollar' and others as 'otoken'. Fee ratios are calculated differently by chain - Base uses a fixed 0.25 ratio while other chains calculate dynamically as `fee`/`yield`
- **Key fields**: `yield` (protocol revenue amount), `fee` (additional fee component), `token_address`, `fee_type` (vault identifier), `block_timestamp`

### Component B: Base rebase yield calculation  
- **Purpose**: Calculates additional yield revenue from superOETHb rebase mechanisms on Base chain
- **Logic**: Uses two different calculation methods based on block number. For blocks before 24827918, calculates rebase amounts as Total Supply minus the net of mints and withdrawals, then applies an 80/20 split where 20% represents protocol yield (formula: rebase_amount * 0.2 / 0.8). For later blocks, tracks WETH transfers from the dripper contract to the vault contract. Excludes outlier date 2024-08-28 and filters to positive rebase amounts only
- **Key fields**: `total_supply`, `mint_amount`, `withdrawal_amount`, `rebase_amount`, calculated `yield` value

### Component C: ARM fee collection
- **Purpose**: Captures revenue from Origin's Automated Market Maker (ARM) operations
- **Logic**: Combines two revenue streams - direct fee collections from `FeeCollected` events and ERC4626 revenues from LidoARM token minting operations (identified by transfers from null address to zapper address). Applies time-based protocol fee rates by joining with fee setting configurations, using the most recent fee rate setting that occurred before each fee collection event
- **Key fields**: `amount` (fee collected), `protocol_fee_rate`, `fee_type`, filtered to 'ARM fee' type only

### Final aggregation
- **Combining components**: All three revenue components are combined using union operations, with each maintaining consistent schema including timestamp, chain, product identifiers, and revenue amounts
- **Currency conversion**: All amounts are first converted from wei to token units by dividing by 10^18, then converted to USD using end-of-day token price feeds via the `convert_to_usd_and_correct_decimals` macro
- **Time aggregation**: Daily aggregation using timestamp truncation to day boundaries, with forward-fill strategy for missing values (filling with zeros)
- **Final calculation**: The final revenue metric is the sum of all USD-converted revenue streams per day, validated through schema enforcement and chain availability filtering to ensure data completeness across all supported chains

*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.

Origin ProtocolOGN

Revenue

Revenue

Competitive landscape

Chain breakdown