Liquidity providers deposit funds into Pharaoh and stake their LP tokens to receive PHAR tokens in proportion to their share of the votes (token incentives).

Pharaoh is a non-custodial exchange protocol built on Avalanche. Pharaoh was founded in 2023.

PHAR tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue).

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Pharaoh

# Pharaoh Earnings Methodology

## 1. Overview

Earnings measures the net value retained by Pharaoh after all on-chain expenses are subtracted from total revenue. For this protocol, earnings is calculated by taking the sum of swap fees (from Legacy Pair, Concentrated Liquidity Pool, and Concentrated Liquidity Pool V3 products) and voting incentives, then subtracting the value of PHAR token emissions. This metric provides a view of on-chain profitability for the protocol on the Avalanche network.

## 2. Data sources

- **Blockchain events**: `Swap` and `PairCreated` events from `LegacyPair` and `Factory` contracts; `feeChangeV1` events from `PharaohCommandCenter` contracts; `FeesCollected` events from `FeeCollector` contracts; `Swap`, `PoolCreated`, and `FeeAdjustment` events from `RamsesV3Pool` and `RamsesV3Factory` contracts; `VotesIncentivized` events from `FeeDistributor` contracts; `Mint` events from `Minter` contracts; and `NotifyReward` events from `GaugeV3` contracts on Avalanche.
- **External data**: End-of-day price feeds for various assets and PHAR token price data.

## 3. Step-by-step calculation

### Component A: Swap and voting revenue (V1, V2, and Voting Incentives)
- **Purpose**: Aggregate income from legacy swaps, V2 concentrated liquidity, and external voting incentives.
- **Logic**: For Legacy Pair (V1), fees are calculated by applying fee percentages—retrieved from `PharaohCommandCenter` and `Factory` events—to the swap amounts captured in `Swap` events. For Concentrated Liquidity Pool (V2), revenue is extracted directly from the `token0_amount` and `token1_amount` fields in `FeesCollected` events. Voting incentive revenue is aggregated from `VotesIncentivized` events. All captured amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.

### Component B: Concentrated Liquidity Pool V3 revenue

- **Purpose**: Calculate revenue generated by V3 trading activity.
- **Logic**: Trading volume is first calculated by parsing `Swap` events from `RamsesV3Pool` contracts. The specific fee tier for each pool is determined by tracking `PoolCreated` and `FeeAdjustment` events from `RamsesV3Factory` contracts. Revenue is then calculated as the product of the daily trading volume and the applicable fee tier.

### Component C: Token incentive expenses

- **Purpose**: Quantify the value of protocol emissions distributed to participants.
- **Logic**: PHAR emissions are tracked via `Mint` events from `Minter` contracts and `NotifyReward` events from `GaugeV3` contracts. To ensure accuracy across the October 2025 token split, price data is mapped to a continuous series using both pre-split and post-split asset identifiers. The total expense is calculated by multiplying the emitted asset quantities by their respective end-of-day USD prices.

### Component D: Final earnings aggregation

- **Purpose**: Combine all revenue and expense components into a single net value.
- **Logic**: Total protocol revenue (the sum of swap fees and voting incentives) and total expenses (token incentives) are aggregated. Earnings is calculated by subtracting the expenses from the revenue. Data is indexed with daily granularity using UTC day boundaries.

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

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

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