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 Expenses Methodology

## 1. Overview

Expenses measures the total cost incurred by Pharaoh to incentivize liquidity and maintain protocol operations. These costs primarily consist of token incentives distributed as PHAR asset emissions to liquidity providers across Exchange AMM and Concentrated Liquidity Pool V3 products. These emissions are valued in USD based on the market price of the PHAR asset at the time of distribution.

## 2. Data sources

- **Blockchain events**: `Mint` events from `Minter` contracts and `NotifyReward` events from `GaugeV3` contracts, covering Avalanche
- **External data**: End-of-day price feeds for PHAR assets

## 3. Step-by-step calculation

### Component A: Legacy emission tracking

- **Purpose**: Capture PHAR emissions from the initial protocol inflation mechanism
- **Logic**: `Mint` events are parsed from `Minter` contracts to identify weekly protocol emissions. The amount field representing the weekly distribution is extracted for the period preceding the asset migration and token split in October 2025.
- **Key fields**: `amount` (weekly emission quantity)

### Component B: Concentrated liquidity incentive tracking

- **Purpose**: Capture reward distributions for Concentrated Liquidity Pool V3 gauges
- **Logic**: `NotifyReward` events are parsed from `GaugeV3` contracts. The incentive amounts are extracted from these events for distributions occurring after the protocol migration. Only events involving the new PHAR asset address are included to ensure consistency with the post-split tokenomics.
- **Key fields**: `amount` (reward quantity), `token_address` (asset identification)

### Component C: Asset valuation and split adjustment

- **Purpose**: Normalize emission quantities and apply accurate USD valuations
- **Logic**: Asset quantities are normalized by decimal precision. USD values are calculated by multiplying normalized amounts by end-of-day price feeds. A continuous price series is maintained by transitioning from the legacy PHAR price feed to the post-split PHAR price feed on October 9, 2025, accounting for the 5000:1 token split.
- **Key fields**: `price_usd` (asset price), `decimals` (asset precision)

### Component D: Final aggregation

- **Purpose**: Consolidate all incentive sources into the total Expenses metric
- **Logic**: USD values from both legacy minting and V3 gauge rewards are aggregated by day and product. A zero-fill strategy is applied to ensure a continuous time series for days where no emission events are recorded on-chain.

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

Total project operating and incentive expenses.

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