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 Revenue Methodology

## 1. Overview

Revenue measures the total value retained by Pharaoh across its decentralized exchange and governance products. This metric includes trading fees generated from Legacy Pair (V1), Concentrated Liquidity Pool (V2), and Concentrated Liquidity Pool V3 (V3) products, as well as revenue collected from voting incentives. It represents the protocol's gross earnings from its core services before the distribution of token incentives or operating expenses.

## 2. Data sources

- **Blockchain events**: `Swap`, `feeChangeV1`, and `PairCreated` events from `LegacyPair`, `PharaohCommandCenter`, and `Factory` contracts (V1); `FeesCollected` and `VotesIncentivized` events from `FeeCollector` and `FeeDistributor` contracts (V2); and `Swap`, `PoolCreated`, and `FeeAdjustment` events from `RamsesV3Pool` and `RamsesV3Factory` contracts (V3), covering Avalanche
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Legacy Pair (V1) revenue calculation

- **Purpose**: Captures revenue generated from V1 trading pairs.
- **Logic**: `Swap` events from `LegacyPair` contracts are parsed to extract input amounts for both tokens. These amounts are multiplied by a pool-specific fee percentage. The fee percentage is determined chronologically by tracking `feeChangeV1` events from `PharaohCommandCenter` contracts and initial rates established in `PairCreated` events from `Factory` contracts.
- **Key fields**: `amount0In`, `amount1In`, `account_address`, `fee_percentage`

### Component B: Concentrated Liquidity Pool (V2) revenue collection

- **Purpose**: Captures revenue collected from V2 concentrated liquidity pools.
- **Logic**: `FeesCollected` events from `FeeCollector` contracts are monitored. Revenue is calculated as the sum of the fee distribution amount and the treasury amount for both tokens in the pair.
- **Key fields**: `feeDistAmount0`, `treasuryAmount0`, `feeDistAmount1`, `treasuryAmount1`

### Component C: Concentrated Liquidity Pool V3 (V3) revenue derivation

- **Purpose**: Estimates revenue for V3 pools based on swap activity and fee configurations.
- **Logic**: `Swap` events from `RamsesV3Pool` contracts are used to calculate the absolute trading volume for each transaction. This volume is multiplied by the applicable pool fee tier. Fee tiers are identified from `PoolCreated` events and subsequent `FeeAdjustment` events from `RamsesV3Factory` contracts.
- **Key fields**: `amount0`, `amount1`, `fee_tier`

### Component D: Voting incentive revenue

- **Purpose**: Captures revenue generated through the governance voting mechanism.
- **Logic**: `VotesIncentivized` events from `FeeDistributor` contracts are parsed. The reward amount for each incentivized vote is extracted and attributed as protocol revenue.
- **Key fields**: `amount`, `reward_token`

### Component E: USD conversion and aggregation

- **Purpose**: Normalizes all revenue components to USD for daily reporting.
- **Logic**: All token amounts are normalized by decimal precision and multiplied by end-of-day price feeds. A specialized price series is utilized for the PHAR token to account for the 5000:1 token split that occurred in October 2025. Daily revenue is aggregated by summing all components across all products and versions on the Avalanche chain using UTC day boundaries.
- **Key fields**: `price_usd`, `decimals`, `block_timestamp`

*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.

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