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 Token incentives Methodology

## 1. Overview

Token incentives measures the value of native PHAR assets emitted by Pharaoh to compensate liquidity providers and stakeholders. These emissions are primarily distributed to incentivize liquidity provision across the protocol’s Exchange AMM and Concentrated Liquidity products. The metric captures protocol-wide emissions and accounts for structural changes, including the PHAR token split occurring in October 2025, to provide a consistent valuation of protocol-driven incentives.

## 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 the PHAR asset

## 3. Step-by-step calculation

### Component A: Legacy protocol emissions tracking

- **Purpose**: Capture early PHAR emissions from the V1 Minter contract
- **Logic**: Native asset emissions are identified by parsing `Mint` events from `Minter` contracts. The weekly emission amount is extracted from each event to quantify protocol distributions prior to the structural token split in October 2025.
- **Key fields**: `block_timestamp`, `amount` (weekly emission quantity)

### Component B: Concentrated Liquidity rewards

- **Purpose**: Capture reward distributions for Pharaoh Concentrated Liquidity gauges
- **Logic**: Reward notifications are captured from `NotifyReward` events emitted by `GaugeV3` contracts. The reward quantity is extracted for each transaction, with filters applied to exclude removed logs and to ensure only rewards distributed in the native PHAR asset are included in the calculation.
- **Key fields**: `block_timestamp`, `amount` (reward quantity), `token_address`

### Component C: USD normalization and token split adjustment

- **Purpose**: Convert emission quantities to a standardized USD value
- **Logic**: Emission quantities are normalized by decimal precision and converted to USD using end-of-day price feeds. A specialized pricing series is utilized to account for the 5000:1 PHAR token split on October 9, 2025, ensuring that the valuation correctly reflects the transition from the legacy asset to the post-split listing. Values are aggregated to daily granularity using UTC day boundaries.
- **Key fields**: `price_usd`, `timestamp`

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

Value of native tokens distributed as incentives.

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