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Photon

# Photon Revenue Methodology

## 1. Overview

Photon revenue represents the total daily fees collected by the Photon protocol on Solana, measured in USD. This metric captures all native SOL payments made to Photon's designated fee collection accounts, providing a direct measure of protocol revenue generation. The calculation identifies fee payments through native token transfers to specific Photon addresses and converts these amounts to USD for standardized reporting.

## 2. Data sources

The calculation uses the following raw data sources:

- **Solana native transfers**: Records of native SOL token transfers on the Solana blockchain, capturing all payments made to specific addresses
- **End-of-day token price feeds**: Daily SOL/USD exchange rates used for currency conversion
- **Token metadata**: SOL token information including decimal precision for proper amount calculation

## 3. Step-by-step calculation

### Component A: Fee extraction
- **Purpose**: Identifies and extracts fee payments made to Photon protocol
- **Logic**: Filters Solana native token transfers to capture only payments made to Photon's designated fee collection account (`AVUCZyuT35YSuj4RH7fwiyPu82Djn2Hfg7y2ND2XcnZH`). Each transfer record includes the transaction timestamp, transaction ID, sender address, and payment amount in lamports (SOL's smallest unit)
- **Key fields**: `block_timestamp` for timing, `transaction_id` for unique identification, `transaction_signer` as the fee payer, `amount` in lamports, and `to_address` filtered to Photon's fee account

### Component B: Daily aggregation and unit conversion  
- **Purpose**: Converts raw fee data to standard daily SOL amounts
- **Logic**: Groups fee payments by day using timestamp truncation to daily boundaries. Converts amounts from lamports to SOL by dividing by 1e9 (Solana's decimal precision). Sums all fee payments within each day to get total daily fee collection. Assigns consistent metadata including chain identifier and product identifier
- **Key fields**: `timestamp` truncated to daily boundaries, `fees` as the sum of converted SOL amounts, `chain_id` as 'solana', and `product_id` as 'photon'

### Component C: USD conversion and standardization
- **Purpose**: Converts SOL fee amounts to USD and applies data quality controls
- **Logic**: Joins daily SOL fee amounts with end-of-day SOL/USD price feeds to calculate USD equivalent values. Since amounts are already in proper SOL units, no additional decimal correction is needed. Applies data validation and gap filling to ensure complete daily coverage with zero values for days without fee activity
- **Key fields**: `fees` converted to USD amounts using end-of-day exchange rates

### Final aggregation
- **Combining components**: The final revenue metric directly uses the USD-converted fee amounts without additional aggregation, as fees and revenue are equivalent for this protocol
- **Currency conversion**: SOL amounts converted to USD using end-of-day price feeds, maintaining daily granularity for accurate valuation
- **Time aggregation**: Data aggregated at daily boundaries using timestamp truncation, with gap filling ensuring complete daily coverage
- **Final calculation**: Revenue equals the sum of all fee payments made to Photon's collection account on each day, converted from lamports to SOL (divided by 1e9) and then to USD using daily exchange rates

*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.

Photon

Revenue

Revenue

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