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

Ramses is a non-custodial exchange protocol built on Arbitrum. Ramses was founded by pseudonyms Dog and North in 2023.

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

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Ramses Exchange

# Ramses Exchange Earnings Methodology

## 1. Overview

Ramses earnings represents the protocol's net profitability, calculated as total revenue minus total expenses. This metric measures the financial performance of the Ramses decentralized exchange operating on Arbitrum, which includes both legacy AMM pools (v1) and concentrated liquidity pools (v2). Revenue comes from trading fees collected by the protocol, while expenses consist of token incentives distributed to users as rewards.

## 2. Data sources

- **Arbitrum event logs**: Parsed `LegacyPair_Claim_event` logs from v1 trading pairs and `FeeCollector_FeesCollected_event` logs from v2 concentrated liquidity pools
- **Token incentive events**: Parsed `Minter_Mint_event` logs tracking RAM token reward distributions
- **Pool creation events**: Parsed `Factory_PairCreated_event` and `Factory_PoolCreated_event` logs to map pool addresses to token pairs
- **End-of-day price feeds**: Standard token price data for USD conversion of most assets
- **CoinGecko price API**: Specific price feed for RAM token (ramses-exchange) due to lack of standard price coverage
- **Token metadata**: Token decimals, symbols, and chain information for proper amount calculations

## 3. Step-by-step calculation

### Component A: Fee collection and revenue calculation
- **Purpose**: Calculate protocol revenue from trading fees collected across v1 and v2 pools
- **Logic**: Extract fee claim events from v1 legacy pairs using `LegacyPair_Claim_event` logs, which contain `amount0` and `amount1` fields representing fees in both tokens of the trading pair. For v2 concentrated liquidity pools, extract fee collection events from `FeeCollector_FeesCollected_event` logs, summing `feeDistAmount0` + `treasuryAmount0` and `feeDistAmount1` + `treasuryAmount1` to get total fees in both tokens. Map pool addresses to their underlying token pairs using factory creation events. Correct raw amounts by dividing by 10^decimals for each token. Convert both token amounts to USD using end-of-day price feeds and sum them. Aggregate fees daily by pool address.
- **Key fields**: `amount0`, `amount1` (v1 fees), `feeDistAmount0`, `treasuryAmount0`, `feeDistAmount1`, `treasuryAmount1` (v2 fees), `pool` address, `token0_address`, `token1_address`

### Component B: Protocol fee share application
- **Purpose**: Apply different revenue recognition rules for v1 vs v2 pools
- **Logic**: For v1 pools, treat 100% of collected fees as protocol revenue since all claimed fees belong to the protocol. For v2 pools, apply a protocol fee share of 80%, meaning only 80% of collected fees count as protocol revenue while 20% goes to liquidity providers. This reflects the different fee structures between the two versions.
- **Key fields**: `version`, `fees` (total collected), protocol fee multiplier of 0.8 for v2

### Component C: Token incentive expenses
- **Purpose**: Calculate protocol expenses from token rewards distributed to users
- **Logic**: Extract RAM token mint events from `Minter_Mint_event` logs, which contain `weekly` amounts representing tokens distributed as incentives. The RAM token address is hardcoded as `0xaaa6c1e32c55a7bfa8066a6fae9b42650f262418`. Correct raw mint amounts by dividing by 10^18 (RAM token decimals). Convert to USD using CoinGecko price feeds specifically for the RAM token since it's not available in standard price feeds. Aggregate all token incentive amounts daily to get total expenses.
- **Key fields**: `weekly` (mint amount), RAM `token_address`, CoinGecko `price_usd`, `amount` (corrected for decimals)

### Component D: Price data integration
- **Purpose**: Handle special pricing requirements for RAM token while using standard feeds for other tokens
- **Logic**: For most tokens, use standard end-of-day price feeds that cover major assets on Arbitrum. For the RAM token specifically, fetch prices from CoinGecko API using the project ID 'ramses-exchange' since RAM is not covered by standard price feeds. Union the CoinGecko RAM prices with standard price feeds, ensuring no double-counting by excluding the RAM token address from standard feeds.
- **Key fields**: `price_usd` from standard feeds, `price` from CoinGecko, `token_address` for matching

### Final aggregation
- **Combining components**: Sum all daily revenue amounts across v1 and v2 pools to get total revenue. Sum all daily token incentive amounts to get total expenses. Use the `calculate_earnings` macro to subtract total expenses from total revenue.
- **Currency conversion**: All amounts are converted to USD using end-of-day prices matched by timestamp and token address
- **Time aggregation**: All events are truncated to daily boundaries using `timestamp_trunc(block_timestamp, day)` and aggregated with `timestamp_grain = 'day'`
- **Final calculation**: Earnings = Total Revenue - Total Expenses, where revenue includes protocol fees from trading (100% for v1, 80% for v2) and expenses include all RAM token incentives distributed to users

*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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