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Trevee

# Trevee Earnings Methodology

## 1. Overview

Earnings measures the net value retained by Trevee after all expenses are subtracted from protocol revenue. Revenue is generated through performance fees on yield-bearing assets, protocol fees from quest-based incentive products, and gauge-related distributions. Expenses, including token incentives, are currently set to zero as the protocol does not distribute onchain incentives that are classified as operating costs. This metric reflects the onchain profitability of Trevee across its suite of products, including Trevee scETH, Rings scBTC, and Rings scUSD.

## 2. Data sources

- **Blockchain events**: `YieldClaimed` events from `scETHAccountant` and `scUSDAccountant` contracts, `PerformanceFeeUpdated` events from `wstkscBTC`, `wstkscETH`, and `wstkscUSD` contracts, `createRangedQuest` and `createFixedQuest` function calls from quest-related contracts, and ERC-20 token transfers, covering Ethereum and Sonic
- **External data**: End-of-day price feeds for reward assets and yield-bearing assets

## 3. Step-by-step calculation

### Component A: Quest protocol fees

- **Purpose**: Captures revenue generated from the creation of incentive quests for voting escrow assets.
- **Logic**: Protocol fees are extracted from `createRangedQuest` and `createFixedQuest` function calls across quest contracts for veBAL, veCRV, veFXN, Rings scBTC, Trevee scETH, and Rings scUSD. The `feeAmount` field is identified as protocol revenue, while the total reward amount minus the fee is classified as supply-side fees.

### Component B: Yield performance fees

- **Purpose**: Calculates the protocol's share of yield generated by underlying assets.
- **Logic**: Yield distributions are identified via `YieldClaimed` events from `scETHAccountant` and `scUSDAccountant` contracts. Performance fee rates are determined by parsing `PerformanceFeeUpdated` events from `wstkscBTC`, `wstkscETH`, and `wstkscUSD` contracts. Protocol revenue is calculated by applying the applicable performance fee rate to the total claimed yield amount at the time of the event.

### Component C: Gauge revenue tracking

- **Purpose**: Captures direct revenue transfers related to gauge mechanics.
- **Logic**: ERC-20 token transfers to the designated gauge revenue recipient address are filtered and aggregated. These transfers represent direct protocol income from gauge-related activities and are included in the total revenue calculation.

### Component D: Expense allocation

- **Purpose**: Defines the cost basis for the protocol.
- **Logic**: Expenses for Trevee are hardcoded to zero. While voting incentive events are monitored, the associated token incentives are currently set to a constant value of zero in the calculation logic, reflecting that no onchain operating expenses are currently recognized for this metric.

### Component E: USD conversion and final aggregation

- **Purpose**: Normalizes all revenue and expense components into a single USD-denominated earnings value.
- **Logic**: All captured amounts are normalized by asset-specific decimal precision. Values are converted to USD using end-of-day price feeds. Earnings are calculated as the sum of protocol revenue components minus expenses. Daily values are aggregated using UTC day boundaries.

*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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