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Trevee

# Trevee Supply-side fees Methodology

## 1. Overview

The share of fees distributed to service providers, liquidity providers, and voting participants within the Trevee and Rings Protocol ecosystem is measured by Supply-side fees. These distributions are generated through products including Trevee scETH, Rings scBTC, and Rings scUSD. Supply-side fees are comprised of yield distributions, voting incentives, and quest rewards, with protocol-retained performance fees excluded from the final totals. This metric represents the net value earned by participants for providing liquidity and participating in protocol governance.

## 2. Data sources

- **Blockchain events**: `BudgetDeposited`, `YieldClaimed`, and `PerformanceFeeUpdated` events from `scBTCVoter`, `scETHVoter`, `scUSDVoter`, `scETHAccountant`, `scUSDAccountant`, `wstkscBTC`, `wstkscETH`, and `wstkscUSD` contracts, plus `createRangedQuest` and `createFixedQuest` function calls from `QuestRingsveBTC`, `QuestRingsveETH`, `QuestRingsveUSD`, `QuestRingsveBAL`, `QuestRingsveCRV`, and `QuestRingsveFXN` contracts, covering Sonic and Ethereum
- **External data**: End-of-day price feeds for distributed assets

## 3. Step-by-step calculation

### Component A: Quest reward allocation for Trevee scETH and Rings Protocol products

- **Purpose**: Captures the portion of quest rewards distributed to participants after protocol fees are deducted.
- **Logic**: `createRangedQuest` and `createFixedQuest` function calls are parsed from quest-related contracts, including those for Trevee scETH, Rings scBTC, Rings scUSD, and voting escrow assets (veBAL, veCRV, veFXN). Supply-side fees are calculated by subtracting the protocol fee amount from the total reward amount for each quest.
- **Key fields**: `total_reward_amount`, `fee_amount`

### Component B: Voting incentive tracking for Trevee scETH and Rings Protocol products

- **Purpose**: Captures the total value of incentives paid to users for participating in governance voting.
- **Logic**: `BudgetDeposited` events are parsed from `scBTCVoter`, `scETHVoter`, and `scUSDVoter` contracts. The total amount of deposited budget is aggregated as supply-side fees, as these incentives are paid directly to participants without protocol deductions.
- **Key fields**: `amount`

### Component C: Yield distribution and performance fee deduction

- **Purpose**: Calculates the net yield distributed to asset holders after accounting for performance fees.
- **Logic**: `YieldClaimed` events are parsed from `scETHAccountant` and `scUSDAccountant` contracts to identify total yield generated for Trevee scETH and Rings scUSD. Applicable performance fee rates are identified from `PerformanceFeeUpdated` events emitted by `wstkscBTC`, `wstkscETH`, and `wstkscUSD` contracts. Supply-side fees are calculated by multiplying the total yield amount by the complement of the performance fee rate.
- **Key fields**: `amount`, `performance_fee_rate`

### Component D: USD conversion and aggregation

- **Purpose**: Normalizes all fee components to a common currency and time interval.
- **Logic**: All identified supply-side fee components are aggregated by day and product. Amounts are normalized by decimal precision and multiplied by end-of-day asset prices. Daily totals are calculated using UTC day boundaries.

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

Portion of fees distributed to service providers or supply-side participants.

TreveeTREVEE

Supply-side fees

Supply-side fees

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