# Seamless Vaults Fees Methodology

## 1. Overview

Fees measures the total economic value paid by users of Seamless Vaults. For this product, the metric specifically captures performance fees generated by Morpho-integrated vaults. These fees represent the protocol's share of the yield generated by the underlying assets and are converted to USD to reflect the total economic value produced by the vault infrastructure.

## 2. Data sources

- **Blockchain events**: ERC-20 token transfers from vault contracts to designated fee recipient addresses, covering Base
- **External data**: End-of-day price feeds for underlying assets and asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: Vault and market identification

- **Purpose**: Define the scope of Seamless Vaults by identifying specific vault addresses and their associated metadata.
- **Logic**: A list of vault addresses associated with the Morpho-based infrastructure is maintained. These addresses are mapped to their respective underlying assets, symbols, and decimal precisions to ensure accurate value attribution and pricing.
- **Key fields**: `vault_address`, `token_address`, `decimals`

### Component B: Performance fee extraction

- **Purpose**: Capture the value of fees transferred from the vaults to the protocol.
- **Logic**: ERC-20 token transfers are parsed to identify transactions where the sender is a recognized vault address and the recipient is the protocol’s designated fee recipient. The transfer amounts are extracted as raw fee values.
- **Key fields**: `from_address` (vault), `to_address` (fee recipient), `amount`, `token_address`

### Component C: Normalization and USD conversion

- **Purpose**: Standardize fee amounts into a common currency (USD) for aggregation.
- **Logic**: Raw fee amounts are normalized by the decimal precision of the specific asset. Because vault share decimals may differ from the underlying asset used for pricing, a correction factor is applied. Normalized amounts are then multiplied by end-of-day asset prices. Values are aggregated by day using UTC boundaries.
- **Key fields**: `amount`, `price_usd`, `block_timestamp`

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

Seamless Vaults

Fees

Fees

Chain breakdown