# Seamless Vaults Revenue Methodology

## 1. Overview

Revenue measures the portion of fees retained by Seamless Protocol from the operation of Seamless Vaults. For this product, revenue is primarily generated through performance fees collected from automated vault strategies integrated with Morpho. These fees represent the protocol's take rate on the yield generated by the underlying assets and are used to support the project's ongoing development and operations.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events from vault contracts on Base
- **External data**: End-of-day price feeds for underlying assets including WETH, cbBTC, and USDC

## 3. Step-by-step calculation

### Component A: Vault market identification

- **Purpose**: Define the scope of smart contracts classified as Seamless Vaults
- **Logic**: A specific set of Morpho-integrated vault addresses is identified on the Base network. These addresses are mapped to their respective asset metadata, including names, symbols, and decimal precision, to ensure accurate accounting of protocol-controlled vault interactions.

### Component B: Performance fee extraction

- **Purpose**: Capture the protocol's share of yield generated by vault strategies
- **Logic**: ERC-20 `Transfer` events are parsed where the recipient address matches the designated protocol fee address. Only transfers where the token address corresponds to the identified vault assets are included. These transfers represent the performance fees minted or distributed to the protocol treasury as compensation for vault management.

### Component C: Normalization and USD conversion

- **Purpose**: Standardize collected fee amounts into a comparable USD value
- **Logic**: Vault asset amounts are mapped to their corresponding underlying assets for valuation. The raw transfer quantities are adjusted for decimal precision differences between the vault assets and the underlying price-discovery assets. These normalized amounts are multiplied by end-of-day asset prices and aggregated to a daily frequency using UTC day boundaries.

*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.

Seamless Vaults

Revenue

Revenue

Chain breakdown