Liquidity providers deposit funds into SolidLizard and stake their LP tokens to receive SLIZ tokens (token incentives).

SolidLizard is a non-custodial exchange protocol built on Arbitrum. SolidLizard was founded by an anonymous team and launched in 2023.

SLIZ tokenholders own and govern the protocol. They vote for pools where they wish to receive trading fees and external bribes from, while pools receive SLIZ emissions in respect to their share of votes.

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SolidLizard

# SolidLizard Supply-side fees Methodology

## 1. Overview

SolidLizard supply-side fees measure the trading fees claimed directly by liquidity providers (LPs) rather than being distributed as SLIZ token incentives. This metric captures the revenue that LPs earn by choosing to claim trading fees themselves instead of participating in the protocol's liquidity incentive program. The calculation identifies all fee claim events from SolidLizard trading pairs on Arbitrum and excludes claims made through the protocol's incentive system.

## 2. Data sources

The calculation relies on several types of blockchain data and external feeds:
- **Blockchain events**: Parsed `Pair_Claim_event` logs from SolidLizard v1 trading pairs on Arbitrum, capturing when LPs claim accumulated trading fees
- **Factory events**: Parsed `PairFactory_PairCreated_event` logs from the SolidLizard v1 factory contract on Arbitrum, providing trading pair configurations
- **Governance events**: Parsed `Voter_GaugeCreated_event` logs from the SolidLizard v1 voter contract on Arbitrum, identifying liquidity incentive accounts
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimal places and symbols

## 3. Step-by-step calculation

### Component A: Raw fee claim extraction
- **Purpose**: Captures all instances when liquidity providers claim trading fees from SolidLizard pairs
- **Logic**: Extracts `Pair_Claim_event` logs from SolidLizard v1 pairs on Arbitrum. Each event contains the pair contract address, the fee collector address (`sender` field), and raw token amounts for both tokens in the pair (`amount0` and `amount1` fields). Events are classified under the "exchanges" market sector and "dex" business segment
- **Key fields**: `sender` (fee collector address), `amount0` and `amount1` (raw token amounts), pair `address`, block timestamp, transaction hash, and log index

### Component B: Trading pair dimension data  
- **Purpose**: Provides token configuration and metadata for each trading pair
- **Logic**: Extracts `PairFactory_PairCreated_event` logs to identify all SolidLizard trading pairs and their token compositions. Joins with token metadata to get decimal places and symbols for both tokens in each pair. Creates pair names by concatenating token symbols
- **Key fields**: `pair` address, `token0` and `token1` addresses, token decimals, and constructed pair names

### Component C: Liquidity incentive account identification
- **Purpose**: Identifies accounts that receive SLIZ token incentives instead of direct fee claims
- **Logic**: Extracts `Voter_GaugeCreated_event` logs to map gauge addresses (incentive accounts) to their corresponding trading pairs. These accounts represent the protocol's incentive distribution system where LPs receive SLIZ tokens rather than claiming fees directly
- **Key fields**: `gauge` address (incentive account), `pool` address (associated trading pair)

### Component D: Fee processing and aggregation
- **Purpose**: Converts raw token amounts to USD values and aggregates claims daily
- **Logic**: Joins fee claims with trading pair data to get token addresses and decimal configurations. Corrects token amounts by dividing raw values by 10 raised to the token's decimal places. Aggregates corrected amounts daily by summing across multiple claims. Joins with end-of-day price feeds to convert both token amounts to USD using daily closing prices. Calculates total fees as the sum of both tokens' USD values
- **Key fields**: Daily `timestamp`, corrected `token0_amount` and `token1_amount`, USD-converted `fees` (sum of both tokens)

### Final aggregation
- **Combining components**: Joins the processed fee claims with the liquidity incentive account list using a LEFT JOIN on fee collector address
- **Supply-side filtering**: Applies a WHERE clause to exclude fee claims where the collector address matches an incentive account (WHERE incentive_account_address IS NULL), ensuring only direct LP claims are counted
- **Currency conversion**: Uses end-of-day token prices to convert token amounts to USD values, handling both tokens in each trading pair
- **Time aggregation**: Aggregates all fee claims to daily boundaries using timestamp truncation, then applies the finalization macro with a "fill zeros" strategy to ensure complete daily time series
- **Final calculation**: The final metric value represents the total USD value of trading fees claimed directly by liquidity providers (excluding protocol incentive distributions) on each day

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

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

SolidLizardSLIZ

Supply-side fees

Supply-side fees

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