Bitcoin holders deposit Bitcoin into Solv Protocol and receive yield from onchain strategies (supply-side fees).

Solv Protocol offers financial services for Bitcoin, including lending, liquid staking, yield generation, and fund management.

Solv Protocol team & investors own and govern the protocol. They currently take a cut of the total yield generated (revenue). Solv Protocol's investors include IOSG, Blockchain Capital, Binance Labs, etc.

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Solv Protocol

# Solv Protocol Revenue Methodology

## 1. Overview

Solv protocol revenue represents the total USD value of fees earned by the Solv protocol across multiple revenue streams. This metric captures revenue from pool performance fees, collaboration incentives, redemption activities, and subscription fees. The calculation aggregates four distinct revenue components, converts all amounts to USD using end-of-day price feeds, and provides daily totals across all supported blockchain networks.

## 2. Data sources

- **Blockchain events**: Parsed `Transfer` events from Ethereum, Arbitrum, BSC, Base, Avalanche, Berachain, Ink, Sonic, zkSync Era, HyperEVM, and Linea networks to track fee-generating token movements
- **Smart contract events**: Parsed `OpenFundMarket_Subscribe` events from Solv's smart contracts across supported chains
- **Protocol state data**: Daily snapshots of NAV (Net Asset Value) and share values from Solv protocol oracles and contracts
- **External configuration data**: Scraped Solv fee configuration data containing vault addresses, revenue ratios, and fee structures
- **Token metadata**: Token decimal information and contract addresses for proper amount calculations
- **External data**: End-of-day price feeds for USD conversion across all tokens and chains

## 3. Step-by-step calculation

### Component A: Pool performance fees
- **Purpose**: Calculate protocol revenue from increases in pool net asset values
- **Logic**: Daily NAV values are extracted from Solv protocol state data, with error handling that defaults to token decimal base values when oracles return invalid time errors. Daily NAV changes are calculated by comparing each day's NAV to the previous day's value, keeping only positive increases. These NAV increases are multiplied by corresponding share values (normalized by dividing by 1e18) to determine pool fees. The total pool fee is calculated using the formula: total fee = pool fee ÷ (1 - revenue ratio), and protocol revenue is derived as: protocol revenue = total fee × revenue ratio
- **Key fields**: `nav_increase` (positive daily NAV changes), `share_value` (normalized share values), `revenue_ratio` (protocol's fee percentage from configuration)

### Component B: Collaboration fees  
- **Purpose**: Track protocol revenue from collaboration incentive programs with partner projects
- **Logic**: Token transfer events are monitored across all supported chains for transfers directed to designated collaboration addresses. These addresses and their associated tokens are defined in the fee configuration data with time-based validity periods. When transfers match the collaboration criteria during valid time periods, the transfer amount is multiplied by the configured revenue ratio to determine the protocol's share of collaboration incentives
- **Key fields**: `receive_address` (collaboration recipient addresses), `token_address` (incentive tokens), `amount` (transfer amounts), `revenue_ratio` (protocol's share percentage)

### Component C: Redemption fees
- **Purpose**: Capture fees generated from vault redemption activities  
- **Logic**: Token transfer events are tracked across all chains for transfers to designated redemption fee addresses. The configuration data specifies which addresses and tokens are associated with redemption fees, with time-based validity windows. All transfer amounts to these addresses during valid periods are counted as full protocol revenue without applying additional ratios
- **Key fields**: `redemption_address` (fee collection addresses), `token_address` (fee tokens), `amount` (full transfer amounts as revenue)

### Component D: Subscription fees
- **Purpose**: Calculate fees from vault subscription activities based on NAV performance
- **Logic**: `OpenFundMarket_Subscribe` events are parsed from Solv smart contracts across supported chains, extracting subscription amounts, pool identifiers, and currency information. These subscriptions are filtered to only include pools where the subscription fee flag is enabled in the configuration. The fee calculation applies the formula: subscription amount × (NAV value - token base value) ÷ 1e18, where token base value equals 10 raised to the token's decimal places. This calculation captures fees based on the NAV performance above the base token value
- **Key fields**: `amount` (subscription amounts from events), `nav_value` (current NAV), token `decimals` (for base value calculation), `subscription_fee` (boolean flag from configuration)

### Final aggregation
- **Combining components**: All four revenue components are combined using union operations, creating a comprehensive dataset with daily timestamps, chain identifiers, token addresses, and revenue amounts
- **Currency conversion**: The `convert_to_usd_and_correct_decimals` macro converts all revenue amounts to USD using end-of-day price feeds while correcting for token decimal places to ensure accurate value representation  
- **Time aggregation**: Revenue is aggregated daily using day-truncated timestamps, with a cutoff filter applied to exclude data before September 1, 2025
- **Final calculation**: The `finalize_metric_revenue` macro applies chain availability filters and implements a zero-filling strategy to ensure consistent daily reporting across all active chains and time periods, producing the final daily USD revenue totals

*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.

Solv ProtocolSOLV

Revenue

Revenue

Competitive landscape

Chain breakdown