Liquidity providers deposit NFTs and funds into Sudoswap and receive trading fees, and creators receive royalties from users (supply-side fees).

Sudoswap is a non-custodial NFT marketplace protocol built on Ethereum. Sudoswap was founded by Owen Shen and launched in 2022.

Team and investors own and govern the protocol. They currently take a cut of the total fees paid by users (revenue).

github

twitter

discord

website

NFT marketplaces

Sudoswap

# Sudoswap Fees Methodology

## 1. Overview

SudoSwap fees represent the total fees generated by the SudoSwap NFT marketplace protocol, including both protocol revenue and supply-side fees paid to liquidity providers and creators. This metric combines protocol fees earned by SudoSwap with LP fees and royalties paid to market participants across both version 1 and version 2 of the protocol on Ethereum. The calculation aggregates daily fee amounts from NFT trading activity, bonding curve calculations, and royalty distributions.

## 2. Data sources

The calculation utilizes several types of blockchain and external data:

- **Transaction traces**: Ethereum transaction traces from SudoSwap V1 and V2 pair swap functions including token-to-NFT swaps, NFT-to-token swaps, and specific NFT purchases
- **Smart contract function calls**: Parsed function calls to pair creation factories, fee change functions, and bonding curve calculation functions across multiple curve types (exponential, linear, GDA, XYK)
- **Event logs**: SudoSwap V1 `RoyaltyIssued` events from the router contract capturing royalty payments to creators
- **Bonding curve calculations**: Output from bonding curve `getBuyInfo` and `getSellInfo` functions that determine trading fees algorithmically for V2 pairs
- **Royalty engine calls**: Function calls to the V2 royalty engine that calculate creator royalties during trades
- **Pair metadata**: Pair creation events capturing fee tiers, token addresses, NFT collections, and bonding curve configurations
- **End-of-day price feeds**: Token price data for converting native token amounts to USD values
- **Token metadata**: Token decimal information for proper amount scaling

## 3. Step-by-step calculation

### Component A: SudoSwap V1 protocol fees (revenue)
- **Purpose**: Calculate protocol fees earned by SudoSwap from V1 trading activity
- **Logic**: Extract trading volumes from V1 pair swap function calls including `swapTokenForSpecificNFTs`, `swapTokenForAnyNFTs`, and `swapNFTsForToken`. For NFT-to-token swaps, adjust the output amount by dividing by (1 - protocol fee tier) to get the gross trade amount. Apply a fixed protocol fee rate of 0.5% to all trading volumes. Convert volumes to USD using end-of-day price feeds and aggregate daily by chain and product.
- **Key fields**: `out_inputAmount` and `out_outputAmount` from swap functions provide trade amounts, hardcoded `protoco_fee_tier` of 0.005 (0.5%) applies to all V1 trades

### Component B: SudoSwap V2 protocol fees (revenue)
- **Purpose**: Calculate protocol fees earned by SudoSwap from V2 trading activity using dynamic bonding curves
- **Logic**: Extract trades from V2 pair swap functions across multiple NFT standards (ERC721, ERC1155) and token types (ETH, ERC20). Enrich trade data by joining with bonding curve calculation results from various curve types (exponential, linear, GDA, XYK) using transaction hash and trace address matching. Extract the `protocol_fee_amount` field directly from bonding curve outputs rather than applying fixed percentages. Convert to USD and aggregate daily.
- **Key fields**: `out_anon0` and `out_outputAmount` from swap functions provide trade amounts, `protocol_fee_amount` from bonding curve calculations provides exact protocol fees

### Component C: SudoSwap V1 liquidity provider fees
- **Purpose**: Calculate fees paid to liquidity providers in V1 pairs based on dynamic fee tiers
- **Logic**: Match V1 trades to pair creation data using account addresses to obtain fee tiers set during pair creation. Handle fee tier changes over time using temporal logic with lead timestamps - apply the fee tier that was active at the time of each trade. Calculate LP fees by multiplying trade amounts by the applicable fee tier. Handle edge cases where fee tiers change multiple times for the same pair.
- **Key fields**: `fee_tier` from pair creation events, `trade_amount` from swap functions, temporal matching using `block_timestamp` and `lead_timestamp`

### Component D: SudoSwap V1 royalties
- **Purpose**: Extract creator royalties paid during V1 trades
- **Logic**: Capture royalty payments from `LSSVMRouterWithRoyalties_RoyaltyIssued` events emitted during V1 trades. Match royalty events to pairs using the `pair` field to obtain token information for USD conversion. Extract the `royaltyAmount` field directly from events.
- **Key fields**: `royaltyAmount` from royalty events, `pair` address for matching to token metadata

### Component E: SudoSwap V2 liquidity provider fees and royalties
- **Purpose**: Extract LP fees and royalties from V2 trades using bonding curve calculations
- **Logic**: Enrich V2 trade data with fee calculations from bonding curve functions including `getBuyInfo` and `getSellInfo` across multiple curve types. Match curve calculation results to trades using transaction hash and trace address (using the first trace number for matching). Extract both `lp_fee_amount` and `royalty_amount` directly from bonding curve outputs or royalty engine calls. Handle cases where royalty information comes from separate royalty engine function calls.
- **Key fields**: `lp_fee_amount` from bonding curve calculations, `royalty_amount` from curve outputs or royalty engine calls

### Component F: Pair metadata and configuration
- **Purpose**: Provide context for fee calculations including fee tiers and token information
- **Logic**: Extract pair creation data from factory functions across both versions and multiple token standards. For V1, capture fee tiers from `createPairERC20` and `createPairETH` functions. For V2, extract fee tiers from `createPairERC1155ETH`, `createPairERC721ETH`, and ERC20 variants. Handle fee changes over time using `changeFee` function calls. Store lead timestamps to enable temporal matching of fees to trades.
- **Key fields**: `fee_tier` converted from Wei to decimal format, `token_address` for USD conversion, `account_address` for matching to trades

### Final aggregation
- **Combining components**: Union protocol fees (revenue) with supply-side fees (LP fees and royalties) from both V1 and V2. Sum all fee types by day, chain, and product to get total fees
- **Currency conversion**: Convert all token amounts to USD using end-of-day price feeds matched by token address and date. Apply decimal corrections based on token metadata (typically 18 decimals for ETH/WETH)
- **Time aggregation**: Truncate all timestamps to daily boundaries using `timestamp_trunc(block_timestamp, day)` and group by these daily periods
- **Final calculation**: The metric equals the sum of protocol fees plus LP fees plus royalties, aggregated daily across all pairs and versions. Apply chain availability filters to ensure data completeness before final output

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

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

SudoswapSUDO

Fees

Fees

Competitive landscape

Chain breakdown