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 Revenue Methodology

## 1. Overview

Sudoswap revenue represents the protocol fees earned by the Sudoswap NFT marketplace from trading activity. The calculation combines two different approaches for V1 and V2 protocol versions: V1 revenue is calculated by applying a fixed 0.5% protocol fee rate to trading volumes, while V2 revenue is extracted directly from bonding curve calculations that determine exact protocol fees per trade.

## 2. Data sources

- **Sudoswap V1 contract functions**: Parsed Ethereum function calls including pair factory creation functions (`createPairERC20`, `createPairETH`), swap functions (`swapTokenForSpecificNFTs`, `swapTokenForAnyNFTs`, `swapNFTsForToken`), and fee change functions (`changeFee`)
- **Sudoswap V2 contract functions**: Parsed Ethereum function calls for pair creation (`createPairERC721ETH`, `createPairERC1155ETH`, `createPairERC721ERC20`, `createPairERC1155ERC20`) and swap functions for both ERC721 and ERC1155 tokens
- **Bonding curve calculations**: Function calls to various bonding curve contracts (Exponential, Linear, GDA, XYK curves) that calculate buy/sell information including protocol fees (`getBuyInfo`, `getSellInfo`)
- **Royalty engine data**: Function calls to the royalty engine (`getRoyalty`) that calculate royalty payments during trades
- **End-of-day token price feeds**: Daily token prices for USD conversion
- **Token metadata**: Token decimal specifications for amount normalization

## 3. Step-by-step calculation

### Component A: V1 protocol fees
- **Purpose**: Calculate protocol revenue for Sudoswap V1 trades using a fixed fee rate
- **Logic**: Extract trading volumes from V1 swap function calls across three swap types: token-to-specific NFTs, token-to-any NFTs, and NFTs-to-token. For NFT-to-token swaps, adjust the output amount by dividing by (1 - 0.005) to account for the protocol fee already deducted. Join trade data with pair creation and fee change data to associate each trade with the correct token address and fee tier. Apply the hardcoded 0.5% protocol fee rate to all V1 trading volumes since V1 contracts don't provide direct fee amounts
- **Key fields**: `trade_amount` from swap functions, `token_address` and `fee_tier` from pair metadata, hardcoded protocol fee rate of 0.5%

### Component B: V2 protocol fees  
- **Purpose**: Extract actual protocol fees from Sudoswap V2 trades using bonding curve calculations
- **Logic**: Extract trade data from V2 swap functions for both ERC721 and ERC1155 tokens. Use trace address matching to link swap calls with corresponding bonding curve calculations (`getBuyInfo`, `getSellInfo`) that contain exact protocol and liquidity provider fee amounts. Join with royalty engine calls to get royalty payments. For NFT-to-token swaps, add back protocol fees and royalties to the swap amount to get the complete trade volume. Join with V2 pair creation data to get token addresses and bonding curve information
- **Key fields**: `amount` from swap functions, `protocol_fee_amount` from bonding curve calculations, `royalty_amount` from royalty engine, `token_address` from pair metadata

### Component C: Trading volume normalization
- **Purpose**: Standardize all trading volumes and fees into comparable USD amounts
- **Logic**: Combine V1 and V2 trading volumes into a unified dataset. Apply decimal corrections based on each token's specification to convert raw blockchain amounts to human-readable values. Convert all amounts to USD using end-of-day token price feeds, matching trades to prices based on the trade date. Handle both ETH and ERC20 token trades with appropriate decimal adjustments
- **Key fields**: Normalized `trading_volume` amounts, USD conversion factors, token decimal specifications

### Final aggregation
- **Combining components**: Union V1 calculated fees (trading volume × 0.5%) with V2 extracted protocol fees to create a complete revenue dataset covering both protocol versions
- **Currency conversion**: Apply USD conversion using end-of-day price feeds matched to trade dates, with decimal corrections applied before currency conversion
- **Time aggregation**: Aggregate all revenue by day using timestamp truncation, ensuring consistent daily boundaries across all trades
- **Final calculation**: Sum protocol fees and calculated V1 fees by day, chain, token, and other dimensions, applying zero-filling for periods with no trading activity to maintain continuous time series

*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.

SudoswapSUDO

Revenue

Revenue

Competitive landscape

Chain breakdown