Liquidity providers deposit funds into Sushiswap and receive trading fees from traders (supply-side fees).

Sushiswap is a non-custodial exchange protocol built on Ethereum (originally a fork of Uniswap). Sushiswap was founded by a pseudonym Chef Nomi and launched in 2020.

SUSHI tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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SushiSwap

# SushiSwap Fees Methodology

## 1. Overview

Fees measures the total trading fees generated by the SushiSwap decentralized exchange across both V2 and V3 protocols. These fees are generated from both regular trading activity (swaps) and flash loan operations. Fee-generating volumes are aggregated from trading pairs, and the respective fee tiers are applied to determine total daily fees in USD.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair` and `Pool` contracts, `Flash` and `SetFeeProtocol` events from `Pool` contracts, and `PairCreated` and `PoolCreated` events from `Factory` contracts, covering Ethereum, Arbitrum, Base, Polygon, and 6 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: Identify all SushiSwap trading pairs and their fee structures across V2 and V3 protocols
- **Logic**: Trading pair contracts are extracted from `PairCreated` and `PoolCreated` events emitted by `Factory` contracts. For V2, a fixed fee tier of 0.3% is applied to all pairs. For V3, variable fee tiers are specified in the pool creation events. These contracts are joined with asset metadata to retrieve decimal precision and construct readable pair names using asset symbols.
- **Key fields**: `account_address` (pair/pool contract), `token0_address`, `token1_address`, `fee_tier`, `token0_decimals`, `token1_decimals`, `account_name`

### Component B: Trading volume calculation

- **Purpose**: Calculate daily trading volumes for fee calculation from swap events
- **Logic**: Swap events are extracted from both V2 and V3 contracts. For V2 swaps, asset amount changes are calculated as the difference between incoming and outgoing amounts for each asset. For V3 swaps, the amount fields are used directly. Data is aggregated by day, and absolute values are taken to ensure positive volumes. These volumes are joined with trading pair data to normalize amounts by decimal precision. Conversion to USD is performed using end-of-day price feeds, where the lesser of the two asset USD values is selected to prevent price manipulation.
- **Key fields**: `timestamp`, `trading_volume`, `fee_tier`, `protocol_fee_tier`

### Component C: Flash loan volume calculation
- **Purpose**: Calculate daily flash loan volumes for additional fee calculation
- **Logic**: Flash loan events are extracted from V3 pools using `Flash` events. The absolute values of the borrowed asset amounts are summed. Daily aggregation is performed, and amounts are normalized by decimal precision. Conversion to USD is performed by summing both asset values. These records are joined with daily protocol fee tier data to determine the active revenue sharing percentage.
- **Key fields**: `timestamp`, `flash_loan_volume`, `fee_tier`, `protocol_fee_tier`

### Component D: Protocol fee tier tracking

- **Purpose**: Track changes in protocol fee percentages that affect revenue sharing
- **Logic**: `SetFeeProtocol` events that update the protocol's share of trading fees are extracted from V3 pools. Protocol fee tiers are calculated as the inverse of the protocol fee value for both assets, and the greater of the two values is selected. These updates are aggregated to a daily level by selecting the last tier set on each day, with historical values filled forward to cover days without updates.
- **Key fields**: `protocol_fee_tier`, `timestamp`

### Component E: Final aggregation

- **Purpose**: Combine fee components and finalize daily metrics
- **Logic**: Trading volume fees and flash loan volume fees are unioned into a single dataset, with fees calculated as the product of volume and the respective fee tier. All volumes are converted to USD using end-of-day price feeds matched on timestamp, chain, and asset address. Data is aggregated to daily boundaries using timestamp truncation, and time series completion with zero-filling for missing days is applied.
- **Key fields**: `timestamp`, `chain_id`, `fees`

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

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

SushiSwapSUSHI

Fees

Fees

Competitive landscape

Chain breakdown