Liquidity providers deposit funds into Thetanuts and receive option premiums from traders (supply-side fees).

Thetanuts is a non-custodial DeFi Options Vault (DOV) protocol built on Ethereum, Fantom, Polygon, and other blockchains. Thetanuts was founded by Dexter Song and launched in Dec 2021.

Thetanuts team own and govern the protocol. Their investors include Deribit Exchange, QCP Capital, Jump Crypto, etc.

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Thetanuts

# Thetanuts Fees Methodology

## 1. Overview

ThetaNuts fees represents the total premium amounts collected by ThetaNuts protocol vaults across multiple blockchains. This metric measures the revenue generated by the protocol's options vault strategies, including both covered call and put vaults for various cryptocurrency assets. The calculation aggregates daily premium collections from `NewEpoch` events emitted by vault contracts, converts them to USD, and presents them as total daily fees earned by the protocol.

## 2. Data sources

- **Blockchain events**: Parsed `NewEpoch` events from ThetaNuts vault contracts across Arbitrum, Avalanche, BSC, Ethereum, Fantom, and Polygon networks
- **Vault configuration**: Hardcoded mapping table containing vault contract addresses, underlying token addresses, and vault metadata for 26 vaults across 6 chains
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal normalization
- **Transaction data**: Event logs containing premium amounts, timestamps, transaction hashes, and contract addresses

## 3. Step-by-step calculation

### Component A: Premium data extraction
- **Purpose**: Extracts premium amounts from ThetaNuts vault `NewEpoch` events across all supported chains
- **Logic**: Queries parsed `NewEpoch` events from ThetaNuts vault contracts on Arbitrum, Avalanche, BSC, Ethereum, Fantom, and Polygon. Each event contains the premium amount paid to the vault for the new options epoch. The system extracts the `premium` field from each event along with transaction metadata like timestamp, hash, and log index. Business classification is standardized across all vaults as "Asset management" business line, "asset_management" market sector, and "yield_aggregator" business segment
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `address` as vault contract address, `premium` as the fee amount in native token units

### Component B: Vault metadata joining
- **Purpose**: Maps vault contract addresses to their underlying token addresses for proper fee categorization and USD conversion
- **Logic**: Joins premium data with a hardcoded vault configuration table containing 26 vault entries across 6 chains. This mapping connects each vault contract address to its underlying token address (such as WETH, WBTC, AVAX, BNB, FTM, MATIC, etc.) and vault type (Covered Call or Put Vault). The join is performed on chain and vault contract address to ensure accurate token assignment
- **Key fields**: `chain` for blockchain identification, `account_address` as vault contract address, `token_address` for the underlying asset, vault name for identification

### Component C: USD conversion and decimal correction
- **Purpose**: Converts premium amounts from native token units to USD values with proper decimal handling
- **Logic**: Applies the `convert_to_usd_and_correct_decimals` macro to transform premium amounts into standardized USD values. This process involves looking up end-of-day token prices for each underlying asset and applying the appropriate decimal corrections based on token metadata. The conversion uses the token address identified in the previous step to find the correct price and decimal configuration
- **Key fields**: `fees` as the premium amount, `token_address` for price lookup, converted USD amount

### Final aggregation
- **Combining components**: Premium data is joined with vault metadata on chain and contract address, then processed through USD conversion to create a unified fees dataset
- **Currency conversion**: Uses end-of-day token price feeds to convert premium amounts from native token units to USD values, with decimal corrections applied based on token-specific metadata
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, creating daily fee totals for each chain, market sector, business segment, product, and token combination
- **Final calculation**: The metric represents the sum of all premium amounts collected by ThetaNuts vaults on each day, converted to USD and aggregated by the specified dimensions. Gap filling with zero values ensures continuous time series data, and chain availability filtering ensures data quality across all supported blockchains

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

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

Thetanuts

Fees

Fees

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