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 Revenue Methodology

## 1. Overview

ThetaNuts revenue represents the protocol's revenue separate from fees collected. Currently, ThetaNuts operates on a fee-only business model where all protocol income comes from option premiums charged to users, with no additional revenue streams. The revenue metric is calculated by taking the same structure as fees but setting all revenue values to zero, indicating that ThetaNuts does not extract revenue beyond the fees it collects from users.

## 2. Data sources

The methodology uses the following raw data sources:
- **Blockchain events**: Parsed `NewEpoch` events from ThetaNuts vault contracts across Ethereum, Arbitrum, Avalanche, BSC, Fantom, and Polygon networks
- **Transaction data**: Transaction logs and event data from six blockchain networks containing vault operations
- **External data**: End-of-day token price feeds for USD conversion of various tokens (ETH, WBTC, AVAX, BNB, FTM, MATIC, and stablecoins)
- **Token metadata**: Token decimal precision and address mappings for accurate amount calculations
- **Vault configuration**: Hardcoded mapping of vault addresses, supported tokens, and chain configurations

## 3. Step-by-step calculation

### Component A: Premium data extraction
- **Purpose**: Extracts option premium amounts from ThetaNuts vault `NewEpoch` events across multiple blockchains
- **Logic**: Parses `NewEpoch` events from ThetaNuts vault contracts on six blockchains. Each event contains an `_premium` field representing the option premium collected by the vault. Events are filtered to include only covered call and put vault operations. The data includes block timestamp, transaction hash, log index, vault address, and premium amount for each epoch.
- **Key fields**: `block_timestamp` for timing, `account_address` for vault identification, `_premium` for fee amounts, `chain` for blockchain network

### Component B: Vault metadata mapping
- **Purpose**: Maps vault addresses to their corresponding token addresses and vault types for proper currency conversion
- **Logic**: Uses hardcoded configuration mapping that defines vault addresses, token addresses, and vault names across all supported chains. This includes covered call vaults (ARB, AVAX, BNB, ADA, BCH, ETH, BTC, FTM, MATIC) and put vaults (AVAX, BNB, ADA, BCH, ETH, BTC, SOL, MATIC, FTM). The mapping ensures each premium can be properly attributed to the correct underlying token for USD conversion.
- **Key fields**: `account_address` for vault identification, `token_address` for currency conversion, `chain` for network matching, `vault` for vault type classification

### Component C: Fee calculation and currency conversion
- **Purpose**: Converts raw premium amounts to USD-denominated fees using proper decimal handling
- **Logic**: Joins premium events with vault metadata using chain and account address to get the underlying token address. Applies decimal correction based on each token's precision (typically 18 decimals for native tokens, 6 for stablecoins). Converts amounts to USD using end-of-day price feeds. Groups data by day, chain, market sector, business segment, and product dimensions.
- **Key fields**: `fees` containing USD-converted premium amounts, `timestamp` truncated to day grain, `token_address` for price lookup, `chain_id` for network identification

### Final aggregation
- **Combining components**: The revenue model uses the same dimensional structure as the fees calculation but sets all revenue amounts to zero
- **Currency conversion**: All amounts are converted to USD using end-of-day token price feeds with proper decimal adjustment for each token type
- **Time aggregation**: Data is aggregated to daily boundaries using day-truncated timestamps, with forward-filling strategy applied for missing dates
- **Final calculation**: Revenue is explicitly set to 0 for all records, indicating ThetaNuts generates no revenue separate from the fees collected from users. The final metric maintains the same dimensional structure (timestamp, chain, product) as fees but with zero values, reflecting the protocol's fee-only business model.

*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.

Thetanuts

Revenue

Revenue

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