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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Asset management

Thetanuts

# Thetanuts Token incentives Methodology

## 1. Overview

Token incentives represents the USD value of tokens distributed by ThetaNuts protocol to incentivize user participation, such as liquidity mining rewards, governance tokens, or other promotional distributions. For ThetaNuts, this metric is explicitly set to zero as the protocol does not operate a token incentive program. The calculation maintains the same structural framework as other ThetaNuts metrics to ensure consistency in reporting and time series completeness.

## 2. Data sources

The token incentives calculation inherits its dimensional structure from the fees calculation, which relies on:
- **Blockchain events**: Parsed ThetaNuts `NewEpoch` events from covered call vault contracts across Arbitrum, Avalanche, BSC, Ethereum, Fantom, and Polygon
- **Contract mappings**: Hardcoded vault contract addresses and their associated token addresses for 26 ThetaNuts vaults
- **External data**: End-of-day token price feeds and token metadata for USD conversion and decimal correction (used for structural consistency but not for actual incentive calculations)

## 3. Step-by-step calculation

### Component A: Structural data inheritance
- **Purpose**: Establish the dimensional framework and time series structure for token incentives reporting
- **Logic**: The calculation sources its structure from the ThetaNuts fees model, which processes premium payments from vault operations. This includes daily timestamp aggregation, chain identification, business line categorization as "Asset management" with business segment "yield_aggregator", and vault-to-token mappings. The fees model provides the complete dimensional structure including `timestamp`, `timestamp_grain`, `product_id`, and `chain_id` fields
- **Key fields**: `timestamp` (daily grain), `chain_id`, `product_id`, `market_sector_id`, `business_segment_id`

### Component B: Zero incentive assignment
- **Purpose**: Set token incentive values to zero to accurately represent ThetaNuts' lack of token incentive programs
- **Logic**: The model creates a common table expression that takes all structural elements from the fees calculation and explicitly sets the `token_incentives` field to 0. This approach maintains consistency with Token Terminal's metric framework while accurately reflecting that ThetaNuts does not distribute token rewards to users
- **Key fields**: `token_incentives` (always 0)

### Final aggregation
- **Combining components**: The zero token incentives are combined with the inherited dimensional structure to create complete daily records for each ThetaNuts vault across all supported chains
- **Currency conversion**: No currency conversion is needed since incentive amounts are zero, but the framework maintains USD denomination for consistency
- **Time aggregation**: Daily time boundaries are inherited from the fees model, with gaps filled using zeros to ensure complete time series coverage
- **Final calculation**: The final metric value is always 0 USD in token incentives for each day, chain, and product combination, processed through the finalize_metric_token_incentives macro with fill_zeros strategy and filtered for chain availability

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

Value of native tokens distributed as incentives.

Thetanuts

Token incentives

Token incentives

Competitive landscape

Chain breakdown