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

Thruster is a non-custodial exchange protocol built on Blast. Thruster was launched in 2024.

Thruster team and investors own and govern the protocol. They currently take a cut of the total trading fees paid by traders, and earn native yield (revenue). Thruster's investors include Mirana Ventures, Manifold, OKX Ventures, etc.

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Thruster

# Thruster Earnings Methodology

## 1. Overview

Thruster earnings represents the net profit generated by the Thruster decentralized exchange on Blast blockchain. The metric is calculated as total revenue minus total expenses, where revenue comes from trading fees, flash loan fees, and native yield distributions, while expenses consist of token incentives paid to users. This metric answers the business question: "What is Thruster's daily net profit after accounting for all revenue sources and incentive costs?"

## 2. Data sources

The calculation utilizes several types of blockchain and external data:

**Blockchain events**:
- Parsed Blast `Swap` events from Thruster AMM pairs and concentrated liquidity pools capturing trading activity
- Parsed Blast `Flash` events from Thruster pools capturing flash loan borrowing activity  
- Parsed Blast `ClaimYieldAll` events from Thruster pools capturing native yield distributions
- Parsed Blast `PairCreated` and `PoolCreated` events from Thruster factories identifying valid trading pairs
- Parsed Blast `SetYieldCut` events tracking protocol fee tier changes over time

**Transaction data**:
- Blast transaction records providing user address identification and transaction context

**Token transfer data**:
- Blast token transfer events specifically for THRUSTER token distributions from the protocol's token admin contract

**External data**:
- End-of-day token price feeds for USD conversion across all traded tokens
- Token metadata including decimal places and symbols for proper amount calculations

## 3. Step-by-step calculation

### Component A: Trading fee revenue
- **Purpose**: Calculate revenue from DEX trading fees across all Thruster pools
- **Logic**: Extract `Swap` events from both classic AMM pairs (v2-style) and concentrated liquidity pools (v3-style CLAMM). For each swap, calculate the absolute change in both token amounts, correct for decimal places using token metadata, and convert to USD using end-of-day price feeds. Apply price manipulation filtering by taking the lesser USD value between the two tokens in each swap. Multiply the resulting trading volume by the pool's `fee_tier` and the time-appropriate `protocol_fee_tier` to calculate the protocol's share of trading fees. The protocol fee tier changes over time based on `SetYieldCut` events, with a fee switch activated on April 10, 2024.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` from swap events; `fee_tier` from pool creation events; `protocol_fee_tier` calculated from yield cut settings

### Component B: Flash loan fee revenue  
- **Purpose**: Calculate revenue from flash loan fees charged on borrowed amounts
- **Logic**: Extract `Flash` events from Thruster pools capturing flash loan activity. For each flash loan, extract the `amount0` and `amount1` representing borrowed token quantities, correct for decimals, and convert to USD. Apply the same fee calculation methodology as trading fees, multiplying flash loan volume by `fee_tier` and `protocol_fee_tier` to determine the protocol's revenue share from flash loan fees.
- **Key fields**: `amount0`, `amount1` from flash events; same fee tier logic as trading

### Component C: Native yield revenue
- **Purpose**: Capture native yield distributions from Blast blockchain's rebasing tokens
- **Logic**: Extract `ClaimYieldAll` events from Thruster pools which distribute native Blast yields for WETH, USDB, and gas tokens. These events contain `amountWETH`, `amountUSDB`, and `amountGas` fields representing yield amounts claimed by the protocol. Convert these amounts to USD using end-of-day price feeds for the respective tokens (WETH address `0x4300000000000000000000000000000000000004`, USDB address `0x4300000000000000000000000000000000000003`). This represents additional revenue that Thruster earns from Blast's native yield mechanisms.
- **Key fields**: `amountWETH`, `amountUSDB`, `amountGas` from yield claim events

### Component D: Token incentive expenses
- **Purpose**: Calculate expenses from THRUSTER token incentives distributed to users
- **Logic**: Extract token transfer events where THRUSTER tokens (address `0xe36072dd051ce26261bf50cd966311cab62c596e`) are transferred from the protocol's token admin contract (address `0x70a8075c73a9ff9616cb5af6bb09c04844718f27`) to user addresses. These transfers represent liquidity mining rewards and other protocol incentives. Correct for THRUSTER token decimals and convert to USD using end-of-day price feeds to calculate the total expense in USD terms.
- **Key fields**: `value` from token transfer events; `from_address` and `to_address` for identifying incentive distributions

### Final aggregation
- **Combining components**: Sum trading fee revenue, flash loan fee revenue, and native yield revenue to calculate total revenue. Token incentive expenses represent total expenses.
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds matched by timestamp, token address, and chain. Price feeds are joined on daily boundaries with the respective component calculations.
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation. Missing dates are forward-filled with zeros to ensure complete time series coverage.
- **Final calculation**: Earnings equals total revenue minus total expenses. The result represents Thruster's daily net profit in USD, accounting for all fee revenue sources and incentive costs.

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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