# Revenue Methodology

## Overview

Revenue measures the portion of fees that a project retains, as determined by its take rate. The remaining fees are distributed to supply-side participants, such as lenders or liquidity providers. This metric shows how much the project earns from selling its product or service, before cost of revenue, token incentives, and operating expenses.

## Data sources

- Smart contract events and program instructions capturing fee-generating activities
- End-of-day price feeds for USD conversion
- Asset metadata for decimal normalization
- External financial data, including federal funds rates, for yield calculation

## Common calculation approaches

### Reserve-based yield calculation
For stablecoin issuers such as Tether and Circle, revenue is calculated from the yield generated by reserve assets backing the circulating supply. Interest income is aggregated based on holdings in yield-bearing assets and effective federal funds rates.

### Direct fee extraction
Protocol-retained fees are extracted from specific smart contract events and program instructions. For example, revenue is captured from `TradeEvent` program instructions on Solana for pump.fun and trade fill events from Hyperliquid.

### Network fee aggregation
For blockchain networks, revenue is aggregated from the transaction fees paid by users. On Tron, fees are captured from the consumption of resources including Energy and Bandwidth.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

*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.

Revenue

Exchanges (DEX)

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.

Thruster Classic

Archived

Revenue

Revenue