Tokemak enables users to both provide liquidity and control where that liquidity goes. Liquidity Providers deposit single-sided assets into individual Token Reactors and/or Genesis Pools (ETH, USDC), and earn yield in the form of TOKE.

Tokemak is a decentralized market making platform and a liquidity router that disaggregates traditional liquidity provision and market making for DeFi. It was founded by Carson Cook and launched in 2021.

TOKE token holders own and govern the protocol. They currently take all the 3rd party LP fees paid (revenue).

github

twitter

discord

etherscan

website

Asset management

Tokemak

# Tokemak Fees Methodology

## 1. Overview

The Tokemak fees metric measures daily fee revenue generated by the Tokemak protocol across its v1 and v2 architectures. The metric captures fees from multiple sources: manager reward claims, direct fee transfers, and autopool revenue streams. The calculation accounts for a protocol migration on January 18, 2023, where the fee collection mechanism changed from direct transfers to event-based claims and autopool-specific fee structures.

## 2. Data sources

The calculation draws from several blockchain data sources:
- **Tokemak v1 events**: Parsed `Manager_RewardClaimed` events from Tokemak v1 protocol on Ethereum
- **Ethereum token transfers**: Transfer events filtered for specific manager-to-treasury address flows
- **Tokemak v2 autopool events**: Three event types from Tokemak v2 Ethereum autopools:
  - `AutopoolETH_FeeCollected` events for streaming fees
  - `AutopoolETH_PeriodicFeeCollected` events for periodic fees  
  - `AutopoolETH_StreamingFeeSet` events for protocol fee tier updates
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Decimal precision information for amount corrections

## 3. Step-by-step calculation

### Component A: Manager claims (post-migration)
- **Purpose**: Captures fee revenue from v1 protocol manager claims after the January 2023 migration
- **Logic**: Extracts fees from parsed `Manager_RewardClaimed` events where the event address serves as the account, `who` parameter identifies the token, and `bookingIndex` provides the fee amount. Only includes events with timestamps on or after January 18, 2023. Timestamps are truncated to daily boundaries and categorized under asset management business segment
- **Key fields**: `block_timestamp` for timing, `address` as account identifier, `who` as `token_address`, `bookingIndex` as fee `amount`

### Component B: Fee transfers (pre-migration)  
- **Purpose**: Tracks direct token transfers representing fees before the protocol migration
- **Logic**: Monitors token transfers from the manager address to treasury address using Ethereum transfer events. Filters for transfers where the recipient is the treasury address and sender is the manager address, starting from December 12, 2021. Excludes one specific treasury management transaction and all UST token transfers after May 10, 2022 (UST depeg event). Timestamps are truncated to daily boundaries
- **Key fields**: `to_address` as account, `token_address` for token identification, `value` as transfer `amount`, `from_address` and `to_address` for filtering

### Component C: Autopool revenue
- **Purpose**: Calculates fees from v2 autopool operations including both streaming and periodic components
- **Logic**: Combines two event types - streaming fees from `FeeCollected` events and periodic fees from `PeriodicFeeCollected` events. Streaming fees are adjusted by protocol fee tiers obtained from `StreamingFeeSet` events, where the tier percentage (stored in basis points, divided by 10,000) is used to calculate the protocol's portion by dividing 1 by the tier rate. Protocol fee tiers are filled forward daily to handle missing tier data. The final amount sums adjusted streaming fees plus periodic fees, grouped by day and account. All amounts are denominated in WETH
- **Key fields**: `fees` from events as base amounts, `newFee` as protocol fee tier in basis points, `address` as account identifier

### Final aggregation
- **Combining components**: The three components are combined using union operations, creating a single dataset with consistent daily timestamps, chain identifiers, and business categorization. Manager claims are used for post-migration dates, fee transfers for pre-migration dates, and autopool revenue spans the entire time range
- **Currency conversion**: All fee amounts are converted to USD using end-of-day token prices, with proper decimal correction applied based on each token's precision metadata
- **Time aggregation**: All timestamps are truncated to daily boundaries (UTC) to ensure consistent daily aggregation across all data sources
- **Final calculation**: The metric represents the sum of all fee components per day, converted to USD, with any missing days filled with zero values to maintain complete time series continuity

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

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

TokemakTOKE

Maintenance

Fees

Fees

Competitive landscape

Chain breakdown