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 Revenue Methodology

## 1. Overview

Tokemak revenue represents the total daily fees earned by the Tokemak protocol across its v1 and v2 systems. This metric captures three distinct revenue streams: manager reward claims from the legacy v1 system, fee transfers from v1 operations to treasury, and autopool fees from the newer v2 system. The calculation transitions between data sources based on a migration date of January 18, 2023, reflecting Tokemak's protocol evolution from v1 to v2 architecture.

## 2. Data sources

- **Tokemak v1 event logs**: Parsed `Manager_RewardClaimed` events from Ethereum containing manager fee claims
- **Ethereum token transfer logs**: ERC20 `Transfer` events between specific Tokemak addresses (manager to treasury)
- **Tokemak v2 autopool event logs**: Parsed `AutopoolETH_FeeCollected` and `AutopoolETH_PeriodicFeeCollected` events from Ethereum
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal corrections

## 3. Step-by-step calculation

### Component A: Manager claims revenue (v1 post-migration)
- **Purpose**: Captures fee revenue from Tokemak v1 manager reward claims after the protocol migration
- **Logic**: Extracts data from Ethereum `Manager_RewardClaimed` event logs where the block timestamp is on or after January 18, 2023. The `who` field from the event provides the token address, while the `bookingIndex` field provides the fee amount. Each record is classified as ethereum chain, asset management market sector, and yield aggregator business segment
- **Key fields**: `block_timestamp` for timing, `who` as `token_address`, `bookingIndex` as fee `amount`

### Component B: Fee transfers revenue (v1 pre-migration)
- **Purpose**: Captures fee revenue from direct token transfers between Tokemak v1 addresses before the migration
- **Logic**: Identifies ERC20 token transfers from the manager address `0xa86e412109f77c45a3bc1c5870b880492fb86a14` to the treasury address `0x8b4334d4812c530574bd4f2763fcd22de94a969b` before January 18, 2023. Excludes specific treasury management transactions and filters out UST token transfers that occurred after May 10, 2022 (UST depeg event). Data starts from December 12, 2021
- **Key fields**: `to_address` and `from_address` for address filtering, `token_address` for token identification, `value` as fee `amount`

### Component C: Autopool revenue (v2)
- **Purpose**: Captures fee revenue from Tokemak v2 autopool operations through streaming and periodic fee events
- **Logic**: Combines two types of fees from Tokemak v2 autopool contracts on Ethereum. Streaming fees are extracted from `AutopoolETH_FeeCollected` events using the `fees` field. Periodic fees are extracted from `AutopoolETH_PeriodicFeeCollected` events also using the `fees` field. Both event types use the WETH address `0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2` as the token address. The fees are summed together and aggregated by day, chain, and business classification dimensions
- **Key fields**: `fees` field from both event types as fee amounts, hardcoded WETH `token_address`

### Final aggregation
- **Combining components**: The three revenue components are combined using union operations, with each maintaining consistent daily timestamp truncation and business classification fields (market sector ID as asset management, business segment ID as yield aggregator)
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds, with proper decimal adjustments applied based on token metadata to ensure accurate value representation
- **Time aggregation**: All timestamps are truncated to daily boundaries using timestamp truncation, ensuring consistent daily aggregation across all revenue streams
- **Final calculation**: The metric applies the finalize metric revenue macro which standardizes the schema, validates business IDs, and fills any gaps in the time series using a zero-filling strategy to ensure complete daily coverage

*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.

TokemakTOKE

Maintenance

Revenue

Revenue

Competitive landscape

Chain breakdown