Traders exchange funds through request for quotation system built on 0x protocol and aggregated AMMs. Tokenlon collects a trading fee (revenue) from trades.

Tokenlon is a non-custodial exchange protocol built on Ethereum. Tokenlon was founded by imToken team and launched in 2018.

LON tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Tokelon's investors include IDG Capital, Qiming Venture Partners, Breyer Capital, etc.

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Tokenlon

# Tokenlon Revenue Methodology

## 1. Overview

Tokenlon revenue represents the total fees collected by the Tokenlon protocol from trading activities across its DEX aggregator platform. Since Tokenlon currently collects all fees generated from trades, revenue is calculated as the sum of all fees collected from various contract versions across Ethereum and Arbitrum chains. The metric answers the business question: "How much revenue does Tokenlon generate from its DEX aggregation services?" The calculation aggregates fees from multiple contract types and versions, converts them to USD, and presents them as daily revenue figures.

## 2. Data sources

The calculation relies on several types of blockchain data and external feeds:

- **Blockchain events**: Parsed trading events from multiple Tokenlon contract versions on Ethereum and Arbitrum, including `Fill`, `Swapped`, `FillOrder`, and `LimitOrderFilledByProtocol` events
- **Transaction data**: Ethereum and Arbitrum transaction logs containing fee collection and trading activity data
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal precision handling
- **Contract addresses**: Specific Tokenlon addresses used for filtering fee recipient and taker addresses (`0xb9e29984fe50602e7a619662ebed4f90d93824c7`)

## 3. Step-by-step calculation

### Component A: Fee collection from ZeroExchange events
- **Purpose**: Calculate fees from Tokenlon v1 ZeroExchange trading events on Ethereum
- **Logic**: Extract `Fill` events from ZeroExchange contracts where the specified Tokenlon address appears as either fee recipient or taker address. Apply a fixed fee tier of 0.3% to the `takerAssetFilledAmount`. Extract token address from `takerAssetData` field and convert native token addresses to their wrapped equivalents
- **Key fields**: `takerAssetFilledAmount` for fee calculation base, `takerAssetData` for token identification, `feeRecipientAddress` and `takerAddress` for filtering

### Component B: Fee collection from other contract events
- **Purpose**: Calculate fees from various Tokenlon contract types across Ethereum and Arbitrum
- **Logic**: Process events from AMMWrapper, AMMWrapperWithPath, PMM, RFQ, and LimitOrder contracts. For these events, calculate fees as the difference between amounts received and amounts settled. Handle different field structures for each contract type, standardize native token addresses to wrapped equivalents, and extract relevant token addresses and amounts
- **Key fields**: Contract-specific amount fields like `receivedAmount`, `settleAmount`, `makerAssetAmount`, and `takerTokenProfit`

### Component C: Fee aggregation and standardization
- **Purpose**: Aggregate all fee collections by time period, chain, and token
- **Logic**: Combine fee data from all contract types, truncate timestamps to daily boundaries, group by day, chain, market sector, business segment, and token address. Sum all fee amounts for each group to get total daily fees per token
- **Key fields**: `timestamp` for daily grouping, `chain` for chain identification, `token_address` for token-specific aggregation

### Component D: USD conversion and decimal correction
- **Purpose**: Convert token amounts to USD values with proper decimal handling
- **Logic**: Join aggregated fee data with end-of-day token price feeds, multiply token amounts by USD prices, and apply decimal correction based on token metadata to ensure proper scaling. Handle tokens with different decimal precision standards
- **Key fields**: `fees` amount multiplied by token prices, decimal adjustment factors from token metadata

### Final aggregation
- **Combining components**: All USD-converted fee amounts are summed together as total revenue since Tokenlon collects all fees generated from trading activity
- **Currency conversion**: Uses end-of-day price feeds to convert all token amounts to USD equivalent values
- **Time aggregation**: Daily boundaries determined by truncating timestamps to day level, with gaps filled using zero values
- **Final calculation**: Total daily revenue equals the sum of all USD-converted fees collected across all contract versions, chains, and tokens, with schema validation and gap-filling applied through finalization macros

*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.

TokenlonLON

Revenue

Revenue

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Chain breakdown