Toucan receives fees when liquid carbon reference tokens are redeemed for carbon credits and when off-chain carbon credits are bridged on-chain (revenue).

Toucan is an infrastructure protocol that bundles illiquid carbon credits to liquid carbon reference tokens, and bridges off-chain carbon credits on-chain. Toucan is currently built on Polygon and was founded by Raphaël Haupt in 2020.

Toucan team & investors own and govern the protocol. Toucan’s investors include USV, Earthshot Ventures, etc.

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Toucan Protocol

# Toucan Protocol Fees Methodology

## 1. Overview

Toucan fees represent the redemption fees collected by the Toucan protocol when users redeem carbon tokens (TCO2s) from their carbon pools. This metric captures Toucan's revenue stream, which comes entirely from redemption fees charged to users. The calculation identifies token transfers to Toucan's treasury addresses across Polygon and Celo networks, converts these amounts to USD, and aggregates them daily. For Toucan, fees equal revenue since the protocol captures 100% of redemption fees as their business model.

## 2. Data sources

- **Blockchain events**: Parsed `Transfer` events from Polygon and Celo networks, specifically tracking token transfers TO Toucan treasury addresses
- **Treasury addresses**: Hardcoded Toucan treasury addresses including ecosystem fund and pool retirement addresses for BCT (Base Carbon Tonne) and NCT (Nature Carbon Tonne) tokens
- **Token contracts**: NCT and BCT token contract addresses on both Polygon and Celo networks
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal place correction
- **Denylist data**: Hardcoded list of scam token addresses to exclude from fee calculations

## 3. Step-by-step calculation

### Component A: Redemption fee identification
- **Purpose**: Identify all token transfers that represent redemption fees paid to Toucan
- **Logic**: Extract token transfer events where the recipient (`to_address`) matches one of six hardcoded Toucan treasury addresses across Polygon and Celo. These addresses include ecosystem fund addresses and pool retirement addresses for both BCT and NCT tokens. Filter out any transfers involving denylisted token addresses to exclude scam tokens. For cross-chain consistency, map Celo token addresses to their Polygon equivalents (Celo NCT maps to Polygon NCT, Celo BCT maps to Polygon BCT) while preserving the original chain information in the `real_chain` field
- **Key fields**: `block_timestamp` (transfer time), `transaction_hash` and `log_index` (unique identifiers), `account_address` (treasury address), `token_address` (standardized to Polygon addresses), `amount` (raw transfer value), `real_chain` (actual blockchain), and metadata fields like `account_name` (describing the treasury purpose)

### Component B: Revenue calculation and USD conversion
- **Purpose**: Convert raw redemption fees into daily USD revenue figures
- **Logic**: Group redemption fee transfers by day using timestamp truncation to `day` boundaries. Apply decimal correction using token metadata to convert raw transfer amounts into proper token units. Convert corrected amounts to USD using end-of-day price feeds for the respective tokens. Use a zero-filling strategy to populate missing days in the time series, ensuring continuous daily coverage. Chain field is migrated from `chain` to `chain_id` for consistency with other metrics
- **Key fields**: `timestamp` (daily boundary), `chain_id` (blockchain identifier), `revenue` (USD-converted daily amount), and standard dimensions like `business_line` and `market_sector_id`

### Final aggregation
- **Combining components**: Revenue data flows directly into the fees calculation without additional aggregation since fees are calculated at the same granularity as revenue
- **Currency conversion**: USD conversion happens in the revenue stage using end-of-day price feeds with decimal correction applied first based on token metadata
- **Time aggregation**: Daily aggregation using timestamp truncation to day boundaries, with zero-filling for missing days
- **Final calculation**: Fees are set equal to revenue (100% pass-through) since Toucan's business model captures all redemption fees as their revenue. The final output includes standard dimensions like chain, business line, and product categorization, with chain availability filtering applied

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

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

Toucan Protocol

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