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 Token incentives Methodology

## 1. Overview

The Toucan token incentives metric measures token-based rewards distributed by the Toucan protocol to incentivize user participation. For Toucan protocol, this metric is currently set to zero as the protocol does not distribute token incentives. The calculation maintains the standard metric structure by leveraging the underlying revenue and fees data infrastructure, but applies a hardcoded value of 0 for all token incentives amounts.

## 2. Data sources

- **Polygon token transfers**: Parsed `Transfer` events from Polygon blockchain targeting specific Toucan protocol accounts
- **Celo token transfers**: Parsed `Transfer` events from Celo blockchain targeting specific Toucan protocol accounts  
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Decimal place information for amount corrections
- **Protocol configuration**: Hardcoded Toucan account addresses, token mappings, and business classifications
- **Denylist data**: Scam token addresses to exclude from calculations

## 3. Step-by-step calculation

### Component A: Redemption fee capture
- **Purpose**: Identify token transfers representing redemption fees collected by Toucan protocol
- **Logic**: Monitor token transfers TO six specific Toucan accounts across Polygon and Celo chains. These accounts include ecosystem funds and BCT/NCT pool retirement accounts. Filter transfers to exclude denylisted scam tokens and only include valid redemption fee payments. Extract transfer details including timestamp, transaction hash, token address, and transfer amount.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `token_address` for asset identification, `value` for transfer amount, `to_address` for recipient verification

### Component B: Chain and token normalization  
- **Purpose**: Standardize token addresses and chain references for consistent processing
- **Logic**: Map Celo token addresses to their Polygon equivalents to enable unified USD conversion. Preserve the original chain information in `real_chain` while setting `chain` to 'polygon' for processing. Apply business metadata including 'Asset management' business line and 'infrastructure' market sector classification.
- **Key fields**: `real_chain` for actual blockchain, `chain` for processing reference, `token_address` for normalized asset identification, business classification fields

### Component C: USD conversion and aggregation
- **Purpose**: Convert token amounts to USD values and aggregate to daily totals
- **Logic**: Apply decimal correction based on token metadata to normalize raw transfer amounts. Convert corrected amounts to USD using end-of-day price feeds. Aggregate transfers by day, chain, and other dimensions to create daily revenue totals. These revenue amounts become the basis for fee calculations.
- **Key fields**: `revenue` for USD-converted amounts, `timestamp` for daily boundaries, aggregation dimensions for grouping

### Component D: Fee calculation
- **Purpose**: Transform revenue data into fee metrics
- **Logic**: Take the revenue amounts calculated from redemption fee transfers and treat them directly as fee values. Apply standard metric finalization including gap filling and validation. No additional transformations are applied to the revenue amounts.
- **Key fields**: `fees` derived directly from `revenue`, `timestamp_grain` for aggregation level, `chain_id` and `product_id` for dimensions

### Final aggregation
- **Combining components**: The token incentives metric uses the fee data structure but applies a hardcoded value of 0 to all records, effectively creating zero token incentives across all time periods and chains
- **Currency conversion**: Not applicable since values are set to 0, but underlying infrastructure supports USD conversion
- **Time aggregation**: Daily time boundaries are maintained from the underlying fee data structure  
- **Final calculation**: All token incentive values are set to exactly 0 regardless of any underlying fee or revenue activity, reflecting Toucan's current policy of not distributing token-based incentives

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

Value of native tokens distributed as incentives.

Toucan Protocol

Token incentives

Token incentives

Competitive landscape

Chain breakdown