Uniswap Labs collects fees from trades conducted through its interfaces.

Uniswap Labs, established by Hayden Adams in 2018, is a software development company that specializes in creating products for the Uniswap Protocol. This includes the development and maintenance of various applications like the Uniswap web app, a mobile wallet, and an NFT aggregator.

Uniswap Labs acts as a developer and maintainer of the Uniswap Protocol. The company functions independently from the decentralized governance of the protocol.

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Uniswap Labs

# Uniswap Labs Earnings Methodology

## 1. Overview

Uniswap Labs earnings represents the net profit generated by Uniswap Labs from interface fees collected on decentralized exchange transactions. The metric calculates earnings as revenue minus expenses, where revenue comes from fees collected on swaps through Uniswap's interface, and expenses represent token incentives paid (currently set to zero). This metric answers how much profit Uniswap Labs generates from its interface fee collection across multiple blockchains.

## 2. Data sources

The calculation uses several types of blockchain and external data:

- **Token transfer events**: Parsed `Transfer` events from Ethereum, Arbitrum, Avalanche, Base, BSC, Polygon, and Optimism showing token movements between addresses
- **Transaction records**: Complete transaction data from the same seven chains providing user addresses and transaction metadata  
- **UniswapX events**: Parsed `Fill` events from Ethereum's `UniswapXDutchOrderReactor` contract identifying Dutch auction order completions
- **Price feeds**: End-of-day token price data for USD conversion across all supported chains
- **Token metadata**: Token decimal information for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Swap fee identification
- **Purpose**: Identifies interface fees collected from universal router swap transactions
- **Logic**: Filters token transfers where the sender address matches known Uniswap router addresses and the recipient matches known collector addresses. Each chain has a predefined list of router addresses (universal router contracts) and collector addresses (fee recipient contracts). The system looks for transfers FROM router addresses TO collector addresses, indicating fee collection. Transactions are limited to the period from July 1, 2023, to December 25, 2025, when Uniswap Labs charged interface fees before setting them to zero via governance proposal
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for transaction identification, `token_address` and `value` for fee amounts, `from_address` as user identifier

### Component B: UniswapX dutch auction fee identification  
- **Purpose**: Captures fees from UniswapX Dutch auction order fills on Ethereum
- **Logic**: Identifies token transfers to collector addresses within transactions that contain `Fill` events from the `UniswapXDutchOrderReactor` contract. This ensures fees are only counted from actual UniswapX order executions. The system joins token transfers with the allowlist of UniswapX transactions and transaction records to get complete fee information. Limited to the same time period as swap fees
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index` for event ordering, `token_address` and `value` for fee amounts, `user_address` from transaction sender

### Component C: Fee consolidation and filtering
- **Purpose**: Combines all fee sources and applies data quality filters
- **Logic**: Unions swap fees and Dutch auction fees into a single dataset. Excludes specific denylisted tokens that should not be counted as legitimate fees. All fees are tagged with chain information, business line as "Exchange AMM", market sector as "exchanges", and version as "v3"
- **Key fields**: Standardized `amount` field for token quantities, `chain` identifier, business classification fields

### Component D: Currency conversion and aggregation
- **Purpose**: Converts token fees to USD and aggregates by day
- **Logic**: Uses end-of-day token price feeds to convert all token amounts to USD values. Applies decimal correction using token metadata to ensure accurate calculations regardless of token decimal places. Aggregates all fees by day, chain, and other dimension fields. Excludes additional denylisted tokens during this step
- **Key fields**: `timestamp` truncated to daily grain, `fees` converted to USD, `chain_id` and other dimension identifiers

### Component E: Revenue calculation
- **Purpose**: Establishes total revenue from fee collection
- **Logic**: Takes the aggregated USD fee amounts and treats them directly as revenue. No additional transformations are applied beyond ensuring consistent schema and filling any data gaps with zeros where needed
- **Key fields**: `revenue` field containing daily USD fee totals by chain

### Component F: Expense calculation  
- **Purpose**: Calculates total expenses from token incentives
- **Logic**: Sets token incentive expenses to zero across all time periods and chains. This reflects that Uniswap Labs does not currently pay token incentives as part of their business model
- **Key fields**: `expenses` field set to 0, matching revenue dimensions

### Final aggregation
- **Combining components**: Revenue and expenses are combined using the calculate_earnings macro, which performs a simple subtraction of expenses from revenue
- **Currency conversion**: All amounts are already in USD from the fee conversion step
- **Time aggregation**: Data is aggregated at daily boundaries with timestamps truncated to day precision
- **Final calculation**: Earnings equals revenue minus expenses, which effectively equals the total USD value of fees collected since expenses are zero

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

Uniswap Labs

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