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Infrastructure

Virtuals Protocol

# Virtuals Protocol Revenue Methodology

## 1. Overview

The portion of fees retained by Virtuals Protocol is measured by the Revenue metric, as determined by the protocol's take rate. Earnings generated from selling products or services are shown by this metric, before cost of revenue, token incentives, and operating expenses are deducted. Revenue is derived from treasury payouts on Base and Robinhood Chain, as well as legacy fee flows on Base.

## 2. Data sources

- **Blockchain events**: `NewPersona` events from `AgentFactory` contracts, and ERC-20 asset transfers, covering Base, Ethereum, and Robinhood Chain
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Agent treasury identification

- **Purpose**: Agent treasury addresses associated with Virtuals Protocol agents are identified.
- **Logic**: `NewPersona` events from `AgentFactory` contracts are parsed on Base to map agent assets to their corresponding token-bound account treasury addresses. These mapped treasury addresses are maintained in a dimension table to identify fee flows.
- **Key fields**: `token_address` and `treasury_address`

### Component B: Legacy fee flow extraction

- **Purpose**: Historical protocol revenue from legacy fee receiver contracts is captured.
- **Logic**: ERC-20 asset transfers of the Virtuals Protocol asset on Base are filtered. Transfers to the legacy fee receiver address are classified as protocol revenue if they occurred during November and December 2024 and were initiated by transactions containing specific legacy method signatures (`0x4189a68e` and `0x7deb6025`).
- **Key fields**: `block_timestamp`, `transaction_hash`, `token_address`, `to_address`, and `amount`

### Component C: Treasury fee payout tracking

- **Purpose**: Protocol revenue distributed from tax managers and fee splitters to the protocol treasury is captured.
- **Logic**: ERC-20 asset transfers from designated tax manager and fee splitter contracts are tracked on Base and Robinhood Chain. Transfers of specific payout assets (such as USDG on Robinhood Chain, or specific tax payout assets on Base) that are sent directly to the Virtuals Protocol treasury address are classified as protocol revenue.
- **Key fields**: `block_timestamp`, `transaction_hash`, `token_address`, `to_address`, and `amount`

### Component D: USD conversion and aggregation

- **Purpose**: Revenue values are normalized to USD and aggregated.
- **Logic**: Identified revenue amounts are normalized by decimal precision using asset metadata. The normalized amounts are multiplied by end-of-day asset prices to convert them to USD. Daily revenue is aggregated by chain and timestamp using UTC day boundaries.

*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.

Virtuals ProtocolVIRTUAL

Revenue

Revenue

Competitive landscape

Chain breakdown