Creators & users sell NFTs on X2Y2. They receive royalties from secondary sales (supply-side fees).

X2Y2 is a non-custodial NFT marketplace protocol built on Ethereum and launched in 2022.

X2Y2 tokenholders own and govern the protocol. They currently take a cut of the total transaction fees paid by buyers (revenue).

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X2Y2

# X2Y2 Revenue Methodology

## 1. Overview

X2Y2 revenue represents the daily protocol fees earned by the X2Y2 NFT marketplace from trading activity. This metric captures the portion of trading fees that go directly to the X2Y2 protocol rather than to creators or other fee recipients. The calculation processes raw marketplace trade events to identify protocol-specific fees and converts them to USD for standardized reporting.

## 2. Data sources

- **X2Y2 Exchange events**: Parsed `EvInventory` events from the X2Y2 Exchange contract on Ethereum, containing detailed trade information including prices, fees, and participants
- **End-of-day token price feeds**: Token pricing data used for USD conversion of fee amounts
- **Token metadata**: Token contract information including decimal places for proper amount normalization

## 3. Step-by-step calculation

### Component A: Trade event processing
- **Purpose**: Extract and parse individual NFT trades from X2Y2 marketplace events
- **Logic**: Process `EvInventory` events from the X2Y2 Exchange contract, using JavaScript functions to convert hex-encoded token IDs to decimal numbers. Parse embedded trade data to extract NFT contract addresses, token IDs, trade prices, and participant addresses. Identify the payment token used, replacing null addresses with the WETH contract address for standardization. Create unique trade identifiers by combining transaction hash and token ID.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for event identification, `token_id` and `nft_address` for NFT identification, `token_address` for payment token, trade price from `detail.price`

### Component B: Fee structure analysis  
- **Purpose**: Decompose the fee structure for each trade to isolate protocol fees
- **Logic**: Unnest the fees array from each trade event to examine individual fee recipients and percentages. For each fee entry, check if the recipient address matches X2Y2's protocol fee address (`0xd823c605807cc5e6bd6fc0d7e4eea50d3e2d66cd`). Calculate the actual fee amount by multiplying the fee percentage (divided by 10^6 to convert from basis points) by the trade price. Distinguish between protocol fees (going to X2Y2) and other fees like royalties (going to creators or other addresses).
- **Key fields**: `fees.to` for recipient identification, `fees.percentage` for fee rate, `protocol_fee_amount` for X2Y2's portion, `royalty_amount` for creator fees

### Component C: Daily aggregation
- **Purpose**: Group protocol fees by day and relevant dimensions for metric calculation
- **Logic**: Truncate trade timestamps to daily boundaries using `timestamp_trunc` function. Group fee amounts by day, chain, business line, and other categorization fields. Sum protocol fee amounts while maintaining token-level granularity for subsequent USD conversion. Apply project metadata including account name, version, and business segment classifications.
- **Key fields**: `timestamp` truncated to day grain, `protocol_fee_amount` as the revenue value, `token_address` for conversion purposes

### Final aggregation
- **Combining components**: Sum all protocol fee amounts by day, maintaining separation by payment token for accurate USD conversion
- **Currency conversion**: Convert native token amounts to USD using end-of-day token prices, with automatic decimal correction based on token metadata to ensure proper normalization
- **Time aggregation**: Group final results by daily timestamps with zero-filling applied to ensure continuous time series without gaps
- **Final calculation**: The revenue metric equals the sum of all protocol fees (fee percentage × trade price) where the fee recipient is X2Y2's protocol address, converted to USD and aggregated by day

*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.

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Revenue

Revenue

Competitive landscape