Zerion shows an aggregated view of a wallet's total crypto holdings. Through Zerion’s interface users are able to swap, send and borrow crypto assets.

Zerion is a non-custodial DeFi aggregator built on Ethereum and other adjacent blockchains. Zerion was founded by Evgeny Yurtaev, Alexey Bashlykov and Vadim Koleoshkin and launched in 2016.

Zerion owns and governs the platform. They currently charge a swap fee on the transactions that they route (revenue). Zerion’s investors include Gnosis, Wintermute, Blockchain Ventures etc.

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Zerion

# Zerion Earnings Methodology

## 1. Overview

Zerion earnings represent the net profit generated by the Zerion protocol from trading activities across multiple blockchain networks. The metric is calculated as total trading fee revenue minus operating expenses (primarily token incentives). Zerion operates as a decentralized exchange aggregator that captures protocol fees from trades executed through its Router contracts. Since Zerion currently has no token incentive program, expenses are zero, making earnings equal to total fee revenue.

## 2. Data sources

The earnings calculation relies on the following raw data sources:

- **Blockchain events**: Parsed `Router_Executed` events from Zerion v1 contracts across seven blockchain networks (Arbitrum, Avalanche, BSC, Fantom, Gnosis, Optimism, and Polygon)
- **Transaction data**: On-chain transaction records containing trade execution details, token addresses, amounts, and fee information
- **Token metadata**: Token symbol, decimal, and identifier information for proper token identification and amount normalization
- **External data**: End-of-day token price feeds for USD conversion of fee amounts
- **Chain configuration**: Native token mappings for each supported blockchain network

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Collect all trading activity from Zerion Router contracts across supported chains
- **Logic**: Extract `Router_Executed` events from Zerion v1 contracts on Arbitrum, Avalanche, BSC, Fantom, Gnosis, Optimism, and Polygon. Filter out removed transactions and exclude specific denylisted transaction hashes. Capture key trade details including input token, output token, amounts, and protocol fees from the `protocolFeeAmount` field
- **Key fields**: `block_timestamp` for timing, `inputToken` and `outputToken` for trading pairs, `absoluteInputAmount` and `absoluteOutputAmount` for trade sizes, `protocolFeeAmount` for fee calculation

### Component B: Token address normalization
- **Purpose**: Standardize token addresses and handle native token representation
- **Logic**: Convert the exception address `0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee` to actual native token addresses for each chain (ETH for Arbitrum/Optimism, AVAX for Avalanche, BNB for BSC, FTM for Fantom, xDAI for Gnosis, MATIC for Polygon). Join with token metadata to obtain symbols for trading pair identification
- **Key fields**: `real_token_0_address` and `real_token_1_address` for actual token addresses, `token_0_symbol` and `token_1_symbol` for display purposes

### Component C: Trading pair creation
- **Purpose**: Create identifiable trading pair names for account classification
- **Logic**: Combine token symbols to form trading pair names in the format "TOKEN0-TOKEN1". Handle cases where token metadata is missing by using empty strings. Create account names that represent each unique trading pair across all supported chains
- **Key fields**: `account_name` as concatenated trading pair identifier, `chain` for network identification

### Component D: Fee calculation and USD conversion
- **Purpose**: Calculate trading fees in USD for revenue measurement
- **Logic**: Extract the `protocolFeeAmount` from each trade event, which represents the fee captured by Zerion. Apply the `convert_to_usd_and_correct_decimals` macro to convert fee amounts to USD using end-of-day price feeds and correct for token decimal places. Truncate timestamps to daily boundaries for aggregation
- **Key fields**: `fees` as the USD-converted fee amount, `timestamp` truncated to day level, `token_address` for price lookup

### Component E: Revenue aggregation
- **Purpose**: Sum all trading fees as protocol revenue
- **Logic**: Aggregate all USD-converted trading fees since Zerion captures 100% of protocol fees from trades. No revenue sharing or external fee distribution occurs. Group by timestamp, chain, and other dimensional attributes. Apply the `finalize_metric_revenue` macro with fill_zeros strategy to ensure complete time series coverage
- **Key fields**: `revenue` as the aggregated USD fee amount, dimensional fields for proper grouping

### Component F: Token incentive calculation
- **Purpose**: Calculate operating expenses from token reward programs
- **Logic**: Set token incentives to zero since Zerion does not currently operate a token rewards or liquidity mining program. Use the existing revenue data structure to maintain consistent schema while populating incentive amounts as zero
- **Key fields**: `token_incentives` set to 0, maintaining same dimensional structure as revenue

### Component G: Expense aggregation
- **Purpose**: Calculate total operating expenses
- **Logic**: Sum all token incentives as total expenses. Since token incentives are zero, total expenses equal zero. Apply the `finalize_metric_expenses` macro with fill_zeros strategy for consistency
- **Key fields**: `expenses` as the total expense amount (zero for Zerion)

### Final aggregation
- **Combining components**: Apply the `calculate_earnings` macro which performs the calculation: earnings = revenue - expenses. Since expenses are zero for Zerion, earnings equal total fee revenue
- **Currency conversion**: All amounts already converted to USD during the fee calculation step using end-of-day price feeds
- **Time aggregation**: Daily aggregation with timestamps truncated to day boundaries, maintaining complete time series with zero-filling for missing periods
- **Final calculation**: The final earnings value represents total USD-denominated protocol fees captured by Zerion from trading activities across all supported blockchain networks

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

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

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