Revenue

Overview

Revenue measures the portion of fees that a project retains, as determined by its take rate. The remaining fees are distributed to supply-side participants, such as lenders or liquidity providers. This metric shows how much the project earns from selling its product or service, before cost of revenue, token incentives, and operating expenses.

Data sources

• Smart contract events and program instructions capturing fee-generating activities
• End-of-day price feeds for USD conversion
• Asset metadata for decimal normalization
• External financial data, including federal funds rates, for yield calculation

Common calculation approaches

Reserve-based yield calculation

For stablecoin issuers such as Tether and Circle, revenue is calculated from the yield generated by reserve assets backing the circulating supply. Interest income is aggregated based on holdings in yield-bearing assets and effective federal funds rates.

Direct fee extraction

Protocol-retained fees are extracted from specific smart contract events and program instructions. For example, revenue is captured from TradeEvent program instructions on Solana for pump.fun and trade fill events from Hyperliquid.

Network fee aggregation

For blockchain networks, revenue is aggregated from the transaction fees paid by users. On Tron, fees are captured from the consumption of resources including Energy and Bandwidth.

Note: The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.