Independent protocol economics research
Protocol economics, traced to the recipient.
Atlas follows user-paid fees through LPs, validators, treasuries, buybacks, burns, and unresolved flows—then keeps token issuance and uncertainty separate.
For investors, validators, DAO participants, protocol teams, and researchers.
Start with a decision
Three useful questions, not a wall of metrics.
Does a buyback actually burn the token?
Raydium shows why bought, held, and burned are different states.
Follow RAY’s route → 02 · ComparisonWhich recipient changes the economic thesis?
Compare fee scale, holder linkage, participant income, and residuals side by side.
Compare Raydium and Hyperliquid → 03 · EvidenceWhat does “not available” protect you from?
See how Atlas separates observed, derived, conflicted, and missing fields.
Read the method →Active research
Five protocols.
Five recipient structures.
Coverage is intentionally narrow enough to audit. Each profile keeps its definitions, calculation window, mechanism history, caveats, and sources attached.
Open searchable research index →The Atlas grammar
Read every model from payer to recipient.
Different protocols keep their real structure, but every analysis answers the same sequence.
- 01PayerWho creates the fee?
- 02Fee poolWhat is actually counted?
- 03RecipientsWho receives each share?
- 04Token & subsidyWhat accrues, burns, or dilutes?
Trust boundary
Sources and uncertainty remain visible.
Mechanism first. Official documentation and governance establish how value can move.
Equivalent window. Dated normalized series support cross-protocol comparison.
No invented precision. Missing costs and conflicted fields stay unavailable.
Review method & project status