AtlasProtocol economics
Evidence before narrative

See where the
money goes.

Atlas traces protocol fees from payer to recipient—then shows what the token captures, what subsidies hide, and what governance can change.

Compare five modelsFollow THORChain's money
The problem

A fee is not a profit.

One dollar can pay an LP, secure a validator, fund a treasury, buy and burn a token, or subsidize growth. Most dashboards put the dollar on a chart. Atlas follows it.

User fee=Participants+Protocol+Costs+Unknown
Initial coverage

One category.
Five economic designs.

Cross-chain and AMM exchanges are comparable enough to ask the same questions—and different enough to expose where standard metrics break.

01conflicted

THORChain

RUNE / TCY

One fee stream, six economically different destinations.

30d fees$596.9K
Holder value$28.5K
Source conflictincentive coverage
Open economic model
02needs review

Maya Protocol

CACAO / MAYA

A dual-token model separates network utility from direct revenue rights.

30d fees$59.1K
Holder valueNot available
Source conflictincentive coverage
Open economic model
03conflicted

Chainflip

FLIP

Usage buys and burns the security token; validators are paid through issuance.

30d fees$837.2K
Holder value$170K
Source conflictincentive coverage
Open economic model
04conflicted

Osmosis

OSMO

A DEX, appchain, treasury, and security budget in one economic system.

30d fees$118.6K
Holder valueNot available
Source conflictincentive coverage
Open economic model
05conflicted

Uniswap

UNI

A governance switch now redirects part of LP fees into UNI burn.

30d fees$61.4M
Holder value$4M
Source conflictincentive coverage
Open economic model
$100
The Atlas test

Can you explain who gets it?

In THORChain, the answer includes nodes, LPs, TCY, a RUNE burn, developers, and marketing. In Uniswap v2, the same question resolves to LPs and a protocol-fee burn path. The number alone is not the model.

See the side-by-side money flows
01 · Name the payer02 · Trace every recipient03 · Separate fees from issuance04 · Test the governance lever
Built for a decision

Change the fee rule.
See who wins and loses.

Open the scenario lab