User-paid fees
Fees paid to use the protocol. Trading volume is not a fee. Network gas, priority fees, rent, and token-transfer fees remain separate unless the protocol receives them.
Definitions before conclusions
A method that keeps uncertainty visible.
Atlas is a reconciliation layer: primary sources establish mechanisms, dated series quantify flows, and unsupported precision stays unavailable.
01 · Definitions
Rows with economic boundaries
Protocol-directed flow
The fee portion controlled by a protocol mechanism, treasury, contributors, buyback, or burn before direct costs.
Net protocol revenue
Protocol-directed flow after period-matched direct operating, security, distribution, and execution costs. It remains unavailable when costs are incomplete.
Holder-linked value
Direct distributions, buybacks, or burns assigned to a token mechanism. Accrued, held, bought, and burned are distinct execution states.
Supply-side income
Value paid to LPs, market makers, vaults, nodes, or other service suppliers. Combined adapter fields are labeled rather than forced into a pure-LP row.
Token incentives
Token issuance or treasury-funded rewards used to subsidize security, liquidity, or growth. Incentives are a cost/subsidy, never organic revenue.
Economic profit
User fees minus participant income, protocol costs, token incentives, and other required economic costs. Atlas does not publish it without complete inputs.
Unclassified
The reconciled residual that sources do not assign confidently. It remains visible instead of being silently added to a preferred recipient.
User-paid fees=Supply-side income+Protocol-directed flow+Unclassified
02 · Evidence states
Confidence is part of the data.
observed observed
Copied from a source series without changing the economic meaning.
derived derived
Calculated from displayed sourced inputs; formula is shown.
estimated estimated
Model-based and explicitly assumption-dependent.
curated curated
Mechanism or allocation transcribed from primary documentation.
unavailable unavailable
Not available as one defensible comparable number.
source conflict source conflict
Sources or definitions do not support one reconciled figure.
03 · Source hierarchy
Mechanism first, aggregator second.
- Primary protocol evidenceOfficial docs, governance, smart-contract/program state, public APIs, onchain addresses, audited reports.
- Normalized public seriesDefiLlama supports a consistent trailing-30-day comparison and is always identified as third-party.
- Derived valuesOnly from displayed inputs; the exact formula travels with the number.
- Editorial assessmentSustainability and risk language is separated from observed facts and written with calibrated certainty.
04 · Comparison rules
Comparable does not mean identical.
- One trailing-30-day UTC window for all money metrics.
- USD as the comparison unit; token quantities remain in source notes when needed.
- Missing values never become zero.
- Different execution states—accrued, held, bought, burned—are labeled.
- Network gas and priority fees remain separate from protocol fees.
- When adapter series fail to reconcile, Atlas discloses the residual or source conflict.
05 · Limits
What this research cannot prove
Adapters can change
Cross-protocol series are maintained externally. A retrieval date is not proof that every underlying integration is complete.
Cash flow is not valuation
Burn or buyback value does not establish fair token price, future demand, or investment return.
Costs are incomplete
Contributor payroll, infrastructure, audits, grants, rebates, and token issuance may not share one public accounting period.
Governance is not control
A documented parameter does not imply token holders can change it unilaterally; multisig, validator, or implementation authority is stated where known.
06 · Project status
Trust limitations are explicit.
Status: independent research beta. No covered protocol has reviewed or approved these profiles.
Ownership and funding: the workspace does not contain a verified named maintainer, funding statement, token-position register, or external correction address. Atlas does not invent one.
Corrections: use the feedback page to generate a source-linked report. Nothing is transmitted by the site; send it through a maintainer-provided channel when one exists.
Public change log
- — Introduced the research-ledger design system, dedicated directory, pair-first comparison, and payer-to-recipient flow model.
- — Replaced Maya Protocol and Osmosis active coverage with Raydium and Hyperliquid; added execution-state, period, citation, and comparison controls.
- — Initial research set reviewed.