Find the economic model behind the fee.

One fee stream, multiple economic claimants: nodes, LPs, TCY suppliers, RUNE burn, and operating destinations.

Decision: RUNE captures a fee-linked burn and indirect security demand, but TCY now receives a separate supplier claim. Do not treat the entire fee stream as RUNE-holder revenue.

Trading fees pay LPs while a network fee buys and burns FLIP; validator security remains emission-funded.

Decision: FLIP has a direct usage-linked buy-and-burn route, but validator rewards are still an issuance cost. Gross burn is not the same as net token deflation or economic profit.

Most fees still accrue to LPs; activated protocol fees are assigned to a UNI burn pipeline with execution lag.

Decision: UNI now has a usage-linked burn mechanism, but a reported protocol-fee dollar is an accrual into a burn pipeline—not proof that the corresponding UNI was already bought and burned in the same period.

Solana swap fees pay LPs, fund auditable RAY buybacks, and—on current pool programs—a treasury share.

Decision: RAY has an auditable usage-linked buyback route, but bought tokens are held by the protocol rather than assumed burned. Roughly 1.9M RAY/year of mining-reserve emissions must be assessed separately from fee-funded demand.

A high-volume L1 exchange where community fee routes include HLP/deployers and an automated HYPE burn.

Decision: HYPE has direct fee-funded burn and staking utility, but staking rewards come from future emissions rather than trading profit. Roughly 9% of the normalized 30-day fee total remains unclassified and is shown explicitly.