Fees paid by users · 30dObserved
$837.2KOpen-adapter total across LP and network fee components.
Cross-chain DEX · FLIP
Chainflip
Usage buys and burns the security token; validators are paid through issuance.
Gross protocol income · 30dObserved
$170KNetwork fee value used for FLIP buy-and-burn in the adapter taxonomy.
Token-holder value · 30dObserved
$170KValue of fees used to buy and burn FLIP; this is indirect holder value, not cash distribution.
Incentives / emissions · 30dSource conflict
Not availableDefiLlama reports zero incentives while official token-economics documentation describes ongoing validator emissions.
Money flow
Follow $100 of network fee
The network fee is taken in stable-value terms, used to buy FLIP through the protocol, and the purchased FLIP is burned.
$100The 0.10% network-fee component, not all trader fees
100% · FLIP buy-and-burn
Network fee buys FLIP, then permanently burns it
Curated ruleRead before comparing: LP pool fees are a separate trader charge and go to LPs. Validator emissions are a separate issuance flow and must be netted against burns when assessing supply.
Normalized statementThe same questions,
The same questions,
even when answers differ.
“Not available” is a result, not a blank. Atlas refuses to convert missing costs or conflicting emissions into a zero.
Economic line30-day valueEvidenceInterpretation
Fees paid by users (30d)$837.2KObserved
Open-adapter total across LP and network fee components.
Gross protocol income (30d)$170KObserved
Network fee value used for FLIP buy-and-burn in the adapter taxonomy.
Net protocol revenue (30d)Not availableNot available
Execution, gas, broker, and operating costs are not reconciled against the network fee on a matching basis.
Token-holder value (30d)$170KObserved
Value of fees used to buy and burn FLIP; this is indirect holder value, not cash distribution.
Liquidity-provider income (30d)$667.2KDerived
Residual after subtracting adapter-classified protocol income from total user fees.
Validator / node income (30d)Not availableNot available
Official docs describe validator emissions, but a reconciled USD 30-day amount was not retained.
Incentives and emissions (30d)Not availableSource conflict
DefiLlama reports zero incentives while official token-economics documentation describes ongoing validator emissions.
Treasury income (30d)Not availableNot available
The core swap network fee is burned rather than retained as a treasury inflow; other product flows are outside this DEX snapshot.
Accounting-style profit (30d)Not availableNot available
Burn value is not accounting profit, and operating expenses are not public on a matching basis.
DEX volume (30d)$288.5MObserved
Open-adapter spot swap volume.
Liquidity / TVL$12.8MObserved
Current protocol liquidity reported by the open adapter.
Programmatic buy-and-burn funded by swap volume
Every qualifying swap pays a network fee that buys and burns FLIP. More volume creates more buy pressure and supply reduction, all else equal.
Do not overstate it: The supply effect depends on both burns and validator issuance. Burn value is not a dividend and can be outweighed by emissions.
SustainabilityMixed funding
What keeps it working?
Usage funds a measurable burn and LP fees, but security remains emission-funded. The relevant question is whether fee-funded burns can sustainably offset the issuance required by validators.
Participants
Who provides what—and takes which risk?
Swappers
- Receives
- Cross-chain execution through the state chain and vaults
- Provides
- LP fee, network fee, and applicable gas/broker fees
- Key risk
- Execution price, slippage, and chain-specific settlement conditions.
Liquidity providers
- Receives
- Pool trading fees
- Provides
- Assets and active or passive liquidity strategies
- Key risk
- Inventory risk, adverse selection, and strategy execution.
Validators
- Receives
- FLIP emissions
- Provides
- Staked security, vault signing, and state-chain operation
- Key risk
- Slashing, infrastructure cost, and token-price exposure.
FLIP holders
- Receives
- Indirect value through buy-and-burn
- Provides
- Token demand and validator security capital
- Key risk
- Net issuance may offset burns; no direct cash claim.
Governance surface
Which levers move the money?
Parameters matter because recipient outcomes can change while the headline fee or volume looks unchanged.
Model a changeNetwork fee rate
0.10% base; 0.01% for internal stablecoin swaps, with a minimumDirectly changes trader cost and the FLIP burn rate.
Chainflip protocol governanceValidator emissions
Elastic-supply emissions fund network securityChanges validator economics and the net token-supply outcome after burns.
Chainflip protocol governanceAssessment
Strengths, dependencies, unknowns.
Strengths
- The network fee has a direct, documented value-capture path.
- LP and token capture are economically separate and measurable.
- Cross-chain volume provides an observable demand base.
Dependencies
- Swap volume sufficient to fund meaningful burns.
- FLIP market liquidity for efficient programmatic purchases.
- Validator rewards sufficient for a robust signer set.
Still unknown
- Reconciled 30-day validator issuance in USD and FLIP.
- Full operating cost of the network and Labs.
- Sensitivity of routed volume to the network fee.
Model historyThe rules changed.
The rules changed.
The chart should remember.
0.10% network fee anchors the burn
Current token economics use a fixed swap-value fee to buy and burn FLIP, separating token capture from LP fees.
Burn value visible, issuance still missing
The open adapter exposes fee-funded burn value but reports zero incentives, conflicting with official validator-emission documentation.
Source ledger
Trace the claim.
Rules come from protocol documentation or governance. Amounts come from official APIs or inspectable open adapters. Each has a different job.
Chainflip metrics
30-day fees · revenue · holder revenueDefiLlama · Open adapter
Current token economics 2025 and beyond
network fee burn · FLIP utility · supply modelChainflip · Official docs
Incentive design: emissions and burning
validator emissions · network fee · burn mechanismChainflip · Official docs
How swapping works
network fee rate · minimum fee · gasChainflip · Official docs
Liquidity providers
LP role · LP fee income · active and passive strategiesChainflip · Official docs