| Component | % of Fees |
|---|---|
| Referral Engine | ~70% |
| Protocol Retained | ~30% |
Inside that 30% (structural system logic, not marketing guess):
| Internal Sink | Function |
|---|---|
| Buyback + Burn | Token price floor + supply compression |
| LP Incentives | TVL + depth stability |
| Treasury | Runway + shock absorber |
| Ops Infra | Servers / dev / infra |
👉 Break-even = when Retained 30% covers fixed operating baseline
Step 1 — Gross Fee Revenue
Gross Fees = Daily Volume × Fee Rate
Step 2 — Net Protocol Revenue
Net Protocol = Gross Fees × 30%
Step 3 — Break-Even Condition
Net Protocol ≥ Fixed Operating Cost (Daily)
Revenue Per $100M Volume
Gross Fees = 100M × 0.02% = $20,000
Net Protocol (30%) = $6,000/day