Protocol Income Statement

What is it?

The protocol income statement reconciles gross reserve revenue through recognized costs into net eligible revenue and final allocations.

Why does it exist?

Publishing gross income alone can hide financing, borrow, hedge, execution, and venue costs that determine whether a strategy actually earned money.

How does it work economically?

Gross reserve revenue minus recognized reserve costs equals net reserve revenue. Only eligible net revenue can be allocated to compounding, buybacks, and protocol revenue.

What does the user see?

The Revenue page shows consolidated metrics, statement lines, revenue by strategy and token, historical periods, and buyback-allocation history.

What can go wrong?

Cost recognition can lag or be incomplete. Revenue may be negative, retained for risk reduction, disputed, or unavailable for allocation.

Metrics that prove it