Fee accounting
What the Fees page counts, how each figure is derived, and what it excludes.
The Fees page reports what the protocol has collected. This page defines every figure on it — what is counted, how it is derived, and what it deliberately excludes.
What counts as a fee
A fee event is created whenever the transfer tax is applied to a trade. Each event records the side of the trade, the size of the trade it was taken from, the amount taken, the wallet involved, and the destination bucket.
| Field | Definition |
|---|---|
| Side | Buy or Sell — which direction of the trade the tax was applied to. |
| Trade size | The gross value of the trade before tax. |
| Fee | 3% of trade size. Always exactly the rate — no tiers, no exceptions. |
| Wallet | The address that executed the trade, truncated for display. |
| Destination | Which treasury bucket the fee was routed to. See Tax. |
| Transaction | The onchain transaction hash. This is the auditable reference. |
The headline figure
Total fees collected is the sum of the fee column across every fee event in the selected window. It is gross — it is what was taken from traders, not what remains after deployment into stocks. Money that has already been spent acquiring pool positions is still counted here, because the figure measures collection, not balance.
If you want to know what the protocol currently owns rather than what it has collected, the relevant number is pool backing, shown on the home page and explained in The pool.
Time windows
The page offers three windows. Each recomputes every figure from the underlying event set — nothing is derived by subtraction between windows.
- 24 hours — events in the last day. Volatile by nature; a single large trade can dominate it.
- 7 days — the most useful window for reading trend, long enough to smooth single-trade noise.
- All time — every event since launch.
Buy versus sell split
Fees are reported separately by side. Because the rate is symmetric, the split is a direct read on order flow: more fees from buys than sells means net buying pressure over the window, and vice versa.
A protocol funded only by buy-side fees would starve during a drawdown. The symmetric rate means the treasury keeps accumulating regardless of direction — often at exactly the moment equities are cheapest to acquire.
Taxed volume
Total taxed volume is the sum of trade sizes across the window. It is the denominator that produces the fee total: multiply it by 3% and you get the headline figure. It is shown so the rate is independently verifiable from the page itself rather than taken on trust.
Note this is taxed volume, not total $SWA transfer volume. Wallet-to-wallet transfers are untaxed and therefore absent from this figure.
The cumulative chart
The chart plots cumulative fees collected per day, oldest to newest. Because it is cumulative it only ever rises; the informative signal is the gradient. A steepening curve means accelerating activity, a flattening one means the opposite. Flat stretches are quiet days, not errors.
The allocation panel
What the page does not count
Several things that might intuitively look like fees are excluded:
- AMM swap fees. Paid to liquidity providers on the exchange, not to the protocol. Not visible here.
- Network gas. Paid to validators. Not protocol revenue.
- The redemption cut. Taken on redemption rather than on a trade. Recorded in the Explorer as a
Redemptionevent. - Dividend income. Received from issuers and passed to holders. Income, not fees.
Reconciling against chain
Every fee event carries a transaction hash. The site is a view over the data, not the record of it — if a figure here disagrees with the chain, the chain is right. Report discrepancies through the project's social channels.