{ "name": "Bags That Pay Protocol Value Capture", "title": "Protocol Value Capture", "url": "https://bagsthatpay.com/datasets/protocol-value-capture/", "csv": "https://bagsthatpay.com/datasets/protocol-value-capture.csv", "markdown": "https://bagsthatpay.com/datasets/protocol-value-capture/index.md", "computed_at": "2026-10-19", "license": "https://bagsthatpay.com/terms", "headline": "The Protocol Value Capture carries 11 published figures read from 10 sources' own pages, from 0.05 to 100 percent, read 12 October 2026.", "quotes": [ "The Protocol Value Capture carries 11 published figures read from 10 sources' own pages, from 0.05 to 100 percent, read 12 October 2026.", "11 of the 28 named sources read in full publish a figure; 17 publish none, read 12 October 2026.", "Protocol Value Capture, protocol Aave: median 250,000 USD across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol GMX: median 27 percent across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol Uniswap: median 0.05 percent across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol Aerodrome: median 100 percent across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol Raydium: median 12 percent across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol Pendle: median 80 percent across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol Curve: median 100 percent across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol Morpho: median 50 percent across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol Lido: median 10 percent across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol Jupiter: median 50 percent across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol GEODNET: median 80 percent across 1 source, read 12 October 2026.", "Protocol Value Capture, protocol Ramses: median 72 percent across 1 source, read 12 October 2026." ], "citation": "\"Bags That Pay Protocol Value Capture\", updated 2026-10-19, https://bagsthatpay.com/datasets/protocol-value-capture/.", "changed_since": null, "national": { "unit": "%", "n": 11, "median": 50, "min": 0.05, "max": 100, "p25": 12, "p75": 80, "mean": 52.8227, "units": { "%": 11, "USD": 1 }, "published_sources": 11, "named_sources": 28, "read_sources": 28, "not_published": 17, "published_share": 0.393 }, "by_axis": { "protocol": { "Aave": { "USD": { "n": 1, "median": 250000, "min": 250000, "max": 250000, "p25": 250000, "p75": 250000, "mean": 250000 } }, "GMX": { "%": { "n": 1, "median": 27, "min": 27, "max": 27, "p25": 27, "p75": 27, "mean": 27 } }, "Uniswap": { "%": { "n": 1, "median": 0.05, "min": 0.05, "max": 0.05, "p25": 0.05, "p75": 0.05, "mean": 0.05 } }, "Aerodrome": { "%": { "n": 1, "median": 100, "min": 100, "max": 100, "p25": 100, "p75": 100, "mean": 100 } }, "Raydium": { "%": { "n": 1, "median": 12, "min": 12, "max": 12, "p25": 12, "p75": 12, "mean": 12 } }, "Pendle": { "%": { "n": 1, "median": 80, "min": 80, "max": 80, "p25": 80, "p75": 80, "mean": 80 } }, "Curve": { "%": { "n": 1, "median": 100, "min": 100, "max": 100, "p25": 100, "p75": 100, "mean": 100 } }, "Morpho": { "%": { "n": 1, "median": 50, "min": 50, "max": 50, "p25": 50, "p75": 50, "mean": 50 } }, "Lido": { "%": { "n": 1, "median": 10, "min": 10, "max": 10, "p25": 10, "p75": 10, "mean": 10 } }, "Jupiter": { "%": { "n": 1, "median": 50, "min": 50, "max": 50, "p25": 50, "p75": 50, "mean": 50 } }, "GEODNET": { "%": { "n": 1, "median": 80, "min": 80, "max": 80, "p25": 80, "p75": 80, "mean": 80 } }, "Ramses": { "%": { "n": 1, "median": 72, "min": 72, "max": 72, "p25": 72, "p75": 72, "mean": 72 } } } }, "rows": [ { "source": "Aave - AAVE token documentation", "url": "https://aave.com/docs/ecosystem/aave", "figure": "$250,000 ", "value": 250000, "unit": "USD", "vat": null, "axis": { "protocol": "Aave" }, "retrieved_at": "2026-10-12", "quote": "Weekly purchases range from $250,000 to $1.75 million, with volume adjusted based on market conditions, liquidity, and price volatility.", "source_class": "primary-provider-own-site", "text_sha256": "ddacd56e9bb69735666fd4152baef2055fe5476235b299e63013828254e34718" }, { "source": "GMX - GMX token", "url": "https://docs.gmx.io/docs/tokenomics/gmx-token/", "figure": "27%", "value": 27, "unit": "%", "vat": null, "axis": { "protocol": "GMX" }, "retrieved_at": "2026-10-12", "quote": "27% of protocol fees are used to buy back GMX on the open market through a mechanism approved by the DAO Tally vote.", "source_class": "primary-provider-own-site", "text_sha256": "e1ca25c3a77bb9631a21311b25050d41144e012480622b67b4aac2d41a7e15c5" }, { "source": "Uniswap - UNIfication", "url": "https://blog.uniswap.org/unification", "figure": "0.05%", "value": 0.05, "unit": "%", "vat": null, "axis": { "protocol": "Uniswap" }, "retrieved_at": "2026-10-12", "quote": "Once activated, LP fees are 0.25% and protocol fees are 0.05%.", "source_class": "primary-provider-own-site", "text_sha256": "d8161d2ce6e92f0528e305d3a4329a28a15ca00882dd631345b208d2ef279e5f" }, { "source": "Aerodrome - documentation", "url": "https://aerodrome.finance/docs", "figure": "100%", "value": 100, "unit": "%", "vat": null, "axis": { "protocol": "Aerodrome" }, "retrieved_at": "2026-10-12", "quote": "100% of swap fees generated by staked liquidity", "source_class": "primary-provider-own-site", "text_sha256": "a5428231e089447242b32f315ba5a29a40752fcf453903702d2253274ac0a078" }, { "source": "Raydium - protocol fees", "url": "https://docs.raydium.io/ray/protocol-fees", "figure": "12%", "value": 12, "unit": "%", "vat": null, "axis": { "protocol": "Raydium" }, "retrieved_at": "2026-10-12", "quote": "A 12% buyback share is 12% of the swap fee, not 12% of the trade.", "source_class": "primary-provider-own-site", "text_sha256": "e3b17906b2fe0a46e12971f175fcc8f61cf4c34c1d045c7c87c3876bd3a9e146" }, { "source": "Pendle - sPENDLE", "url": "https://docs.pendle.finance/pendle-v2/ProtocolMechanics/Mechanisms/sPENDLE", "figure": "80%", "value": 80, "unit": "%", "vat": null, "axis": { "protocol": "Pendle" }, "retrieved_at": "2026-10-12", "quote": "80% of Pendle V2 fees from Yield and Swap Fees are allocated to PENDLE token buybacks.", "source_class": "primary-provider-own-site", "text_sha256": "33b515854e9e4a4c969e8147c82db279ca79853c41e31acee3c8881ac59cc985" }, { "source": "Curve - fee collection and distribution", "url": "https://docs.curve.finance/developer/fees/original-architecture/overview", "figure": "100%", "value": 100, "unit": "%", "vat": null, "axis": { "protocol": "Curve" }, "retrieved_at": "2026-10-12", "quote": "100% of crvUSD borrow rate fees are \"admin fees\".", "source_class": "primary-provider-own-site", "text_sha256": "60a9ec5e5e072e56feea2254af8f093af507434045911fff8adfd01660686745" }, { "source": "Morpho - fees", "url": "https://docs.morpho.org/curate/concepts/fee/", "figure": "50%", "value": 50, "unit": "%", "vat": null, "axis": { "protocol": "Morpho" }, "retrieved_at": "2026-10-12", "quote": "Maximum Rate: Capped at 50% of the generated interest.", "source_class": "primary-provider-own-site", "text_sha256": "a56b682306285d1badbc9a73578f42607ede30fc5cd67d0ddab0676bb04b0bf4" }, { "source": "Lido - documentation", "url": "https://docs.lido.fi/", "figure": "10%", "value": 10, "unit": "%", "vat": null, "axis": { "protocol": "Lido" }, "retrieved_at": "2026-10-12", "quote": "Lido applies a 10% fee on staking rewards that are split between node operators and the DAO Treasury.", "source_class": "primary-provider-own-site", "text_sha256": "a7a84c609d05af68e5bedb6f4d85332eb0a2802df56b28c85d65bb6cf8d6c6bc" }, { "source": "Jupiter research - Litterbox buyback allocation", "url": "https://discuss.jup.ag/t/increase-the-litterbox-buyback-allocation-from-50-to-70/40136", "figure": "50%", "value": 50, "unit": "%", "vat": null, "axis": { "protocol": "Jupiter" }, "retrieved_at": "2026-10-12", "quote": "Currently, 50% of protocol fees are allocated to the Litterbox Trust for JUP buybacks, while the remaining 50% funds development, operations, incentives, and ecosystem growth.", "source_class": "primary-provider-own-site", "text_sha256": "10eb763fa4c7bc879f62df6896ab80f680131dd3561eb957b9ac9c267d0abcfc" }, { "source": "DeFiLlama holders revenue", "url": "https://defillama.com/holders-revenue", "figure": "80%", "value": 80, "unit": "%", "vat": null, "axis": { "protocol": "GEODNET" }, "retrieved_at": "2026-10-12", "quote": "80% of the fees are used to repurchase GEOD tokens from the open market and remove them from circulation", "source_class": "secondary", "text_sha256": "704f220038086838d9fd33b676ffa31ad49eca1c234c8be530bb3178b55a1560" }, { "source": "DeFiLlama holders revenue", "url": "https://defillama.com/holders-revenue", "figure": "72%", "value": 72, "unit": "%", "vat": null, "axis": { "protocol": "Ramses" }, "retrieved_at": "2026-10-12", "quote": "Ramses CL: 72% of swap fees allocated to token holders, plus all bribes paid to holders who vote.", "source_class": "secondary", "text_sha256": "704f220038086838d9fd33b676ffa31ad49eca1c234c8be530bb3178b55a1560" } ], "not_published": [ { "source": "Aave governance - DAO funding insights", "url": "https://governance.aave.com/t/aave-dao-funding-insights/24192", "retrieved_at": "2026-10-12", "reason": "every candidate on the page was refused" }, { "source": "Hyperliquid - fees documentation", "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees", "retrieved_at": "2026-10-12", "reason": "read in full and no accepted figure on the page" }, { "source": "GMX - rewards", "url": "https://docs.gmx.io/docs/tokenomics/rewards/", "retrieved_at": "2026-10-12", "reason": "read in full and no accepted figure on the page" }, { "source": "Uniswap governance - UNIfication proposal 93", "url": "https://vote.uniswapfoundation.org/proposals/93", "retrieved_at": "2026-10-12", "reason": "every candidate on the page was refused" }, { "source": "dYdX - rewards, fees and parameters", "url": "https://docs.dydx.xyz/concepts/trading/rewards", "retrieved_at": "2026-09-12", "reason": "read in full and no accepted figure on the page" }, { "source": "dYdX - staking rewards", "url": "https://docs.dydx.xyz/concepts/trading/rewards/staking-rewards", "retrieved_at": "2026-10-12", "reason": "read in full and no accepted figure on the page" }, { "source": "dYdX Foundation - rewards and fees on the dYdX chain", "url": "https://www.dydx.foundation/blog/understanding-rewards-and-fees-on-the-dydx-chain", "retrieved_at": "2026-09-12", "reason": "read in full and no accepted figure on the page" }, { "source": "Morpho - governance", "url": "https://docs.morpho.org/learn/governance/organization/", "retrieved_at": "2026-10-12", "reason": "read in full and no accepted figure on the page" }, { "source": "Sky - stake SKY", "url": "https://sky.money/stake-sky", "retrieved_at": "2026-10-12", "reason": "every candidate on the page was refused" }, { "source": "Sky - understanding the SKY token", "url": "https://sky.money/blog/understanding-the-sky-token", "retrieved_at": "2026-10-12", "reason": "read in full and no accepted figure on the page" }, { "source": "Sky - MKR tokenomics (Endgame docs)", "url": "https://github.com/sky-ecosystem/endgame-docs/blob/main/tokenomics/mkr-tokenomics.md", "retrieved_at": "2026-10-12", "reason": "read in full and no accepted figure on the page" }, { "source": "Ethena governance - ENA fee switch parameters", "url": "https://gov.ethenafoundation.com/t/ena-fee-switch-parameters/396", "retrieved_at": "2026-09-12", "reason": "every candidate on the page was refused" }, { "source": "Jito - the JTO governance token", "url": "https://www.jito.network/docs/governance/the-jito-governance-token-jto/", "retrieved_at": "2026-10-12", "reason": "read in full and no accepted figure on the page" }, { "source": "Jito - documentation hub", "url": "https://www.jito.network/docs/hub/overview/", "retrieved_at": "2026-09-12", "reason": "read in full and no accepted figure on the page" }, { "source": "Maple - syrupUSDC for lenders", "url": "https://docs.maple.finance/syrupusdc-usdt-usdg-for-lenders/introduction", "retrieved_at": "2026-10-12", "reason": "read in full and no accepted figure on the page" }, { "source": "DeFiLlama data definitions", "url": "https://defillama.com/data-definitions", "retrieved_at": "2026-10-12", "reason": "every candidate on the page was refused" }, { "source": "DeFiLlama analyst data definitions", "url": "https://docs.llama.fi/analysts/data-definitions", "retrieved_at": "2026-10-12", "reason": "every candidate on the page was refused" } ], "sources": [ { "url": "https://aave.com/docs/ecosystem/aave", "label": "Aave - AAVE token documentation", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://governance.aave.com/t/aave-dao-funding-insights/24192", "label": "Aave governance - DAO funding insights", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees", "label": "Hyperliquid - fees documentation", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.gmx.io/docs/tokenomics/gmx-token/", "label": "GMX - GMX token", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.gmx.io/docs/tokenomics/rewards/", "label": "GMX - rewards", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://blog.uniswap.org/unification", "label": "Uniswap - UNIfication", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://vote.uniswapfoundation.org/proposals/93", "label": "Uniswap governance - UNIfication proposal 93", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://aerodrome.finance/docs", "label": "Aerodrome - documentation", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.dydx.xyz/concepts/trading/rewards", "label": "dYdX - rewards, fees and parameters", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.dydx.xyz/concepts/trading/rewards/staking-rewards", "label": "dYdX - staking rewards", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://www.dydx.foundation/blog/understanding-rewards-and-fees-on-the-dydx-chain", "label": "dYdX Foundation - rewards and fees on the dYdX chain", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.raydium.io/ray/protocol-fees", "label": "Raydium - protocol fees", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.pendle.finance/pendle-v2/ProtocolMechanics/Mechanisms/sPENDLE", "label": "Pendle - sPENDLE", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.curve.finance/developer/fees/original-architecture/overview", "label": "Curve - fee collection and distribution", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.morpho.org/curate/concepts/fee/", "label": "Morpho - fees", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.morpho.org/learn/governance/organization/", "label": "Morpho - governance", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.lido.fi/", "label": "Lido - documentation", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://sky.money/stake-sky", "label": "Sky - stake SKY", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://sky.money/blog/understanding-the-sky-token", "label": "Sky - understanding the SKY token", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://github.com/sky-ecosystem/endgame-docs/blob/main/tokenomics/mkr-tokenomics.md", "label": "Sky - MKR tokenomics (Endgame docs)", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://gov.ethenafoundation.com/t/ena-fee-switch-parameters/396", "label": "Ethena governance - ENA fee switch parameters", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://discuss.jup.ag/t/increase-the-litterbox-buyback-allocation-from-50-to-70/40136", "label": "Jupiter research - Litterbox buyback allocation", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://www.jito.network/docs/governance/the-jito-governance-token-jto/", "label": "Jito - the JTO governance token", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://www.jito.network/docs/hub/overview/", "label": "Jito - documentation hub", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.maple.finance/syrupusdc-usdt-usdg-for-lenders/introduction", "label": "Maple - syrupUSDC for lenders", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://defillama.com/holders-revenue", "label": "DeFiLlama holders revenue", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://defillama.com/data-definitions", "label": "DeFiLlama data definitions", "license": "the publisher's own terms; quoted for reporting and comment" }, { "url": "https://docs.llama.fi/analysts/data-definitions", "label": "DeFiLlama analyst data definitions", "license": "the publisher's own terms; quoted for reporting and comment" } ], "methodology": "Every row is a verbatim sentence read from the named source's own page through our fetch service on the date shown, hash-pinned to the stored read (the sha of the page's visible text; the raw page is mirrored to R2). 11 of the 28 named sources that could be read published a usable figure; 17 published none and are recorded as not published, never filled in; 0 could not be read (blocked, dead or unreachable) and count nowhere. The headline figures (median, minimum, maximum, quartiles) are over ONE figure per source for each breakdown it prices, in % (a source's median where its page yielded several accepted sentences for one breakdown), so a page that gives figures for several breakdowns gives one for each and N counts 11 figures, never sentences; 34 candidate sentence(s) were refused by a reviewer with the reason recorded. The fuller derivation this dataset is chartered to grow into (not yet what the figures above are; they are each source's own published figure as read): one row per protocol token: the value-capture shape its own documentation states (buyback, burn, direct distribution to stakers, none), the parameter as written (a percentage of fees, a cap, a schedule), the governance act that set it, beside DeFiLlama's holder-revenue and protocol-revenue observations attributed to DeFiLlama by name and read date. The derivation nobody publishes is the JOIN: what the protocol PROMISES its holders against what a public measurer records reaching them, and which protocols publish no mechanism at all.", "embed": "

0.05 to 100 percent

11 published figures, Protocol Value Capture, across 10 sources, read 12 October 2026

Source: Bags That Pay Protocol Value Capture
" }