# Protocol Value Capture

> The Protocol Value Capture carries 11 published figures read from 10 sources' own pages, from 0.05 to 100 percent, read 12 October 2026.

Bags That Pay · https://bagsthatpay.com/datasets/protocol-value-capture/ · computed 2026-10-19

**Range of the published figures:** 0.05 to 100 % (range 0.05 to 100 %; 11 published figures; 11 of 28 sources read publish one).

11 of the 28 named sources read in full publish a figure; 17 publish none, read 12 October 2026.

## By protocol

| Breakdown | Median | Range | Sources |
|---|---|---|---|
| protocol Aave | 250,000 USD | 250,000 to 250,000 USD | 1 |
| protocol GMX | 27 % | 27 to 27 % | 1 |
| protocol Uniswap | 0.05 % | 0.05 to 0.05 % | 1 |
| protocol Aerodrome | 100 % | 100 to 100 % | 1 |
| protocol Raydium | 12 % | 12 to 12 % | 1 |
| protocol Pendle | 80 % | 80 to 80 % | 1 |
| protocol Curve | 100 % | 100 to 100 % | 1 |
| protocol Morpho | 50 % | 50 to 50 % | 1 |
| protocol Lido | 10 % | 10 to 10 % | 1 |
| protocol Jupiter | 50 % | 50 to 50 % | 1 |
| protocol GEODNET | 80 % | 80 to 80 % | 1 |
| protocol Ramses | 72 % | 72 to 72 % | 1 |

## Every figure, with its source

One row per source: the figure the source's own page publishes, the page, and the day it was read.

| Source | Figure | Breakdown | Read |
|---|---|---|---|
| [Aave - AAVE token documentation](https://aave.com/docs/ecosystem/aave) | 250,000 USD | Aave | 2026-10-12 |
| [Aerodrome - documentation](https://aerodrome.finance/docs) | 100 % | Aerodrome | 2026-10-12 |
| [Curve - fee collection and distribution](https://docs.curve.finance/developer/fees/original-architecture/overview) | 100 % | Curve | 2026-10-12 |
| [Pendle - sPENDLE](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/Mechanisms/sPENDLE) | 80 % | Pendle | 2026-10-12 |
| [DeFiLlama holders revenue](https://defillama.com/holders-revenue) | 80 % | GEODNET | 2026-10-12 |
| [DeFiLlama holders revenue](https://defillama.com/holders-revenue) | 72 % | Ramses | 2026-10-12 |
| [Morpho - fees](https://docs.morpho.org/curate/concepts/fee/) | 50 % | Morpho | 2026-10-12 |
| [Jupiter research - Litterbox buyback allocation](https://discuss.jup.ag/t/increase-the-litterbox-buyback-allocation-from-50-to-70/40136) | 50 % | Jupiter | 2026-10-12 |
| [GMX - GMX token](https://docs.gmx.io/docs/tokenomics/gmx-token/) | 27 % | GMX | 2026-10-12 |
| [Raydium - protocol fees](https://docs.raydium.io/ray/protocol-fees) | 12 % | Raydium | 2026-10-12 |
| [Lido - documentation](https://docs.lido.fi/) | 10 % | Lido | 2026-10-12 |
| [Uniswap - UNIfication](https://blog.uniswap.org/unification) | 0.05 % | Uniswap | 2026-10-12 |

## The sentence each figure was read from (12)

- [Aave - AAVE token documentation](https://aave.com/docs/ecosystem/aave), read 2026-10-12: "Weekly purchases range from $250,000 to $1.75 million, with volume adjusted based on market conditions, liquidity, and price volatility."
- [Aerodrome - documentation](https://aerodrome.finance/docs), read 2026-10-12: "100% of swap fees generated by staked liquidity"
- [Curve - fee collection and distribution](https://docs.curve.finance/developer/fees/original-architecture/overview), read 2026-10-12: "100% of crvUSD borrow rate fees are "admin fees"."
- [Pendle - sPENDLE](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/Mechanisms/sPENDLE), read 2026-10-12: "80% of Pendle V2 fees from Yield and Swap Fees are allocated to PENDLE token buybacks."
- [DeFiLlama holders revenue](https://defillama.com/holders-revenue), read 2026-10-12: "80% of the fees are used to repurchase GEOD tokens from the open market and remove them from circulation"
- [DeFiLlama holders revenue](https://defillama.com/holders-revenue), read 2026-10-12: "Ramses CL: 72% of swap fees allocated to token holders, plus all bribes paid to holders who vote."
- [Morpho - fees](https://docs.morpho.org/curate/concepts/fee/), read 2026-10-12: "Maximum Rate: Capped at 50% of the generated interest."
- [Jupiter research - Litterbox buyback allocation](https://discuss.jup.ag/t/increase-the-litterbox-buyback-allocation-from-50-to-70/40136), read 2026-10-12: "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."
- [GMX - GMX token](https://docs.gmx.io/docs/tokenomics/gmx-token/), read 2026-10-12: "27% of protocol fees are used to buy back GMX on the open market through a mechanism approved by the DAO Tally vote."
- [Raydium - protocol fees](https://docs.raydium.io/ray/protocol-fees), read 2026-10-12: "A 12% buyback share is 12% of the swap fee, not 12% of the trade."
- [Lido - documentation](https://docs.lido.fi/), read 2026-10-12: "Lido applies a 10% fee on staking rewards that are split between node operators and the DAO Treasury."
- [Uniswap - UNIfication](https://blog.uniswap.org/unification), read 2026-10-12: "Once activated, LP fees are 0.25% and protocol fees are 0.05%."

## Read in full, publishes no figure

- [Aave governance - DAO funding insights](https://governance.aave.com/t/aave-dao-funding-insights/24192), read 2026-10-12: every candidate on the page was refused
- [Hyperliquid - fees documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), read 2026-10-12: read in full and no accepted figure on the page
- [GMX - rewards](https://docs.gmx.io/docs/tokenomics/rewards/), read 2026-10-12: read in full and no accepted figure on the page
- [Uniswap governance - UNIfication proposal 93](https://vote.uniswapfoundation.org/proposals/93), read 2026-10-12: every candidate on the page was refused
- [dYdX - rewards, fees and parameters](https://docs.dydx.xyz/concepts/trading/rewards), read 2026-09-12: read in full and no accepted figure on the page
- [dYdX - staking rewards](https://docs.dydx.xyz/concepts/trading/rewards/staking-rewards), read 2026-10-12: read in full and no accepted figure on the page
- [dYdX Foundation - rewards and fees on the dYdX chain](https://www.dydx.foundation/blog/understanding-rewards-and-fees-on-the-dydx-chain), read 2026-09-12: read in full and no accepted figure on the page
- [Morpho - governance](https://docs.morpho.org/learn/governance/organization/), read 2026-10-12: read in full and no accepted figure on the page
- [Sky - stake SKY](https://sky.money/stake-sky), read 2026-10-12: every candidate on the page was refused
- [Sky - understanding the SKY token](https://sky.money/blog/understanding-the-sky-token), read 2026-10-12: read in full and no accepted figure on the page
- [Sky - MKR tokenomics (Endgame docs)](https://github.com/sky-ecosystem/endgame-docs/blob/main/tokenomics/mkr-tokenomics.md), read 2026-10-12: read in full and no accepted figure on the page
- [Ethena governance - ENA fee switch parameters](https://gov.ethenafoundation.com/t/ena-fee-switch-parameters/396), read 2026-09-12: every candidate on the page was refused
- [Jito - the JTO governance token](https://www.jito.network/docs/governance/the-jito-governance-token-jto/), read 2026-10-12: read in full and no accepted figure on the page
- [Jito - documentation hub](https://www.jito.network/docs/hub/overview/), read 2026-09-12: read in full and no accepted figure on the page
- [Maple - syrupUSDC for lenders](https://docs.maple.finance/syrupusdc-usdt-usdg-for-lenders/introduction), read 2026-10-12: read in full and no accepted figure on the page
- [DeFiLlama data definitions](https://defillama.com/data-definitions), read 2026-10-12: every candidate on the page was refused
- [DeFiLlama analyst data definitions](https://docs.llama.fi/analysts/data-definitions), read 2026-10-12: every candidate on the page was refused

## 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.

## Sources

- [Aave - AAVE token documentation](https://aave.com/docs/ecosystem/aave) (the publisher's own terms; quoted for reporting and comment)
- [Aave governance - DAO funding insights](https://governance.aave.com/t/aave-dao-funding-insights/24192) (the publisher's own terms; quoted for reporting and comment)
- [Hyperliquid - fees documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) (the publisher's own terms; quoted for reporting and comment)
- [GMX - GMX token](https://docs.gmx.io/docs/tokenomics/gmx-token/) (the publisher's own terms; quoted for reporting and comment)
- [GMX - rewards](https://docs.gmx.io/docs/tokenomics/rewards/) (the publisher's own terms; quoted for reporting and comment)
- [Uniswap - UNIfication](https://blog.uniswap.org/unification) (the publisher's own terms; quoted for reporting and comment)
- [Uniswap governance - UNIfication proposal 93](https://vote.uniswapfoundation.org/proposals/93) (the publisher's own terms; quoted for reporting and comment)
- [Aerodrome - documentation](https://aerodrome.finance/docs) (the publisher's own terms; quoted for reporting and comment)
- [dYdX - rewards, fees and parameters](https://docs.dydx.xyz/concepts/trading/rewards) (the publisher's own terms; quoted for reporting and comment)
- [dYdX - staking rewards](https://docs.dydx.xyz/concepts/trading/rewards/staking-rewards) (the publisher's own terms; quoted for reporting and comment)
- [dYdX Foundation - rewards and fees on the dYdX chain](https://www.dydx.foundation/blog/understanding-rewards-and-fees-on-the-dydx-chain) (the publisher's own terms; quoted for reporting and comment)
- [Raydium - protocol fees](https://docs.raydium.io/ray/protocol-fees) (the publisher's own terms; quoted for reporting and comment)
- [Pendle - sPENDLE](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/Mechanisms/sPENDLE) (the publisher's own terms; quoted for reporting and comment)
- [Curve - fee collection and distribution](https://docs.curve.finance/developer/fees/original-architecture/overview) (the publisher's own terms; quoted for reporting and comment)
- [Morpho - fees](https://docs.morpho.org/curate/concepts/fee/) (the publisher's own terms; quoted for reporting and comment)
- [Morpho - governance](https://docs.morpho.org/learn/governance/organization/) (the publisher's own terms; quoted for reporting and comment)
- [Lido - documentation](https://docs.lido.fi/) (the publisher's own terms; quoted for reporting and comment)
- [Sky - stake SKY](https://sky.money/stake-sky) (the publisher's own terms; quoted for reporting and comment)
- [Sky - understanding the SKY token](https://sky.money/blog/understanding-the-sky-token) (the publisher's own terms; quoted for reporting and comment)
- [Sky - MKR tokenomics (Endgame docs)](https://github.com/sky-ecosystem/endgame-docs/blob/main/tokenomics/mkr-tokenomics.md) (the publisher's own terms; quoted for reporting and comment)
- [Ethena governance - ENA fee switch parameters](https://gov.ethenafoundation.com/t/ena-fee-switch-parameters/396) (the publisher's own terms; quoted for reporting and comment)
- [Jupiter research - Litterbox buyback allocation](https://discuss.jup.ag/t/increase-the-litterbox-buyback-allocation-from-50-to-70/40136) (the publisher's own terms; quoted for reporting and comment)
- [Jito - the JTO governance token](https://www.jito.network/docs/governance/the-jito-governance-token-jto/) (the publisher's own terms; quoted for reporting and comment)
- [Jito - documentation hub](https://www.jito.network/docs/hub/overview/) (the publisher's own terms; quoted for reporting and comment)
- [Maple - syrupUSDC for lenders](https://docs.maple.finance/syrupusdc-usdt-usdg-for-lenders/introduction) (the publisher's own terms; quoted for reporting and comment)
- [DeFiLlama holders revenue](https://defillama.com/holders-revenue) (the publisher's own terms; quoted for reporting and comment)
- [DeFiLlama data definitions](https://defillama.com/data-definitions) (the publisher's own terms; quoted for reporting and comment)
- [DeFiLlama analyst data definitions](https://docs.llama.fi/analysts/data-definitions) (the publisher's own terms; quoted for reporting and comment)

## Cite or embed

- 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.

Cite as: "Bags That Pay Protocol Value Capture", updated 2026-10-19, https://bagsthatpay.com/datasets/protocol-value-capture/.

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