Revenue Data Migration

Artemis is making a push to a new standard revenue definition that reflects the real way investors value crypto protocols. You will find all relevant information here regarding the timeline for this migration, the metrics that are affected, their definitions, and a full list of all affected protocols.

Updated Metric: REVENUE

Value accrued to tokenholders via fees accrued to a treasury, burns, buybacks and burns, or direct fee distributions to tokenholders (including active and passive tokenholders). These must be derived from the protocol’s core operations on a recurring basis. 

New Metric: ACTIVE_REVENUE

The portion of revenue that you have a claim to as an active, participating holder of a token. For instance, as a staker of ETH or SOL you have claims on the economic benefits generated by burned base fees, as well as priority fees.

New Metric: PASSIVE_REVENUE

The portion of revenue that you have a claim to as a passive, vanilla tokenholder. For instance, as a holder of unstaked ETH or SOL, you have claims on the economic benefits generated via token burns, but not priority fees. 

Timeline for changes

• Fri, 9-12-25: publish article (link)
• Week of Mon, 9/15: Development for Tranche 1 begins.
• Week of Mon, 9/22: Roll out Tranche 1. Development for Tranche 2 begins.
• Week of Mon 9/29: Roll out Tranche 2. Development for Tranche 3 begins.
• Week of Mon 10/6: Roll out Tranche 3.

Once the changes are rolled out, the existing REVENUE metric will adopt the new methodologies and historical revenue data will be restated using the new methodology. Users can expect to see changes in historical revenue figures for protocols with significant staking/active participation components, particularly for assets like ETH, SOL, CRV, and AERO.” 

To maintain continuity for existing dashboards and analyses, the legacy revenue definition will remain available as PASSIVE_REVENUE. Users who want to preserve their current metrics should update their queries to use PASSIVE_REVENUE instead of REVENUE starting on 09-22-25.

Protocol List and Status

Status: Updated

Protocol	Status	Tranche
aave	Updated	Tranche 1 (9/22)
acala	Updated	Tranche 3 (10/6)
aerodrome	Updated	Tranche 1 (9/22)
akash	Updated	Tranche 1 (9/22)
algorand	Updated	Tranche 1 (9/22)
axelar	Updated	Tranche 1 (9/22)
blast	Updated	Tranche 2 (9/29)
bob	Updated	Tranche 2 (9/29)
bonk	Updated	Tranche 2 (9/29)
braintrust	Updated	Tranche 2 (9/29)
bsc	Updated	Tranche 2 (9/29)
cardano	Updated	Tranche 2 (9/29)
celo	Updated	Tranche 2 (9/29)
decentraland	Updated	Tranche 2 (9/29)
ethena	Updated	Tranche 2 (9/29)
collector_crypt	Updated	Tranche 1 (9/22)
flare	Updated	Tranche 2 (9/29)
geodnet	Updated	Tranche 2 (9/29)
curve	Updated	Tranche 1 (9/22)
convex	Updated	Tranche 3 (10/6)
drift	Updated	Tranche 3 (10/6)
ethereum	Updated	Tranche 3 (10/6)
flow	Updated	Tranche 3 (10/6)
gnosis	Updated	Tranche 3 (10/6)
goldfinch	Updated	Tranche 3 (10/6)
graph	Updated	Tranche 3 (10/6)
heaven	Updated	Tranche 3 (10/6)
hedera	Updated	Tranche 3 (10/6)
helium	Updated	Tranche 3 (10/6)
hivemapper	Updated	Tranche 3 (10/6)
conflux	Updated	Tranche 2 (9/29)
hyperliquid	Updated	Tranche 2 (9/29)
injective	Updated	Tranche 2 (9/29)
internet-computer	Updated	Tranche 2 (9/29)
iotex	Updated	Tranche 2 (9/29)
jito	Updated	Tranche 2 (9/29)
kamino	Updated	Tranche 2 (9/29)
letsbonk	Updated	Tranche 2 (9/29)
lido	Updated	Tranche 2 (9/29)
litecoin	Updated	Tranche 2 (9/29)
magiceden	Updated	Tranche 2 (9/29)
mantle	Updated	Tranche 2 (9/29)
jupiter	Updated	Tranche 1 (9/22)
maker	Updated	Tranche 1 (9/22)
optimism	Updated	Tranche 2 (9/29)
orca	Updated	Tranche 2 (9/29)
perpetual-protocol	Updated	Tranche 2 (9/29)
polkadot	Updated	Tranche 2 (9/29)
polygon	Updated	Tranche 2 (9/29)
pancakeswap	Updated	Tranche 1 (9/22)
pendle	Updated	Tranche 1 (9/22)
polygon_zk	Updated	Tranche 2 (9/29)
raydium	Updated	Tranche 2 (9/29)
render	Updated	Tranche 2 (9/29)
pumpfun	Updated	Tranche 1 (9/22)
ripple	Updated	Tranche 2 (9/29)
rocketpool	Updated	Tranche 2 (9/29)
solana	Updated	Tranche 1 (9/22)
sushiswap	Updated	Tranche 2 (9/29)
synthetix	Updated	Tranche 2 (9/29)
syrup	Updated	Tranche 2 (9/29)
ton	Updated	Tranche 2 (9/29)
trader_joe	Updated	Tranche 2 (9/29)
tron	Updated	Tranche 1 (9/22)
uniswap	Updated	Tranche 2 (9/29)
usual	Updated	Tranche 2 (9/29)
virtuals	Updated	Tranche 2 (9/29)
worldchain	Updated	Tranche 2 (9/29)
zora	Updated	Tranche 2 (9/29)

Status: Not Updated

Protocol	Status	Tranche
abstract	Not Updated	Tranche 3 (10/6)
aptos	Not Updated	Tranche 3 (10/6)
arbitrum	Not Updated	Tranche 3 (10/6)
avalanche	Not Updated	Tranche 3 (10/6)
balancer	Not Updated	Tranche 3 (10/6)
bananagun	Not Updated	Tranche 3 (10/6)
base	Not Updated	Tranche 3 (10/6)
berachain	Not Updated	Tranche 3 (10/6)
bitcoin	Not Updated	Tranche 3 (10/6)
gmx	Not Updated	Tranche 3 (10/6)
chainlink	Not Updated	Tranche 3 (10/6)
leo	Not Updated	Tranche 3 (10/6)
liquity	Not Updated	Tranche 3 (10/6)
chiliz	Not Updated	Tranche 3 (10/6)
cosmoshub	Not Updated	Tranche 3 (10/6)
dydx	Not Updated	Tranche 3 (10/6)
etherfi	Not Updated	Tranche 3 (10/6)
footballdotfun	Not Updated	Tranche 3 (10/6)
maple	Not Updated	Tranche 3 (10/6)
marinade	Not Updated	Tranche 3 (10/6)
metaplex	Not Updated	Tranche 3 (10/6)
morpho	Not Updated	Tranche 3 (10/6)
mythos	Not Updated	Tranche 3 (10/6)
near	Not Updated	Tranche 3 (10/6)
ondo	Not Updated	Tranche 3 (10/6)
osmosis	Not Updated	Tranche 3 (10/6)
reserve	Not Updated	Tranche 3 (10/6)
ens	Not Updated	Tranche 3 (10/6)
fantom	Not Updated	Tranche 3 (10/6)
gains-network	Not Updated	Tranche 3 (10/6)
scroll	Not Updated	Tranche 3 (10/6)
sei	Not Updated	Tranche 3 (10/6)
stargate	Not Updated	Tranche 3 (10/6)
starknet	Not Updated	Tranche 3 (10/6)
stellar	Not Updated	Tranche 3 (10/6)
story	Not Updated	Tranche 3 (10/6)
stride	Not Updated	Tranche 3 (10/6)
sui	Not Updated	Tranche 3 (10/6)
zksync	Not Updated	Tranche 3 (10/6)