Protocol Fees (24h)

Fees are the gross amount end users pay to transact: gas paid to a blockchain, the swap fee paid into an automated market maker pool, interest paid by a borrower, or a trading fee on a perpetuals venue. The figure is assembled by an adapter that reads specific on-chain events for each protocol and converts each fee to US dollars at the moment it was paid. A 24-hour reading shows the most recent day of demand for blockspace or for an application, and it is the noisiest window in this catalog.

计算方式

sum of all user-paid fees recognized by the protocol fee adapter between now minus 24 hours and now, converted to US dollars at the time of each event

易产生误导之处

The number depends entirely on what the adapter counts: for a blockchain it is normally gas paid by users, for an application it is the fee that application charges, and the same dollar can appear in both places when an application runs on a chain this catalog also covers separately. Providers disagree on whether maximal extractable value, priority tips, and off-chain order flow are fees at all, so two sites can publish very different daily totals for the same protocol. A single event such as a large NFT mint, an airdrop claim window, or a liquidation cascade can dominate one day, and a UTC-day cutoff produces a different figure than a rolling 24-hour window. Fees denominated in a volatile native token move with that token even when transaction demand is unchanged.

与股权的类比，以及为何该类比不成立

Gross revenue. The analogy fails because no company collects this money: fees are paid to a permissionless network and split by protocol rules among validators, liquidity providers and, in some designs, a token burn, with no accrual accounting, no contracted backlog, and no legal entity that owes or owns the amount.

如何解读高值或低值

A higher figure means more was paid for the network's services that day and a lower figure means less. Day-to-day movement usually reflects activity mix and congestion rather than a durable change in the protocol.