Fee quality: earned every day, or on a few days?
What it measures
- Two protocols can show the same 30-day fees while one earns them every day and the other earned most of them in an afternoon.
- This measure splits the fees of the last 30 days into recurring and one-off.
- A day is one-off when the data check marked it, or when it is more than 3 times the protocol’s median day.
How to read it
- Recurring share: the part of the 30-day fees that did not come from one-off days. A one-off day counts in full.
- Each day is assessed separately. Consecutive days can also be classified as one-off if they exceed three times the median daily fees in the 30-day window. The remaining share is a statistical category, not a measure of contractually recurring revenue.
- Fees settled once a week arrive in a few large days and look one-off although they return every week: those series are marked as paid in lumps and their split is not quoted.
What it does not say
- It does not say why a day stood out.
- It describes the last 30 days only.