<p></p>
<table>
<thead>
<tr>
<th>Cycle (A)</th>
<th>Proof of Burn (B)</th>
<th>Arbitrator Reimbursement (C)</th>
<th>BSQ Fees (D)</th>
<th>BTC Fees (E)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Cycle 8</td>
<td>66000</td>
<td>0</td>
<td>13449</td>
<td>52551</td>
</tr>
<tr>
<td>Cycle 9</td>
<td>135210</td>
<td>48691</td>
<td>6842</td>
<td>79407</td>
</tr>
<tr>
<td>Cycle 10</td>
<td>39500</td>
<td>0</td>
<td>13161</td>
<td>26339</td>
</tr>
<tr>
<td>Cycle 11</td>
<td>82700</td>
<td>91866</td>
<td>8791</td>
<td>-17957</td>
</tr>
<tr>
<td>Total</td>
<td>323410</td>
<td>140557</td>
<td>42243</td>
<td>140340</td>
</tr>
</tbody>
</table>
<p>BTC fees are calculated as B - C - D. These fees are denominated in BSQ, and BSQ price has fluctuated throughout this time, so the BTC equivalent must be estimated.</p>
<p>BTC fees collected since v1.2 was released (Cycle 8) total <strong>140,340 BSQ</strong>. No data for Cycle 12 is included above because we don't know the corresponding arbitrator claims.</p>
<p>Here are monthly trade numbers broken down by the type of fee payment.</p>
<table>
<thead>
<tr>
<th>Year-Month</th>
<th>BSQ Trade Fee Payments</th>
<th>Whole BSQ Trades</th>
<th>Total Trades</th>
<th>BTC Trades</th>
<th>% BTC Trades</th>
</tr>
</thead>
<tbody>
<tr>
<td>201904</td>
<td>924</td>
<td>462</td>
<td>2101</td>
<td>1639</td>
<td>78.01%</td>
</tr>
<tr>
<td>201905</td>
<td>1533</td>
<td>766.5</td>
<td>1800</td>
<td>1033.5</td>
<td>57.42%</td>
</tr>
<tr>
<td>201906</td>
<td>2723</td>
<td>1361.5</td>
<td>2822</td>
<td>1460.5</td>
<td>51.75%</td>
</tr>
<tr>
<td>201907</td>
<td>2130</td>
<td>1065</td>
<td>2214</td>
<td>1149</td>
<td>51.90%</td>
</tr>
<tr>
<td>201908</td>
<td>2389</td>
<td>1194.5</td>
<td>3037</td>
<td>1842.5</td>
<td>60.67%</td>
</tr>
<tr>
<td>201909</td>
<td>1712</td>
<td>856</td>
<td>2417</td>
<td>1561</td>
<td>64.58%</td>
</tr>
<tr>
<td>201910</td>
<td>1782</td>
<td>891</td>
<td>2298</td>
<td>1407</td>
<td>61.23%</td>
</tr>
<tr>
<td>201911</td>
<td>2142</td>
<td>1071</td>
<td>2256</td>
<td>1185</td>
<td>52.53%</td>
</tr>
<tr>
<td>201912</td>
<td>1849</td>
<td>924.5</td>
<td>2248</td>
<td>1323.5</td>
<td>58.87%</td>
</tr>
<tr>
<td>202001</td>
<td>2365</td>
<td>1182.5</td>
<td>2393</td>
<td>1210.5</td>
<td>50.59%</td>
</tr>
<tr>
<td>202002</td>
<td>2679</td>
<td>1339.5</td>
<td>2902</td>
<td>1562.5</td>
<td>53.84%</td>
</tr>
<tr>
<td>202003</td>
<td>2992</td>
<td>1496</td>
<td>3597</td>
<td>2101</td>
<td>58.41%</td>
</tr>
</tbody>
</table>
<p><code>Whole BSQ Trades</code> is <code>BSQ Trades</code> / 2 since trade fee payments occur twice per trade.</p>
<p>Numbers in spreadsheet <a href="https://docs.google.com/spreadsheets/d/1Xp9B2v-JEvnYJA_yVaZuI4Op7A68ueKKnwDb7QejiLQ/edit?usp=sharing" rel="nofollow">here</a>.</p>

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