# Protocol Earnings

<figure><img src="https://1334354907-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FK1WFnyW0GzxjPAF9IaSq%2Fuploads%2F9t7EiWSG4yff2yvBjJXh%2Fhenjindex-protocol-earnings.png?alt=media&#x26;token=73af399d-919e-4d5e-aeb4-505c3e89a59c" alt=""><figcaption></figcaption></figure>

### Trading fees (AMM)

Trading fees are split between LPs, HENJ stakers, Operations and Algebra License.

{% hint style="info" %}
Henjin has upgraded to v4. A big part of this upgrade involves dynamic fees on trading pools. Read more about the [dynamic fee model](https://docs.henjin.xyz/henjinai-protocol/amm-v4/dynamic-fees).
{% endhint %}

<figure><img src="https://1334354907-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FK1WFnyW0GzxjPAF9IaSq%2Fuploads%2FlozOGWmf56vcLPKJlCnA%2Fhenjin-dex-protocol-earnings-pie-chart.png?alt=media&#x26;token=f5ba159b-211a-4ebc-85b3-6a3c7496424a" alt=""><figcaption></figcaption></figure>

### Fair launch fees

2 types of fees are generated through fair launches :&#x20;

* a 5% fee of the total raise sent to the Henjin Treasury ;
* a 3% fee of any referral to fair launch participation (anyone can create a referral link).