Liquidity providers deposit funds into APX and receive trading fees from traders (supply-side fees).

APX Finance is a non-custodial exchange for perpetual contracts built on BNB Chain, Arbitrum, and Base.

APX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). APX's investors include Binance Labs, Kronos Research, etc.

github

twitter

etherscan

website

Derivative exchanges

APX V2

# APX V2 Token incentives Methodology

## 1. Overview

The ApolloX token incentives metric measures the daily value of APX tokens claimed as incentives across ApolloX's perpetual trading platform. This metric captures both trading rewards distributed to users and staking rewards claimed from liquidity provision activities. The calculation aggregates incentive claims from multiple contract events on BSC, converts token amounts to USD values, and presents the data as a daily time series with standardized business metadata.

## 2. Data sources

- **BSC contract event logs**: Parsed event logs from four ApolloX v2 contracts on Binance Smart Chain capturing incentive claims
  - `TradingRewardDistributor_Claimed_event` logs for trading reward distributions
  - `DaoFeeDistributor_Claimed_event` logs for DAO fee distributions  
  - `APXLPStaking_RewardClaimed_event` logs for LP staking reward claims
  - `ApolloX2_ClaimApxReward_event` logs for platform reward claims
- **End-of-day token price feeds**: Daily closing prices for APX token USD conversion
- **APX token metadata**: Token contract details and decimal precision information for address `0x78f5d389f5cdccfc41594abab4b0ed02f31398b3`

## 3. Step-by-step calculation

### Component A: Raw incentive data collection
- **Purpose**: Extract all APX token incentive claims from ApolloX contract events on BSC
- **Logic**: Query four different contract event types from the apollox_v2_bsc schema. Trading reward events (`TradingRewardDistributor_Claimed_event` and `DaoFeeDistributor_Claimed_event`) use the `amount` field to capture token quantities. Staking reward events (`APXLPStaking_RewardClaimed_event` and `ApolloX2_ClaimApxReward_event`) use the `reward` field for token quantities. All events are filtered to the specific APX token contract address. Each record includes transaction details, claiming address, and raw token amounts.
- **Key fields**: `block_timestamp` for timing, `address` for the claiming account, `amount` or `reward` for token quantities depending on event type, `transaction_hash` and `log_index` for unique identification

### Component B: Business metadata enrichment  
- **Purpose**: Standardize business classification and chain identification across all incentive events
- **Logic**: All events are classified with consistent business metadata regardless of the specific contract source. Chain information is extracted from the schema naming convention where apollox_v2_bsc indicates BSC chain. Version information is similarly extracted from the schema name. Product ID is left null as incentives span multiple products within the platform.
- **Key fields**: `chain` set to 'bsc', `business_line` set to 'Perpetual trading', `market_sector_id` set to 'derivatives', `business_segment_id` set to 'perpetual', `version` set to 'v2', `token_address` standardized to APX contract address

### Component C: Daily aggregation
- **Purpose**: Aggregate token incentive amounts to daily totals with proper time boundaries
- **Logic**: Truncate block timestamps to day level using timestamp truncation to establish daily boundaries. Sum all token incentive amounts by day, chain, and business metadata groupings. This creates daily totals of APX tokens claimed as incentives across all contract types.
- **Key fields**: `timestamp` truncated to day grain, `token_incentives` as the sum of all token amounts, `timestamp_grain` set to 'day'

### Component D: USD conversion and decimal correction
- **Purpose**: Convert raw token amounts to USD values with proper decimal handling
- **Logic**: Apply the convert_to_usd_and_correct_decimals macro to the aggregated token incentive amounts. This process corrects for APX token decimal precision and converts token quantities to USD values using end-of-day price feeds. The conversion uses daily closing prices to ensure consistent valuation timing.
- **Key fields**: `token_incentives_usd` containing the USD-converted incentive values, with decimal correction applied to raw token amounts

### Final aggregation
- **Combining components**: The daily aggregated incentive amounts flow directly through USD conversion without additional combining of separate components
- **Currency conversion**: USD conversion uses end-of-day APX token prices with proper decimal correction applied to raw token amounts before price multiplication  
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to day level, with all incentive claims within each day summed together
- **Final calculation**: The final metric value represents the total USD value of APX token incentives claimed each day, calculated as the sum of all converted token amounts within each daily boundary, with any missing days filled with zero values to maintain complete time series continuity

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of native tokens distributed as incentives.

APX V2APX

Token incentives

Token incentives

Competitive landscape

Chain breakdown