Liquidity providers deposit funds into Beethoven X and receive trading fees from traders (supply-side fees). In addition, Beethoven X provides liquidity providers with additional yield using boosted pools.

Beethoven X is a non-custodial exchange protocol built on Fantom and Optimism. It was founded by an anonymous team and launched in 2021.

BEETS tokenholders own and govern the protocol. They currently take a cut of the total trading and yield fees (revenue). Beethoven X shares 50% of the Optimism revenues with Balancer (Beethoven X is an official friendly fork of Balancer).

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Beets

# Beets Token incentives Methodology

## 1. Overview

This metric measures the total value of BEETS token incentives distributed daily through Beethoven's liquidity mining program on Fantom. It tracks when users claim their accumulated rewards from providing liquidity to Beethoven pools, capturing the protocol's expenditure on user incentives. The calculation aggregates all harvest events from the MasterChef contract, converts token amounts to USD, and presents daily totals.

## 2. Data sources

- **Blockchain events**: Parsed Fantom `MasterChef_Harvest` events from Beethoven's incentive distribution contract
- **Token metadata**: BEETS token contract details including decimal precision (18 decimals)
- **External data**: End-of-day price feeds for BEETS token USD conversion
- **Protocol mappings**: Hardcoded contract address mappings to identify the MasterChef contract (`0x8166994d9ebbe5829ec86bd81258149b87facfd3`) and BEETS token address (`0xf24bcf4d1e507740041c9cfd2dddb29585adce1e`)

## 3. Step-by-step calculation

### Component A: Raw incentive events
- **Purpose**: Extract all BEETS token harvest/claim events from the MasterChef contract
- **Logic**: Filter Fantom blockchain events for `MasterChef_Harvest` events from the specific contract address. Each event represents a user claiming accumulated BEETS rewards from liquidity mining. Extract the user address, timestamp, transaction details, and raw token amount from the `amount` field
- **Key fields**: `block_timestamp` for timing, `address` for the MasterChef contract, `amount` for raw BEETS tokens claimed, `transaction_hash` and `log_index` for unique event identification

### Component B: Account classification
- **Purpose**: Map contract addresses to human-readable names and validate known incentive sources
- **Logic**: Join harvest events with a hardcoded dimension table that maps the MasterChef contract address to the name "MasterChef". This ensures only known incentive distribution contracts are included and provides consistent naming
- **Key fields**: `account_address` matched between events and dimension, `account_name` set to "MasterChef", `chain` identifier for Fantom network

### Component C: Token amount processing
- **Purpose**: Convert raw token amounts to properly scaled values and USD equivalents
- **Logic**: Apply decimal correction to raw `amount` values using BEETS token metadata (18 decimal places). This converts the raw blockchain integer values to actual token quantities. Then convert the corrected token amounts to USD using end-of-day BEETS token prices
- **Key fields**: Corrected `token_incentives` amount, USD-converted values for final metric

### Final aggregation
- **Combining components**: Sum all USD-converted BEETS incentive amounts by day, grouping by timestamp truncated to daily boundaries
- **Currency conversion**: Applied after decimal correction using end-of-day BEETS/USD price feeds
- **Time aggregation**: Events are grouped by day using timestamp truncation, creating daily totals of incentives distributed
- **Final calculation**: Daily sum of all BEETS token incentives claimed from MasterChef contract, expressed in USD. Missing days are filled with zero values using a forward-fill strategy within the chain's data availability window

The final metric represents the total USD value of BEETS tokens distributed as liquidity mining incentives on each day, providing insight into Beethoven's daily incentive expenditure and user engagement with the rewards program.

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

Value of native tokens distributed as incentives.

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Token incentives

Token incentives

Competitive landscape

Chain breakdown