On Cryptex v1, overcollateralized investors deposit funds into Cryptex and mint TCAP tokens. On Cryptex v2, traders trade leveraged perpetual contracts against liquidity pools supplied by liquidity providers.

Cryptex v1 is non-custodial asset management protocol built on Ethereum, while Cryptex v2 is an exchange for perpetual contracts on Arbitrum. Cryptex was founded by Joe Sticco, Preston Van Loon & Thomas Matzner and launched in 2021.

CTX token holders own and govern the protocol. They currently take all of the total withdrawal fees paid by investors and trading fees paid by traders (revenue).

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Cryptex

# Cryptex Expenses Methodology

## 1. Overview

Cryptex expenses represents the total USD value of CTX token rewards distributed by the Cryptex protocol to users and liquidity providers. This metric captures the protocol's token incentive costs across different reward mechanisms including direct delegator rewards and Uniswap V3 liquidity mining rewards. The calculation aggregates reward distributions from multiple Cryptex contracts and converts them to USD values on a daily basis.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Cryptex reward events**: Parsed `RewardPaid` events from five Cryptex v1 Ethereum reward contracts (CTXLiquidityReward, ETHLiquidityReward, DelegatorFactory, DAIRewardHandler, WETHRewardHandler) containing reward amounts and recipient addresses
- **Ethereum token transfers**: CTX token transfer events from the UniswapV3Staker contract address (`0xe34139463ba50bd61336e0c446bd8c0867c6fe65`) to track Uniswap V3 staking rewards
- **UniswapV3Staker events**: Parsed `RewardClaimed` events from the UniswapV3Staker contract to validate legitimate reward claims
- **End-of-day price feeds**: Token price data for CTX token (`0x321c2fe4446c7c963dc41dd58879af648838f98d`) for USD conversion
- **Token metadata**: CTX token decimal configuration for proper amount normalization

## 3. Step-by-step calculation

### Component A: Delegator rewards collection

- **Purpose**: Captures direct reward distributions from Cryptex's core reward contracts
- **Logic**: Parses `RewardPaid` events from five different Cryptex reward contracts on Ethereum. Each event contains the recipient address and reward amount in CTX tokens. The system extracts the reward amount from the `reward` field and associates it with metadata including the contract name, recipient address, and transaction details. All rewards are classified under the "Asset management" business line with "yield_aggregator" segment classification.
- **Key fields**: `reward` amount (converted to `amount`), recipient `address`, `block_timestamp`, `transaction_hash`, contract-specific account names

### Component B: Uniswap V3 rewards collection

- **Purpose**: Captures CTX token rewards distributed through Uniswap V3 liquidity mining
- **Logic**: Identifies CTX token transfers originating from the UniswapV3Staker contract address. To ensure only legitimate rewards are captured, these transfers are cross-referenced with corresponding `RewardClaimed` events from the same contract within the same transaction. Only transfers that have matching RewardClaimed events are included. The recipient address becomes the account address and the transfer amount becomes the reward amount.
- **Key fields**: Transfer `value` (converted to `amount`), `from_address` (UniswapV3Staker), recipient address, `block_timestamp`, `transaction_hash`

### Component C: Reward data standardization

- **Purpose**: Combines and standardizes reward data from different sources
- **Logic**: Unions the delegator rewards and Uniswap V3 rewards datasets with consistent schema and metadata. All records receive standardized business classifications including chain ("ethereum"), business line ("Asset management"), market sector ("asset_management"), and business segment ("yield_aggregator"). Timestamps are truncated to daily boundaries and formatted consistently across both data sources.
- **Key fields**: Standardized `timestamp`, `chain_id`, `business_line`, `market_sector_id`, `business_segment_id`, `account_name`, `token_address`, `amount`

### Component D: Currency conversion and decimal correction

- **Purpose**: Converts raw CTX token amounts to standardized USD values
- **Logic**: Applies decimal correction to account for CTX token's 18-decimal precision, then converts amounts to USD using end-of-day price feeds. The conversion process matches token amounts with corresponding price data based on the token address and daily timestamp. Raw token amounts are divided by 10^18 to get actual token quantities, then multiplied by the USD price.
- **Key fields**: `token_incentives` (corrected and USD-converted amounts), `timestamp`, `token_address`

### Final aggregation

- **Combining components**: The standardized reward data flows through currency conversion as a single unified dataset containing both delegator and Uniswap V3 rewards
- **Currency conversion**: CTX token amounts are converted to USD using end-of-day price feeds, with proper decimal adjustment for the 18-decimal CTX token
- **Time aggregation**: All rewards are aggregated to daily timestamps using timestamp truncation to day boundaries
- **Final calculation**: The final expenses value represents the sum of all USD-converted CTX token rewards distributed on each day. The metric is finalized with schema validation and gap-filling logic, then the `token_incentives` field is renamed to `expenses` for the final output

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

Total project operating and incentive expenses.

CryptexCTX

Expenses

Expenses

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Chain breakdown