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 Token incentives Methodology

## 1. Overview

Token incentives represents the total value of CTX tokens distributed as rewards to users participating in Cryptex protocol activities. This metric captures two main types of incentives: direct protocol rewards for liquidity provision and delegation activities, and Uniswap V3 staking rewards. The calculation aggregates reward distributions from multiple sources and converts them to USD to provide a comprehensive view of token-based incentive spending by the protocol.

## 2. Data sources

- **Ethereum event logs**: Parsed `RewardPaid` events from five Cryptex V1 protocol contracts (CTXLiquidityReward, ETHLiquidityReward, DelegatorFactory, DAIRewardHandler, WETHRewardHandler)
- **Ethereum token transfers**: Token transfer records showing CTX token movements from the UniswapV3Staker contract
- **Ethereum event validation**: `RewardClaimed` events from the UniswapV3Staker contract used to validate reward transfers
- **End-of-day price feeds**: Token price data for CTX token USD conversion
- **Token metadata**: Decimal information for proper amount calculations

## 3. Step-by-step calculation

### Component A: Delegator rewards extraction
- **Purpose**: Captures direct protocol rewards paid to users for liquidity provision and delegation activities
- **Logic**: Extracts `RewardPaid` events from five different Cryptex protocol contracts. Each event contains the reward recipient address and the reward amount in the `reward` field. All rewards are paid in CTX tokens. The system processes events from CTXLiquidityReward, ETHLiquidityReward, DelegatorFactory, DAIRewardHandler, and WETHRewardHandler contracts
- **Key fields**: `reward` amount field converted to `amount`, recipient `address` as `account_address`, CTX token address as `token_address`, contract name derived from event source

### Component B: Uniswap V3 staking rewards extraction  
- **Purpose**: Identifies CTX token rewards distributed through Uniswap V3 staking mechanism
- **Logic**: Finds CTX token transfers originating from the UniswapV3Staker contract address and validates them against corresponding `RewardClaimed` events in the same transaction. This dual-validation approach ensures only legitimate reward distributions are captured, filtering out other token movements from the staker contract
- **Key fields**: Transfer `value` as reward amount, `from_address` of the staker contract, CTX `token_address`, transaction validation through `RewardClaimed` event matching

### Final aggregation
- **Combining components**: Both reward streams are combined using a union operation, creating a single dataset with consistent schema including timestamp, chain identifier, business categorization, and reward amounts
- **Currency conversion**: All CTX token amounts are converted to USD using end-of-day price feeds, with proper decimal correction applied based on the CTX token's 18-decimal precision
- **Time aggregation**: Timestamps are truncated to daily boundaries using the block timestamp from the original events, ensuring rewards are attributed to the correct day
- **Final calculation**: The metric represents the total USD value of all token incentives distributed per day, with missing periods filled with zero values to maintain continuous time series data

*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

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Chain breakdown