Validators process transactions and receive validator rewards (supply-side fees).

MultiversX is a smart contract platform for decentralized applications (a blockchain). MultiversX was founded by Beniamin Mincu and launched in 2018.

EGLD tokenholders own and govern the protocol. They currently take a cut of the transaction fees paid and give the cut to smart contract deployers (revenue).

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Blockchains (L1)

MultiversX

# MultiversX Expenses Methodology

## 1. Overview

The Elrond expenses metric measures the daily cost of token incentives distributed by the protocol, expressed in USD. This metric captures the newly minted EGLD tokens that are distributed as rewards to validators and other network participants, treating these incentive payments as operating expenses for the protocol. The calculation aggregates epoch-level token minting data to daily totals and converts them to USD using market prices.

## 2. Data sources

The calculation relies on these primary data sources:
- **Epoch metrics data**: Scraped data from the Elrond blockchain containing epoch-level statistics including newly minted token amounts (`daily_new_minted` field)
- **Block metadata**: Timestamp information, block hashes, and previous checkpoint references for each epoch
- **End-of-day price feeds**: CoinGecko price data for EGLD token (identified as 'elrond-erd-2') used for USD conversion
- **Chain configuration**: Chain availability settings that determine data inclusion filters

## 3. Step-by-step calculation

### Component A: Epoch token incentives extraction
- **Purpose**: Extract raw epoch-level token incentive data from Elrond blockchain scraper
- **Logic**: The system retrieves epoch-level metrics containing newly minted EGLD tokens. Each record includes the epoch timestamp, block identifiers, and the amount of tokens minted during that epoch. The data is filtered to distinct records and standardized with chain identifier ('elrond'), token symbol ('EGLD'), and CoinGecko identifier ('elrond-erd-2').
- **Key fields**: `block_timestamp` for epoch timing, `daily_new_minted` for token incentive amounts, `block_hash` and `previous_metrics_checkpoint_block_hash` for blockchain references

### Component B: Daily aggregation and classification
- **Purpose**: Aggregate epoch-level incentives to daily totals and apply business classification
- **Logic**: The epoch-level token incentives are aggregated by day using timestamp truncation to daily boundaries. All newly minted tokens within each day are summed together. The data is classified with standard Token Terminal business categories: business line as 'Blockchain', market sector as 'blockchains_l1', and business segment as 'blockchain'. Version is set to 'v1' and product ID is left null for this L1 blockchain.
- **Key fields**: `daily_timestamp` for day boundaries, `token_incentives` for daily totals, business classification fields

### Component C: USD conversion
- **Purpose**: Convert daily EGLD token incentives to USD values
- **Logic**: The daily token incentive amounts are converted to USD using end-of-day CoinGecko prices for EGLD. The conversion applies the market price on each specific day to the total token incentives minted that day. This uses the 'elrond-erd-2' CoinGecko identifier to match the correct price feed.
- **Key fields**: USD-converted `token_incentives` amounts, original token symbols and identifiers preserved

### Final aggregation
- **Combining components**: The USD-converted token incentives are directly mapped as expenses without additional transformation
- **Currency conversion**: USD conversion is applied using daily CoinGecko prices matched by date and token identifier
- **Time aggregation**: Data is aggregated to daily boundaries with timestamps truncated to day level
- **Final calculation**: Expenses equal the daily USD value of newly minted EGLD tokens distributed as incentives. The `finalize_metric_expenses` macro applies standard metric formatting, ensures data continuity with zero-filling for missing days, and validates the schema. Chain availability filters are applied to exclude data from periods when the chain was not actively monitored.

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

Total project operating and incentive expenses.

MultiversXEGLD

Expenses

Expenses

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