The option buyers pay premiums (revenue) to HEGIC stakers, who collateralize the option positions and cover the buyers' potential profits from their collateral.

Hegic is a non-custodial options exchange built on Arbitrum. Hegic was founded by Molly Wintermute and launched in 2020.



HEGIC tokenholders own and govern the protocol. They charge a premium (revenue) for each option that is bought on the platform.

github

twitter

discord

etherscan

website

Derivative exchanges

Hegic

# Hegic Token incentives Methodology

## 1. Overview

The Hegic token incentives metric measures the USD value of token rewards distributed to users as trading incentives on the Hegic options protocol. This metric tracks whether the protocol provides token-based incentives to encourage trading activity, liquidity provision, or other user behaviors. For Hegic, this metric is intentionally set to zero across all time periods, indicating that the protocol does not currently operate any token incentive programs.

## 2. Data sources

The metric uses the following underlying data sources for its structural framework:
- **Arbitrum blockchain events**: Parsed `PositionsManager` `Transfer` events from Hegic's v1 options trading contracts
- **Arbitrum transaction data**: `HegicStrategyCall` `Acquired` events linking positions to trading strategies
- **Arbitrum token transfers**: USDC transfer logs capturing fee payments on position creation
- **Token metadata**: Contract information for decimal precision handling
- **End-of-day price feeds**: USDC/USD conversion rates for standardization
- **Strategy reference data**: Hardcoded mapping of 238 Hegic strategy contract addresses to their metadata (strategy types, underlying assets, market sentiment)

## 3. Step-by-step calculation

### Component A: Base structure extraction
- **Purpose**: Establishes the time series framework and dimensional attributes for the token incentives metric
- **Logic**: Extracts the base structure from the Hegic fees metric, including daily `timestamp` values, `timestamp_grain` set to 'day', `product_id` identifier, and `chain_id` for Arbitrum. This provides the consistent dimensional framework that all Hegic metrics share
- **Key fields**: `timestamp`, `timestamp_grain`, `product_id`, `chain_id`

### Component B: Zero value assignment
- **Purpose**: Sets the token incentives value to zero for all time periods and dimensional combinations
- **Logic**: Creates a Common Table Expression that takes all records from the base structure and assigns a hardcoded value of 0 to the `token_incentives` field. This reflects that Hegic does not currently operate any token reward or incentive programs
- **Key fields**: `token_incentives` set to 0

### Final aggregation
- **Combining components**: No aggregation is performed as the metric is simply zero across all dimensions
- **Currency conversion**: Not applicable since the value is hardcoded to zero
- **Time aggregation**: Daily time boundaries are inherited from the base structure
- **Final calculation**: The final metric value is 0 USD for all time periods, indicating no token incentives are distributed by the Hegic protocol

The methodology applies standardization through the `finalize_metric_token_incentives` macro which ensures consistent schema structure, validates dimension IDs, and forward-fills any gaps in the time series with zero values. A chain availability filter restricts results to supported blockchain networks.

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

Value of native tokens distributed as incentives.

HegicHEGIC

Token incentives

Token incentives

Competitive landscape

Chain breakdown