Integral provides low slippage on large trades by executing orders using a time-weighted average price (TWAP).

Integral is a non-custodial TWAP-based exchange on Ethereum and Arbitrum that specializes in handling large trades with low slippage. Integral was founded by a group of pseudonymous developers, mathematicians and financial engineers, and their flagship product Integral SIZE was launched in 2022.

ITGR tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Integral

# Integral Expenses Methodology

## 1. Overview

The Integral expenses metric measures the daily USD value of ITGR token incentives distributed to liquidity providers through Integral's Merkle Time Release system. This metric represents operational expenses incurred by the protocol to incentivize liquidity provision. The calculation identifies ITGR token claim events from Ethereum, filters them to liquidity incentive accounts, and converts the claimed amounts to USD values using daily aggregation.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Ethereum blockchain events**: Parsed `Claim` events from the `IntegralMerkleTimeRelease` contract on Ethereum, which contain details about ITGR token distributions to liquidity providers
- **Token contract data**: ITGR token contract information including the token address (`0xd502f487e1841fdc805130e13eae80c61186bc98`) used for filtering relevant incentive distributions
- **End-of-day price feeds**: Daily ITGR token price data used to convert token amounts to USD values
- **Token metadata**: ITGR token decimal configuration required for proper amount normalization

## 3. Step-by-step calculation

### Component A: Liquidity incentive event extraction
- **Purpose**: Extract raw ITGR token claim events from Ethereum blockchain
- **Logic**: The system identifies all `Claim` events emitted by the `IntegralMerkleTimeRelease` contract on Ethereum. Each event contains transaction metadata including `block_timestamp`, `transaction_hash`, and `log_index`, along with the claiming account address and the claimed token amount in the `option2Amount` field. Events are classified under the 'Exchange AMM' business line and 'dex' business segment, with version marked as 'v1'. The ITGR token address is hardcoded to ensure only relevant incentive distributions are captured.
- **Key fields**: `block_timestamp` for timing, `address` for the claiming account, `option2Amount` for the claimed ITGR token amount

### Component B: Liquidity incentive account classification  
- **Purpose**: Define which accounts are eligible for liquidity incentive distributions
- **Logic**: A predefined list of 13 Ethereum addresses is maintained as authorized liquidity incentive accounts. All accounts are classified as 'Merkle Time Release Incentives' accounts. This hardcoded list ensures that only legitimate incentive distributions from authorized accounts are included in the expense calculation.
- **Key fields**: `account_address` for identification, `account_name` for classification as incentive accounts

### Component C: Token incentive aggregation and conversion
- **Purpose**: Combine claim events with account classifications and convert to USD
- **Logic**: Claim events are joined with the authorized account list using the `account_address` field to ensure only valid incentive distributions are processed. The `block_timestamp` is truncated to daily boundaries for aggregation. Raw ITGR token amounts from the `option2Amount` field are processed through decimal correction to handle the token's decimal precision, then converted to USD using end-of-day price feeds. The system applies proper business classification including chain, business line, market sector, and product identifiers.
- **Key fields**: `timestamp` truncated to daily grain, `token_incentives` containing the USD-converted incentive amounts

### Final aggregation
- **Combining components**: Token incentive amounts are aggregated by day, chain, and business dimensions after USD conversion and decimal correction
- **Currency conversion**: ITGR token amounts are converted to USD using end-of-day price feeds, with proper decimal adjustment applied based on the token's configuration
- **Time aggregation**: Events are grouped by daily boundaries using timestamp truncation, ensuring consistent daily reporting
- **Final calculation**: The daily expenses value equals the sum of all USD-converted ITGR token incentives claimed from authorized liquidity incentive accounts, with any missing days filled with zero values to maintain consistent time series reporting

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

Total project operating and incentive expenses.

IntegralITGR

Expenses

Expenses

Competitive landscape

Chain breakdown