Liquidity providers deposit funds into xExchange and receive trading fees from traders (supply-side fees).

xExchange is an a non-custodial exchange protocol built on the MultiversX network. xExchange was launched in November 2021.

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

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Exchanges (DEX)

xExchange

# xExchange Fees Methodology

## 1. Overview

The Maiar fees metric measures the total trading fees generated by the Maiar decentralized exchange (DEX) on the Elrond blockchain. This metric captures the USD value of fees collected from automated market maker (AMM) trading activity across all trading pairs on the platform. The calculation aggregates daily fee data scraped from external sources and standardizes it into Token Terminal's metric framework.

## 2. Data sources

The calculation relies on the following data sources:
- **External API data**: Scraped trading pair volume and fee data from Maiar DEX, likely sourced from Maiar's own analytics APIs or DEX aggregator services
- **Trading pair metadata**: Token names and pair identifiers for all active trading pairs on the Maiar DEX
- **Fee amounts**: 24-hour USD fee totals per trading pair, pre-calculated and provided in the external data feed

## 3. Step-by-step calculation

### Component A: Raw fee data extraction
- **Purpose**: Extract and standardize fee collection data from external Maiar DEX sources
- **Logic**: The system processes scraped data containing trading pair information and 24-hour fee amounts. Each record represents fees collected for a specific trading pair over a 24-hour period. The `feesUSD24h` field contains the USD value of fees, which is converted to a high-precision numeric format. Trading pair identifiers are created by concatenating the first and second token names with a hyphen separator
- **Key fields**: `feesUSD24h` (converted to `amount`), `firstTokenName` and `secondTokenName` (combined into `account_name`), `timestamp` for timing

### Component B: Business classification and standardization
- **Purpose**: Apply consistent business line categorization and chain identification
- **Logic**: All fee data is classified under the "Exchange AMM" business line within the "exchanges" market sector and "dex" business segment. The chain is standardized to "elrond" and version is set to "v1". Product ID is left null as Maiar operates as a single DEX product
- **Key fields**: `chain` (elrond), `business_line` (Exchange AMM), `market_sector_id` (exchanges), `business_segment_id` (dex)

### Component C: Temporal aggregation and boundaries
- **Purpose**: Establish daily time boundaries for consistent metric reporting
- **Logic**: Timestamps are truncated to day boundaries using daily grain aggregation. This ensures that all fee data is properly aligned to calendar days regardless of the original timestamp precision in the source data
- **Key fields**: `timestamp` (truncated to day), `timestamp_grain` (day)

### Final aggregation
- **Combining components**: The system combines the standardized fee data with business metadata and applies the `finalize_metric_fees` macro
- **Zero-filling strategy**: Missing days are filled with zero values to ensure continuous time series data
- **Chain filtering**: Chain availability filters are applied to ensure data consistency across Token Terminal's supported blockchain networks
- **Final calculation**: The metric represents the sum of all USD fees collected across all Maiar DEX trading pairs for each day, with proper zero-filling for days with no trading activity

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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