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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# xExchange Supply-side fees Methodology

## 1. Overview

Supply-side fees represent the portion of total trading fees that goes to liquidity providers (LPs) on the Maiar DEX. This metric calculates the daily USD value of fees earned by liquidity providers, which is 5/6 (83.33%) of total trading fees collected by the protocol. The remaining 1/6 goes to the protocol as revenue. This metric helps measure the incentive structure and returns provided to liquidity providers on the Maiar decentralized exchange.

## 2. Data sources

The calculation relies on the following data sources:
- **Maiar DEX pair data**: Externally scraped data containing 24-hour fee totals for each trading pair on the Maiar decentralized exchange
- **Trading pair metadata**: Information about token pairs including first and second token names for pair identification
- **Fee collection data**: Pre-aggregated USD-denominated fee amounts collected over 24-hour periods for each trading pair
- **Elrond blockchain context**: Chain identification and business classification data for the Maiar DEX operating on Elrond

## 3. Step-by-step calculation

### Component A: Fee data extraction
- **Purpose**: Extract and standardize raw fee collection data from Maiar DEX trading pairs
- **Logic**: Pull 24-hour fee totals from scraped pair volume data, creating distinct records for each trading pair. Each record includes the `timestamp`, token pair names (concatenated as `firstTokenName-secondTokenName` for the account name), and the `feesUSD24h` amount. Add business classification metadata including chain identification as 'elrond', business line as 'Exchange AMM', market sector as 'exchanges', and business segment as 'dex'. Set version to 'v1' and leave `product_id` as null.
- **Key fields**: `block_timestamp` (trading period timestamp), `account_name` (trading pair identifier), `amount` (24-hour fee total in USD), business classification fields

### Component B: Fee standardization and daily aggregation
- **Purpose**: Convert fee data to standardized daily metrics format with proper metadata
- **Logic**: Truncate timestamps to daily boundaries using day-level granularity. Rename fields to match standard schema conventions, with `amount` becoming `fees` and `account_name` becoming `contract_name`. Migrate the `chain` field to `chain_id` for consistency. Apply the `finalize_metric_fees` macro to standardize the data structure, fill zeros for missing time periods, and add project metadata. Filter results based on chain availability.
- **Key fields**: `timestamp` (daily boundary), `timestamp_grain` (set to 'day'), `chain_id`, `fees` (daily fee totals), business and project metadata

### Component C: Supply-side fee allocation
- **Purpose**: Calculate the portion of total fees that goes to liquidity providers
- **Logic**: Apply a fixed allocation ratio of 5/6 (83.33%) to the total fees using `safe_multiply` to handle potential null values. This ratio represents Maiar's fee distribution model where 5 parts go to liquidity providers and 1 part goes to the protocol. The `supply_side_fee_tier` is hardcoded as 5/6, reflecting the protocol's tokenomics design.
- **Key fields**: `fees_supply_side` (calculated as fees × 5/6), maintaining all timestamp and identification fields from the previous step

### Final aggregation
- **Combining components**: The supply-side fee calculation builds sequentially on the standardized fee data, applying the allocation ratio to daily fee totals for each trading pair
- **Currency conversion**: Fees are already denominated in USD from the source data, requiring no additional currency conversion
- **Time aggregation**: Data is aggregated to daily boundaries with timestamp truncation, and the `finalize_metric_fees_supply_side` macro fills zeros for missing dates to ensure complete time series
- **Final calculation**: Daily supply-side fees = Daily total fees × (5/6), representing the USD value of fees distributed to liquidity providers each day across all Maiar DEX trading pairs

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

Portion of fees distributed to service providers or supply-side participants.

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Supply-side fees

Supply-side fees

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