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 Revenue Methodology

## 1. Overview

The Maiar revenue metric measures the protocol's daily revenue from trading fees on the Maiar Exchange (now known as xExchange) on the Elrond blockchain. Revenue is calculated as a fixed percentage (16.67% or 1/6) of total trading fees collected by the DEX, representing the protocol's share of fees generated from automated market maker (AMM) trading activity.

## 2. Data sources

The calculation uses the following raw data sources:
- **Maiar Exchange scraped data**: External scraper system that captures daily trading pair metrics from the Maiar/xExchange DEX
- **Trading pair volumes**: 24-hour fee collections denominated in USD for each token pair on the exchange
- **Token pair metadata**: Token names and identifiers for trading pairs active on the platform

## 3. Step-by-step calculation

### Component A: Fee data extraction
- **Purpose**: Extract raw fee data from Maiar Exchange trading pairs
- **Logic**: The system pulls data from an external scraper that monitors the Maiar Exchange. For each trading pair, it captures the 24-hour fee amount in USD (`feesUSD24h`), along with token pair names (`firstTokenName` and `secondTokenName`). Each record is classified as coming from the 'elrond' chain with business line 'Exchange AMM' and business segment 'dex'. The trading pair is identified by concatenating the two token names with a hyphen separator.
- **Key fields**: `feesUSD24h` (24-hour fee amount), `firstTokenName` and `secondTokenName` (token pair identifiers), `timestamp` (data collection time)

### Component B: Daily fee aggregation  
- **Purpose**: Standardize fee data into daily metrics format
- **Logic**: The extracted fee data is processed to create standardized daily fee metrics. Timestamps are truncated to day-level boundaries to ensure consistent daily aggregation. The data is structured with proper business categorization including market sector as 'exchanges' and business segment as 'dex'. Missing data points are filled with zeros to ensure complete daily coverage. The `finalize_metric_fees` macro applies standard formatting and validation rules.
- **Key fields**: `timestamp` (daily boundary), `fees` (daily fee amount in USD), `chain_id` (elrond), `contract_name` and `account_name` (token pair identifier)

### Component C: Revenue calculation
- **Purpose**: Calculate protocol revenue from collected fees
- **Logic**: Revenue is calculated by applying a fixed protocol fee tier of 1/6 (approximately 16.67%) to the daily fee amounts. This represents the portion of trading fees that accrue to the Maiar protocol rather than liquidity providers. The calculation uses `safe_multiply` to handle potential null values gracefully.
- **Key fields**: `revenue` (calculated as fees × 1/6), `timestamp` (daily grain), `chain_id` (elrond)

### Final aggregation
- **Combining components**: The fee data flows through the pipeline where raw scraped data becomes standardized fees, which are then multiplied by the protocol fee tier to generate revenue
- **Currency conversion**: All amounts are already denominated in USD from the source scraper system
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: Daily revenue equals daily fees multiplied by the protocol fee tier of 1/6, with the `finalize_metric_revenue` macro applying final formatting, zero-filling for missing dates, and chain availability filtering

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

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Revenue

Revenue

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