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

Metavault.Trade is a non-custodial exchange for spot and perpetual contracts built on Polygon. Metavault.Trade was founded by an anonymous team and was launched in May 2022.

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

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Metavault.Trade

# Metavault.Trade Earnings Methodology

## 1. Overview

Earnings represents the net profit for Metavault.Trade, calculated as total protocol revenue minus total expenses. This metric measures the protocol's profitability after accounting for operational costs in the form of token incentive distributions. Revenue is derived from trading fees collected on both perpetual and spot trading activities, with 30% allocated to the protocol and 70% distributed to liquidity providers. Expenses consist entirely of escrowed MVX (esMVX) token incentives distributed to users through staking reward mechanisms.

## 2. Data sources

The calculation uses the following raw data sources:
- **Polygon event logs**: Parsed `CollectMarginFees` and `CollectSwapFees` events from Metavault's Vault contract capturing trading fee collections
- **Polygon event logs**: Parsed `Claim` events from StakedMvxTracker and StakedMvlpTracker contracts capturing token incentive distributions  
- **End-of-day price feeds**: Token price data for USD conversion of fees and incentives
- **Token metadata**: Token decimal places and symbols for proper amount calculations

## 3. Step-by-step calculation

### Component A: Fee collection
- **Purpose**: Captures all trading fees generated by the protocol from both perpetual and spot trading activities
- **Logic**: Extracts fee collection events from Polygon blockchain where the Vault contract emits `CollectMarginFees` events during leveraged perpetual trading and `CollectSwapFees` events during spot trading. Each event contains the fee recipient address, token address, and fee amount. Events are filtered by distinct transaction hash and log index to prevent duplicates.
- **Key fields**: `amount` (fee amount in native token), `token_address` (token used for fee payment), `block_timestamp` (when fee was collected), `account_address` (fee recipient)

### Component B: Revenue calculation  
- **Purpose**: Determines the protocol's share of collected fees based on the revenue split configuration
- **Logic**: Takes total combined fees from perpetual and spot trading, converts amounts to USD using end-of-day price feeds, and applies a 30% revenue percentage split. The remaining 70% represents supply-side fees distributed to liquidity providers. The 30% split has been constant since June 1, 2022 when the protocol launched.
- **Key fields**: `fees` (total fee amount in USD), `revenue_percentage` (0.3 or 30%), `revenue` (fees multiplied by revenue percentage)

### Component C: Token incentives (expenses)
- **Purpose**: Captures all token-based rewards distributed to users as protocol expenses
- **Logic**: Processes `Claim` events from two staking tracker contracts (StakedMvxTracker and StakedMvlpTracker) on Polygon that distribute esMVX tokens as rewards. These escrowed tokens are non-transferable and must be vested for one year to become liquid MVX tokens. Amounts are converted to USD using end-of-day price feeds for the MVX token.
- **Key fields**: `amount` (esMVX token amount distributed), `token_address` (MVX contract address), `account_address` (recipient of incentives)

### Final aggregation
- **Combining components**: Revenue and expenses are calculated separately and then combined using the earnings formula: earnings = revenue - expenses
- **Currency conversion**: All amounts are converted to USD using end-of-day token price feeds, with proper decimal adjustment based on token metadata
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with all transactions within a day summed together
- **Final calculation**: Daily earnings equals the sum of daily revenue (30% of all trading fees) minus the sum of daily expenses (USD value of all esMVX token incentives distributed)

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

Metavault.TradeMVX

Earnings

Earnings

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