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 Expenses Methodology

## 1. Overview

The Metavault expenses metric measures the USD value of escrowed MVX (esMVX) tokens distributed as incentives to users on the Metavault protocol. This metric represents protocol expenses in the form of token rewards paid to users who stake in the protocol's liquidity pools and trading activities. The calculation captures daily claim events where users receive esMVX tokens, which must be vested for one year before becoming liquid MVX tokens. These token incentives are classified as protocol expenses since they represent the cost of rewarding user participation.

## 2. Data sources

- **Blockchain events**: Parsed Polygon blockchain `Claim` events from `StakedMvxTracker` and `StakedMvlpTracker` smart contracts
- **Token metadata**: Token registry containing MVX token information including symbol and decimal precision
- **External data**: End-of-day price feeds for MVX token USD conversion
- **Contract data**: Specific tracking of esMVX token address `0x2760e46d9bb43dafcbecaad1f64b93207f9f0ed7`

## 3. Step-by-step calculation

### Component A: Escrowed token incentives extraction

- **Purpose**: Captures all esMVX token claim events from Metavault's staking system
- **Logic**: Extracts `Claim` events from two Polygon smart contracts - `StakedMvxTracker` and `StakedMvlpTracker`. Each event represents a user claiming escrowed MVX tokens as rewards. Events are standardized with consistent metadata including chain identifier (polygon), business classifications (perpetual trading, derivatives market sector, perpetual business segment), and the specific esMVX token address. Both event sources are combined using a union operation to create a comprehensive dataset of all token claims
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `address` as the claiming user account, `amount` as the quantity of esMVX tokens claimed

### Component B: Token metadata enrichment and USD conversion

- **Purpose**: Adds token information and converts claim amounts to standardized USD values
- **Logic**: Joins the claim events with token registry data using chain and token address matching to retrieve the MVX token symbol and decimal precision. Daily aggregation groups claims by timestamp (truncated to day boundaries), chain, business dimensions, and token information. The conversion process corrects for token decimals and applies end-of-day USD price feeds to convert raw token amounts into dollar values
- **Key fields**: `symbol` from token registry, `token_incentives` as the USD-converted daily total of claimed tokens, daily `timestamp` boundaries

### Component C: Metric finalization and gap filling

- **Purpose**: Applies standardization, validation, and time series continuity to create the final metric
- **Logic**: Validates business identifiers and ensures consistent schema across all records. Implements a forward-fill strategy where missing days are filled with zero values to maintain complete time series continuity. Applies chain availability filtering to ensure data quality and consistency with protocol operational periods
- **Key fields**: Standardized business dimension fields, continuous daily time series with no gaps

### Final aggregation

- **Combining components**: The token incentives metric serves as the direct input for expenses calculation
- **Currency conversion**: USD conversion occurs during the token incentives calculation using end-of-day price feeds and decimal correction for the MVX token
- **Time aggregation**: Claims are aggregated to daily boundaries using timestamp truncation, with forward-fill logic ensuring no missing days in the time series
- **Final calculation**: The expenses value equals the daily USD total of esMVX tokens claimed by users, representing the protocol's cost of providing token incentives to participants

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

Total project operating and incentive expenses.

Metavault.TradeMVX

Expenses

Expenses

Competitive landscape

Chain breakdown