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 Supply-side fees Methodology

## 1. Overview

Supply-side fees represent the portion of trading fees that goes to liquidity providers and other supply-side participants in the Metavault protocol. This metric calculates the daily USD value of fees distributed to supply-side participants by applying a revenue split percentage to total protocol fees. Metavault operates as a decentralized derivatives exchange on Polygon, offering both perpetual and spot trading services.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Polygon blockchain events**: Parsed `Vault_CollectMarginFees` events capturing fees from perpetual derivatives trading
- **Polygon blockchain events**: Parsed `Vault_CollectSwapFees` events capturing fees from spot trading activities  
- **End-of-day price feeds**: Token price data used for USD conversion of fee amounts
- **Token metadata**: Token decimal information for proper amount normalization
- **Protocol configuration**: Hardcoded fee split percentages defining revenue vs supply-side allocation

## 3. Step-by-step calculation

### Component A: Perpetual fees collection
- **Purpose**: Captures fees generated from leveraged perpetual trading activities
- **Logic**: Extracts data from parsed Polygon `Vault_CollectMarginFees` events, which are emitted when the protocol collects margin fees from users during leveraged trading. Each event contains the account address, token address, and fee amount in the native token denomination. Events are classified as derivatives market sector with perpetual business segment.
- **Key fields**: `block_timestamp` for timing, `address` for account identification, `token` for fee token address, `feeTokens` for raw fee amount

### Component B: Spot fees collection  
- **Purpose**: Captures fees generated from spot trading activities
- **Logic**: Extracts data from parsed Polygon `Vault_CollectSwapFees` events, which are emitted when users pay fees during spot token swaps. Similar structure to perpetual fees but classified under spot trading business line. Events contain the same core fields for account, token, and fee amount.
- **Key fields**: `block_timestamp` for timing, `address` for account identification, `token` for fee token address, `feeTokens` for raw fee amount

### Component C: Total fees aggregation
- **Purpose**: Combines perpetual and spot fees into daily totals
- **Logic**: Unions perpetual and spot fee events, then truncates timestamps to daily boundaries using day-level granularity. Converts all fee amounts to USD using end-of-day price feeds and corrects for token decimal places to ensure proper denomination. Aggregates fees by day, chain, and other dimensional attributes.
- **Key fields**: `timestamp` truncated to day level, `fees` converted to USD with decimal correction

### Component D: Fee split calculation
- **Purpose**: Defines the percentage split between revenue and supply-side fees
- **Logic**: Uses hardcoded configuration starting from June 1, 2022, when Metavault first generated fees. The revenue percentage is set to 30%, meaning 70% of fees go to supply-side participants. Uses forward-fill logic to apply this percentage to all subsequent dates until any future changes.
- **Key fields**: `timestamp` for effective date, `revenue_percentage` set to 0.3 (30%)

### Final aggregation
- **Combining components**: Joins daily total fees with the corresponding fee split percentage based on timestamp alignment
- **Currency conversion**: All fee amounts are converted to USD using end-of-day price feeds, with proper decimal correction applied based on token metadata
- **Time aggregation**: Data is aggregated to daily boundaries, with timestamps truncated to day level
- **Final calculation**: Supply-side fees equal total fees multiplied by (1 minus revenue percentage), which equals total fees multiplied by 0.7 (70%) for all periods starting from June 1, 2022

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

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

Metavault.TradeMVX

Supply-side fees

Supply-side fees

Competitive landscape

Chain breakdown