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 Revenue Methodology

## 1. Overview

Metavault revenue represents the protocol's share of trading fees collected from users across perpetual and spot trading activities. The metric calculates daily revenue by applying a fixed revenue percentage (30%) to total fees collected on the Polygon blockchain. This measures the protocol's earnings from trading activity, distinguishing between protocol revenue and fees paid to liquidity providers.

## 2. Data sources

- **Blockchain events**: Parsed Polygon `Vault_CollectMarginFees_event` and `Vault_CollectSwapFees_event` logs from the Metavault v1 Vault contract
- **Transaction data**: Polygon transaction records containing fee collection events with token addresses and amounts
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal correction
- **Configuration data**: Hardcoded revenue percentage split defining 30% revenue share effective from June 1, 2022

## 3. Step-by-step calculation

### Component A: Perpetual trading fees extraction
- **Purpose**: Captures margin fees collected from leveraged perpetual trading activities
- **Logic**: Extracts all `Vault_CollectMarginFees_event` logs from the Metavault Vault contract on Polygon. Each event represents a fee collection with the user's account address, token address, and fee amount. Events are classified as perpetual trading business line within the derivatives sector.
- **Key fields**: `block_timestamp` for timing, `address` as account identifier, `token` for fee token type, `feeTokens` for fee amount

### Component B: Spot trading fees extraction  
- **Purpose**: Captures swap fees collected from spot trading activities
- **Logic**: Extracts all `Vault_CollectSwapFees_event` logs from the Metavault Vault contract on Polygon. Each event represents a fee collection from spot trading with similar structure to perpetual fees. Events are also classified under derivatives sector but as spot trading business line.
- **Key fields**: `block_timestamp` for timing, `address` as account identifier, `token` for fee token type, `feeTokens` for fee amount

### Component C: Fee aggregation and USD conversion
- **Purpose**: Combines all fee types and converts to standardized USD amounts
- **Logic**: Unions perpetual and spot trading fees into a single dataset. Truncates timestamps to daily boundaries for aggregation. Converts token amounts to USD using end-of-day price feeds matched by token address and date. Applies decimal correction based on token metadata to ensure accurate USD values.
- **Key fields**: Daily `timestamp`, `chain_id` for Polygon, `token_address` for price matching, `fees` in USD

### Component D: Revenue percentage application
- **Purpose**: Defines the protocol's revenue share from total fees collected
- **Logic**: Maintains a time-based configuration specifying revenue percentage splits. Starting June 1, 2022 (first day of fee generation), sets revenue at 30% of total fees. Uses forward-filling to apply the same percentage to subsequent dates until any future changes.
- **Key fields**: `timestamp` for effective date, `revenue_percentage` as decimal (0.3 for 30%)

### Final aggregation
- **Combining components**: Joins aggregated daily fees with the corresponding revenue percentage by timestamp. Multiplies total fees by revenue percentage to calculate protocol revenue.
- **Currency conversion**: All amounts converted to USD using end-of-day price feeds, with proper decimal adjustment for each token type
- **Time aggregation**: Daily boundaries with zero-filling for dates without trading activity to maintain consistent time series
- **Final calculation**: Revenue equals total daily fees multiplied by 30% revenue percentage, aggregated by day, chain, and product dimensions

*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.

Metavault.TradeMVX

Revenue

Revenue

Competitive landscape

Chain breakdown