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).

governance

github

twitter

discord

etherscan

website

Derivative exchanges

Metavault.Trade

# Metavault.Trade Token incentives Methodology

## 1. Overview

The Metavault token incentives metric measures the daily value of escrowed MVX (esMVX) tokens claimed by users as rewards from Metavault's perpetual trading protocol. This metric captures token-based incentives distributed to users for participating in trading and liquidity provision activities. The calculation aggregates claim events from multiple staking tracker contracts and converts token amounts to USD values for standardized reporting.

## 2. Data sources

- **Polygon blockchain events**: Parsed `Claim` events from Metavault's StakedMvxTracker and StakedMvlpTracker smart contracts
- **Token metadata**: MVX token contract information including symbol, decimal places, and contract address
- **End-of-day price feeds**: Daily token prices for USD conversion of MVX token amounts

## 3. Step-by-step calculation

### Component A: Escrowed token claim aggregation
- **Purpose**: Extracts and standardizes esMVX token claim events from multiple tracker contracts
- **Logic**: The component reads `Claim` events from two separate Polygon smart contracts - StakedMvxTracker and StakedMvlpTracker. Both contracts emit identical event structures when users claim escrowed MVX token rewards. Events include the claiming user's address, claim amount, and transaction details. All events are classified with consistent business metadata including 'Perpetual trading' as the business line, 'derivatives' as the market sector, and 'perpetual' as the business segment. The MVX token contract address `0x2760e46d9bb43dafcbecaad1f64b93207f9f0ed7` is assigned to all claims.
- **Key fields**: `amount` (claimed token quantity), `account_address` (user claiming tokens), `block_timestamp` (claim timing), `token_address` (MVX contract identifier)

### Component B: Token metadata enrichment
- **Purpose**: Adds token symbol and contract details to claim data
- **Logic**: The component joins claim events with token metadata using chain identifier and token contract address as matching keys. This enrichment adds the MVX token symbol and ensures proper token identification across the calculation pipeline.
- **Key fields**: `symbol` (token identifier), token contract details for proper decimal handling

### Final aggregation
- **Combining components**: Daily claim amounts are aggregated by combining all esMVX claims within each day, grouped by chain, business dimensions, and token contract
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds, with automatic decimal correction applied based on the MVX token's decimal specification
- **Time aggregation**: Claim events are grouped by day using timestamp truncation to daily boundaries, creating daily totals for each business dimension
- **Final calculation**: The final metric value represents the total USD value of esMVX tokens claimed by users each day, with zero-fill applied for days without any claims to maintain continuous time series data

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

Value of native tokens distributed as incentives.

Metavault.TradeMVX

Token incentives

Token incentives

Competitive landscape

Chain breakdown