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

MUX is a non-custodial exchange for perpetual contracts built on Arbitrum. The previous version of MUX was MCDEX, which was founded by Jean Miao & Liu Jie in 2021 and relaunched as MUX in Aug 2022. This dashboard does not take the MUX perpetual aggregator into account yet.

MCB tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). MUX's investors include Delphi Ventures, DeFiance Capital, Robot Ventures, etc.

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# MUX Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the daily revenue generated per active user on the MUX protocol. This metric divides total daily revenue by the number of unique daily active users, providing insight into user monetization efficiency across MUX's perpetual trading platform and its integrations with GMX and Gains Network.

## 2. Data sources

- **MUX protocol events**: Parsed smart contract events from MUX v1 and v2 deployments across Arbitrum, Avalanche, BSC, Fantom, and Optimism, including `LiquidityPool_Trade_event`, `LiquidityPool_OpenPosition_event`, `LiquidityPool_ClosePosition_event`, and `LiquidityPool_Liquidate_event`
- **GMX integration data**: GMX v1 token transfer events on Arbitrum and GMX v2 `EventEmitter_EventLog1_event` records on Arbitrum and Avalanche for fee rebate tracking
- **Gains Network events**: Parsed trading callback events from Gains Network v6 (Arbitrum) and v7 (Polygon) including limit and market execution events and fee collection events
- **MUXLP token tracking**: MUX Liquidity Provider token transfer events for protocol-owned liquidity calculations
- **Referral and proxy data**: GMX referral registrations, MUX proxy factory events, and referrer tracking for cross-protocol attribution
- **Token metadata**: Token symbols, decimal places, and contract addresses for supported trading pairs
- **End-of-day price feeds**: USD price data for all supported tokens to enable revenue conversion

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Count unique traders who executed perpetual trades on any given day
- **Logic**: Extract trader addresses from all perpetual trading events across MUX v1 and v2 on supported chains. Include position opens, closes, and liquidations from parsed smart contract events. Use HyperLogLog aggregation to efficiently count distinct user addresses per day across all chains and versions.
- **Key fields**: `trader` address from trading events, `block_timestamp` for daily aggregation, `user_type` set to 'Trader'

### Component B: Direct protocol revenue
- **Purpose**: Calculate revenue from fees charged directly by the MUX protocol
- **Logic**: Extract trading fees and liquidation penalties from MUX v1 and v2 events. For MUX v1, use `fee` parameter from trade events and `penalty` from liquidation events. For MUX v2, use `feeUsd` parameter from position events joined with asset configuration data. Apply protocol-specific revenue splits: MUX v1 uses a static 50% revenue share, while MUX v2 uses a dynamic formula of (fees × 0.3) + (fees × 0.7 × protocol_owned_rate) where the protocol_owned_rate represents the percentage of MUXLP tokens owned by the protocol treasury.
- **Key fields**: `fee`, `penalty`, `feeUsd` amounts, `assetId` for token identification, protocol version for split calculation

### Component C: GMX integration fee rebates
- **Purpose**: Calculate revenue from fee rebates earned through MUX's integration with GMX v1 and v2
- **Logic**: For GMX v1, track WETH and esGMX token transfers from GMX fee rebate sender (`0x5f799f365fa8a2b60ac0429c48b153ca5a6f0cf8`) to MUX collector (`0xe4cd955c733148b5997c89f22a17e0960811aa70`), treating esGMX as equivalent to GMX for pricing. For GMX v2, identify MUX-attributed trades using referral code (`0x6d757870726f746f636f6c...`) and calculate rebates as (borrowing_fee + position_fee × average_price) × time_based_rebate_percentage. Rebate percentages vary historically: 5% initially, 0% from March-May 2023, 5% from May 2023, and 20% from June 2023.
- **Key fields**: Token transfer `value`, `collateralTokenPrice` min/max for averaging, `borrowingFeeAmount`, `positionFeeAmount`, referral code matching

### Component D: Gains network integration fee rebates
- **Purpose**: Calculate revenue from fee rebates earned through MUX's integration with Gains Network
- **Logic**: Identify MUX-attributed trades through referrer address tracking (`0x10c2cbfe29f4f5e4c24d54d36c8f283a61eb0c2f`) in Gains Network referral registration events. Extract trading fees from various callback event types across Gains Network v6 and v7, focusing on revenue components (Dev & Governance, Staking, Referral fees) rather than supply-side fees (LP, NFT bot fees). Apply a fixed 12.5% rebate percentage to identified revenue amounts.
- **Key fields**: `valueDai` from fee events, `referrer` and `trader` addresses for attribution, fee component classification

### Final aggregation
- **Combining components**: Sum direct protocol revenue, GMX rebates, and Gains Network rebates to get total daily revenue across all chains and integration sources
- **Currency conversion**: Convert all fee amounts to USD using end-of-day token prices, applying appropriate decimal corrections based on token specifications
- **Time aggregation**: Truncate all timestamps to daily boundaries and aggregate both revenue and user counts by day
- **Final calculation**: Divide the total daily revenue by the count of unique daily active users to produce ARPU, filling any missing days with zero values to maintain a continuous time series

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

MUXMCB

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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