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.

github

twitter

discord

etherscan

website

Derivative exchanges

# MUX Expenses Methodology

## 1. Overview

MUX expenses represent the total USD value of token incentives distributed to users as rewards. This metric captures the protocol's operational costs for incentivizing user participation through MCB token distributions. The calculation aggregates daily token incentive payments across MUX v1 and v2 deployments on Arbitrum and BSC chains, converting token amounts to USD values to provide a standardized expense metric.

## 2. Data sources

- **MCB token reward events**: Parsed `RewardPaid` events from MUX v1 MCBShareToken contracts on Arbitrum and BSC chains
- **MCB token claim events**: Parsed `Claim` events from MUX v2 Vester contracts on Arbitrum chain  
- **End-of-day price feeds**: Daily USD prices for MCB tokens to convert reward amounts
- **Token metadata**: MCB token decimal information for proper amount calculation
- **Chain availability data**: Information about which chains are active for specific time periods

## 3. Step-by-step calculation

### Component A: Token incentive event extraction
- **Purpose**: Collect all MCB token distribution events across MUX protocol versions and chains
- **Logic**: Extract three types of reward events from blockchain logs. From MUX v1 on Arbitrum, collect `RewardPaid` events from MCBShareToken contract using the `reward` parameter. From MUX v1 on BSC, collect similar `RewardPaid` events with `reward` amounts. From MUX v2 on Arbitrum, collect `Claim` events from Vester contract using the `amount` parameter. Each event includes recipient address, transaction details, and token amount distributed.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `address` for recipient, `reward` or `amount` for token quantity distributed

### Component B: Event standardization and categorization  
- **Purpose**: Normalize diverse event types into consistent business classification structure
- **Logic**: Apply uniform business categorizations to all token incentive events regardless of source. Classify all events as 'Token incentives' business line, 'derivatives' market sector, and 'perpetual' business segment. Map chain names consistently ('arbitrum' and 'bsc'). Apply version labels ('v1' or 'v2') and set product identifiers. Include specific MCB token contract addresses for each chain.
- **Key fields**: `chain` for blockchain identification, `business_line` set to 'Token incentives', `market_sector_id` as 'derivatives', `version` for protocol version, `token_address` for MCB contract address

### Component C: Daily aggregation with USD conversion
- **Purpose**: Group token incentive events by day and convert amounts to USD values  
- **Logic**: Truncate event timestamps to daily boundaries using day-level granularity. Group events by date, chain, business classifications, and account addresses. Apply decimal correction to token amounts based on MCB token specifications. Convert corrected token amounts to USD using end-of-day price feeds matched to event dates and token addresses. Preserve granular details including individual account addresses and transaction-level information.
- **Key fields**: `timestamp` truncated to day, `timestamp_grain` as 'day', `token_incentives` as USD-converted amounts, `account_address` for recipient tracking

### Final aggregation
- **Combining components**: Token incentive amounts calculated in Component C are directly mapped to expenses since MUX's operational expenses consist entirely of token incentive payments to users
- **Currency conversion**: All token amounts converted to USD using end-of-day MCB token prices matched to event dates, with proper decimal adjustment applied
- **Time aggregation**: Events aggregated to daily boundaries with 'day' timestamp grain, ensuring complete coverage of all incentive distributions within each 24-hour period  
- **Final calculation**: Total daily expenses equal the sum of all USD-converted MCB token incentive distributions for that day, filtered by chain availability and validated for data quality

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

Total project operating and incentive expenses.

MUXMCB

Expenses

Expenses

Competitive landscape

Chain breakdown