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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Derivative exchanges

# MUX Token incentives Methodology

## 1. Overview

Token incentives measures the USD value of MCB tokens distributed by the MUX protocol as rewards to users. This metric tracks incentive payments across MUX's derivatives trading platform on multiple chains and protocol versions. The calculation aggregates daily token reward distributions from smart contract events, converts amounts to USD, and provides a standardized view of the protocol's token incentive programs. This metric answers the business question: "How much value is MUX distributing in token incentives to incentivize platform usage?"

## 2. Data sources

The calculation relies on the following raw data sources:

- **Blockchain events**: Parsed `RewardPaid` events from MUX MCBShareToken contracts on Arbitrum and BSC (v1 protocol), and parsed `Claim` events from MUX Vester contracts on Arbitrum (v2 protocol)
- **Token metadata**: MCB token contract addresses and decimal precision information for proper unit conversion
- **External data**: End-of-day price feeds for MCB token USD conversion
- **Chain data**: Arbitrum and BSC blockchain transaction logs containing the reward distribution events

## 3. Step-by-step calculation

### Component A: Token incentive event extraction
- **Purpose**: Extracts raw token reward distribution events from MUX protocol smart contracts across different versions and chains
- **Logic**: Identifies three types of reward events: `RewardPaid` events from MCBShareToken contracts on Arbitrum and BSC for v1 protocol, and `Claim` events from Vester contracts on Arbitrum for v2 protocol. Each event captures the recipient address (`address` field), reward amount (`reward` or `amount` field), block timestamp, transaction hash, and log index. The system maps chain-specific MCB token contract addresses and assigns protocol version labels based on the source contract
- **Key fields**: `address` (recipient), `reward`/`amount` (token quantity), `block_timestamp` (event timing), `transaction_hash` and `log_index` (event identification)

### Component B: Event standardization and metadata enrichment
- **Purpose**: Standardizes extracted events with consistent business classification and prepares data for aggregation
- **Logic**: Converts all reward amounts to bignumeric format for precision. Assigns business metadata: 'Token incentives' as business line, 'derivatives' as market sector, 'perpetual' as business segment. Maps appropriate MCB token contract addresses for each chain (Arbitrum and BSC have different MCB contract addresses). Classifies events by protocol version (v1 for MCBShareToken events, v2 for Vester events). Removes duplicate events using distinct clause on all fields
- **Key fields**: `amount` (standardized reward quantity), `token_address` (chain-specific MCB contract), `chain` (arbitrum/bsc), `version` (v1/v2)

### Component C: Daily aggregation
- **Purpose**: Groups token incentive events by day while maintaining recipient and token-level detail
- **Logic**: Truncates event timestamps to day boundaries using timestamp truncation. Groups events by day, chain, recipient address, and token address while preserving business classification metadata. Maintains individual recipient-level granularity rather than aggregating across all recipients. Sets timestamp grain to 'day' for consistency with other metrics. Preserves the amount as both `fees` and `token_incentives` fields for compatibility
- **Key fields**: `timestamp` (daily boundary), `account_address` (recipient), `token_incentives` (daily reward amount per recipient)

### Component D: USD conversion and decimal correction
- **Purpose**: Converts MCB token amounts to USD using proper decimal handling and end-of-day prices
- **Logic**: Applies decimal correction using MCB token metadata to convert raw blockchain amounts (typically in wei/smallest unit) to proper token units. Joins with end-of-day MCB token price feeds to convert token amounts to USD values. Uses the convert_to_usd_and_correct_decimals macro which handles both decimal correction and USD conversion in a single step. Maintains all original fields while adding USD-denominated amounts
- **Key fields**: `token_incentives_usd` (USD value of rewards), price and decimal correction metadata

### Final aggregation
- **Combining components**: All processed daily token incentive records are standardized through the finalize_metric_token_incentives macro, which ensures consistent schema structure, validates business classification IDs, and applies data quality checks
- **Currency conversion**: MCB token amounts are converted to USD using end-of-day price feeds, with proper decimal correction applied based on MCB token metadata (typically 18 decimals for ERC-20 tokens)
- **Time aggregation**: Events are aggregated at daily boundaries using timestamp truncation, with each day representing the total MCB tokens claimed by each recipient on that day
- **Final calculation**: The final metric represents the total USD value of MCB tokens distributed as incentives per recipient per day, with zero-filling applied for data continuity and chain availability filtering applied to ensure data quality within supported time ranges

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

Value of native tokens distributed as incentives.

MUXMCB

Token incentives

Token incentives

Competitive landscape

Chain breakdown