Liquidity providers deposit funds into Ramses and stake their LP tokens to receive RAM tokens in proportion to their share of the votes (token incentives).

Ramses is a non-custodial exchange protocol built on Arbitrum. Ramses was founded by pseudonyms Dog and North in 2023.

RAM tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue).

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Ramses Exchange

# Ramses Exchange Expenses Methodology

## 1. Overview

The Ramses expenses metric measures the daily USD value of token incentives paid out by the protocol as rewards to users. This metric captures the cost of incentivizing liquidity and participation on the Ramses exchange platform. The calculation aggregates RAM token rewards distributed through the protocol's minting mechanism and converts them to USD values to quantify the protocol's daily expense burden from token incentives.

## 2. Data sources

The calculation relies on these raw data sources:

- **Blockchain events**: Parsed `Mint` events from the Ramses v1 Minter contract on Arbitrum, capturing weekly reward distributions to users
- **Token metadata**: Token decimal places and symbols for proper amount normalization
- **External price data**: End-of-day token price feeds for USD conversion of most tokens
- **CoinGecko API**: Specific price feed for RAM token (address `0xaaa6c1e32c55a7bfa8066a6fae9b42650f262418`) due to lack of standard price coverage

## 3. Step-by-step calculation

### Component A: RAM reward mint extraction

- **Purpose**: Identifies and extracts RAM token reward distributions from blockchain events
- **Logic**: Queries `Mint` events from the Ramses v1 Minter contract on Arbitrum. Each event represents a weekly reward distribution containing the recipient address and reward amount in raw token units. The component captures the block timestamp, transaction details, and the `weekly` reward amount field from each mint event.
- **Key fields**: `block_timestamp` for timing, `address` for recipient, `weekly` amount for reward quantity, and hardcoded RAM token address

### Component B: Decimal correction and token metadata

- **Purpose**: Converts raw token amounts to human-readable values using proper decimal places
- **Logic**: Joins mint event data with token metadata to obtain decimal places for the RAM token. Divides the raw `amount` field by 10 raised to the power of the token's decimal places to normalize from blockchain units to standard token amounts. Also retrieves token symbols for identification.
- **Key fields**: `decimals` from token metadata, normalized `amount` after division, `symbol` for token identification

### Component C: Price data integration

- **Purpose**: Provides USD price data for token value conversion
- **Logic**: Combines two price sources - standard end-of-day price feeds for most tokens and CoinGecko API data specifically for RAM tokens. The RAM token (address `0xaaa6c1e32c55a7bfa8066a6fae9b42650f262418`) is excluded from standard price feeds to avoid double counting, and its prices are sourced from CoinGecko using the 'ramses-exchange' identifier.
- **Key fields**: `price_usd` from both price sources, `token_address` for matching, `timestamp` for daily alignment

### Component D: USD value conversion

- **Purpose**: Converts normalized token amounts to USD values using daily prices
- **Logic**: Joins the decimal-corrected token amounts with corresponding daily price data based on timestamp and token address. Multiplies the normalized token amount by the USD price to calculate the dollar value of each reward distribution. Preserves both the USD amount and original token amount for reference.
- **Key fields**: `amount` in USD after multiplication, `price_usd` used for conversion, `raw_amount` in token units

### Final aggregation

- **Combining components**: All USD-converted token incentive amounts are aggregated by day, summing individual mint events that occurred within each 24-hour period
- **Currency conversion**: Uses end-of-day USD prices matched to the mint event timestamp, with special handling for RAM tokens via CoinGecko pricing
- **Time aggregation**: Groups mint events by daily boundaries using timestamp truncation, creating daily totals of incentive expenses
- **Final calculation**: The daily sum of all USD-converted token incentive amounts represents the protocol's expenses for that day. The `finalize_metric_expenses` macro applies standardized formatting, fills any gaps with zeros, and ensures data quality for downstream consumption.

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

Total project operating and incentive expenses.

Ramses ExchangeRAM

Expenses

Expenses

Competitive landscape

Chain breakdown