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 Token incentives Methodology

## 1. Overview

The Token Incentives metric measures the daily USD value of token rewards distributed by the Ramses protocol on Arbitrum. This metric captures the monetary value of incentive tokens (primarily RAM tokens) minted and distributed to users as rewards. The calculation tracks blockchain mint events, applies decimal corrections, converts amounts to USD using specialized price feeds, and aggregates values on a daily basis with standardized business categorization.

## 2. Data sources

- **Blockchain events**: Parsed `Minter_Mint` events from the Ramses protocol's Minter contract on Arbitrum blockchain, containing reward distribution details including recipient addresses, amounts, and timing
- **Price data**: End-of-day price feeds combining CoinGecko API data for the RAM token (due to limited availability in standard feeds) and Token Terminal's standard price feeds for other tokens
- **Token metadata**: Token reference data including decimal precision, symbols, and contract addresses for proper amount conversion and display
- **External pricing**: CoinGecko API specifically for Ramses Exchange (RAM) token pricing where standard price feeds are unavailable

## 3. Step-by-step calculation

### Component A: Reward mint extraction
- **Purpose**: Captures raw token reward distributions from blockchain events
- **Logic**: Extracts `Minter_Mint` events from the Ramses Minter contract on Arbitrum, filtering for reward distribution transactions. Each event contains the recipient address, mint amount in raw blockchain units, and timestamp. The component focuses on the `weekly` amount field from mint events and standardizes the chain identifier as 'arbitrum'
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for event identification, `address` as recipient, `weekly` amount in raw units, and hardcoded RAM token address `0xaaa6c1e32c55a7bfa8066a6fae9b42650f262418`

### Component B: Price feed compilation
- **Purpose**: Provides comprehensive USD pricing for all relevant tokens including specialized RAM token pricing
- **Logic**: Combines two price sources - standard Token Terminal price feeds for most tokens on Arbitrum, and specialized CoinGecko pricing for the RAM token using the 'ramses-exchange' identifier. The CoinGecko component uses legacy calculation methods to fetch historical price data. Both sources are unified with consistent timestamp grain and chain identification
- **Key fields**: `timestamp` for daily price timing, `chain` as 'arbitrum', `token_address` for price matching, and `price_usd` for conversion rates

### Component C: Token incentive processing
- **Purpose**: Converts raw mint amounts to standardized USD values with proper decimal handling
- **Logic**: Joins mint events with token metadata to apply decimal corrections, converting blockchain units to human-readable amounts by dividing by 10 raised to the token's decimal places. Then joins with price feeds to convert token amounts to USD values through multiplication. Timestamps are truncated to daily boundaries to enable daily aggregation
- **Key fields**: Daily `timestamp`, `chain`, `token_address`, `token_symbol` from metadata, corrected `amount` after decimal conversion, `price_usd` from price feeds, and final USD `amount` from multiplication

### Final aggregation
- **Combining components**: The processed token incentives are aggregated by day with business categorization applied, including 'Exchange AMM' as business line, 'exchanges' as market sector, and 'dex' as business segment
- **Currency conversion**: USD conversion occurs through direct multiplication of decimal-corrected token amounts with corresponding daily price feeds, using specialized CoinGecko pricing for RAM tokens and standard feeds for others
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to day-level precision, enabling summation of all incentive distributions within each calendar day
- **Final calculation**: The metric represents the total USD value of token incentives distributed each day, calculated as the sum of (decimal-corrected token amounts × daily USD prices) for all mint events, with standardized business metadata and gap-filling applied through the finalization macro to ensure consistent daily reporting

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

Value of native tokens distributed as incentives.

Ramses ExchangeRAM

Token incentives

Token incentives

Competitive landscape

Chain breakdown