Liquidity providers deposit funds into Vertex and earn the spread between maker and taker orders.

Vertex is a non-custodial exchange built on Arbitrum that offers spot, perpetuals, and money markets with universal cross-margin accounts. Vertex launched in 2023, and was founded by Darius Tabatabai and Alwin Peng.

The Vertex team own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Vertex's investors include Wintermute, Hack VC, Jane Street, etc.

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Vertex

# Vertex Token incentives Methodology

## 1. Overview

Token incentives represents the USD value of trading incentive tokens claimed by users on the Vertex Protocol platform. This metric tracks the distribution of reward tokens (primarily VRTX) to traders as part of Vertex's incentive program. The calculation captures airdrop claim events from blockchain contracts and converts claimed token amounts to USD values, providing insight into the monetary value of trading incentives distributed to the protocol's user base.

## 2. Data sources

- **Blockchain events**: Parsed claim events from airdrop smart contracts deployed on Arbitrum, Avalanche, and Sonic networks
- **Contract events**: Specifically `ClaimVrtx`, `ClaimArb`, and `ClaimArb` events from various airdrop contract addresses
- **Transaction data**: Arbitrum, Avalanche, and Sonic blockchain transaction logs containing airdrop claim activities
- **External data**: End-of-day price feeds for token USD conversion and token metadata for decimal precision handling

## 3. Step-by-step calculation

### Component A: Airdrop claim event extraction
- **Purpose**: Extract and standardize trading incentive claim events across multiple blockchain networks
- **Logic**: Parse blockchain event logs from four different airdrop contracts across Arbitrum, Avalanche, and Sonic networks. Each contract represents a different token airdrop program (VRTX, ARB, AVAX, S tokens). Extract the `amount` field representing claimed tokens and the recipient `address` from each event. Standardize business classification metadata by assigning all claims to "Perpetual trading" business line, "derivatives" market sector, and "perpetual" business segment.
- **Key fields**: `amount` (claimed token quantity), `address` (recipient address), `block_timestamp` (claim time), `transaction_hash` and `log_index` (event identifiers), `token_address` (specific token being claimed)

### Component B: Token-specific filtering and aggregation
- **Purpose**: Filter for VRTX token incentives and aggregate by daily periods
- **Logic**: Apply strict filtering to include only VRTX token claims (token address `0x95146881b86b3ee99e63705ec87afe29fcc044d9`) on the Arbitrum network. Aggregate claim amounts by truncating timestamps to daily boundaries, grouping by recipient address, chain, and business metadata. This creates daily snapshots of VRTX token incentive distributions per user.
- **Key fields**: `token_incentives` (aggregated daily claim amounts), `timestamp` (daily timestamp), `account_address` (recipient), `chain_id` (Arbitrum)

### Component C: USD conversion and decimal correction
- **Purpose**: Convert token amounts to USD values with proper decimal handling
- **Logic**: Apply decimal precision corrections to ensure token amounts are properly represented (accounting for token's decimal places). Convert corrected token amounts to USD using end-of-day price feeds for VRTX tokens. This standardizes all incentive values in a common currency for comparison and analysis.
- **Key fields**: `token_incentives` (USD-converted amounts), price feed data for conversion rates, decimal precision metadata

### Final aggregation
- **Combining components**: Daily VRTX claim amounts per user are converted to USD and standardized through the final metric formatting process
- **Currency conversion**: USD conversion uses end-of-day price feeds with proper decimal adjustments for VRTX token precision
- **Time aggregation**: Claims are aggregated by daily boundaries using timestamp truncation to day level
- **Final calculation**: The final metric value represents the total USD value of VRTX token incentives claimed by users on each day, with gap-filling applied to ensure complete time series coverage and data validation to maintain metric quality standards

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

Value of native tokens distributed as incentives.

VertexVRTX

Token incentives

Token incentives

Competitive landscape

Chain breakdown