Tradeable pairs

Overview

Tradeable pairs measures the number of unique token pairs available for trading on the decentralized exchange. It reflects the number of direct swap routes offered by the project.

Data sources

• Smart contract events and program instructions capturing pool and pair initializations
• Asset metadata for token symbols and decimal normalization
• End-of-day price feeds for liquidity-based cohort classification

Common calculation approaches

Cumulative initialization tracking

For decentralized exchanges (DEXs), tradeable pairs are calculated by tracking the cumulative initialization of liquidity pools over time. For example, PairCreated and PoolCreated events are tracked from Uniswap and PancakeSwap factory contracts, while pool initialization instructions are monitored from Orca on Solana. Each newly deployed pool is recorded on its first appearance to maintain a running total of all historically created trading routes.

Activity and liquidity-filtered tracking

Trading pairs are also tracked by combining pool creation events with active trading or reserve data. For instance, active pairs are identified from DODO using swap events such as DODOSwap, while pool reserve data and end-of-day price feeds are utilized to categorize tradeable pairs from Balancer. This ensures that only pools meeting specific activity or liquidity thresholds are counted.

Note: The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.