Average trading volume (per trade)

Overview

Average trading volume (per trade) measures the average value of a single trade on a decentralized spot exchange. It is calculated as total daily trading volume divided by daily trade count, and reflects whether the DEX is used by institutional (high) and/or retail (low) traders.

Data sources

• Smart contract events and function calls capturing trade executions
• End-of-day price feeds for USD conversion
• Asset metadata for decimal precision

Common calculation approaches

Liquidity pool swap event tracking

For decentralized exchanges utilizing automated market maker (AMM) models, swap events, such as Swap events from liquidity pool contracts, are extracted. The USD value of the traded assets is calculated using end-of-day price feeds, and the total daily volume is divided by the total count of these swap events. This approach is applied to platforms such as Aerodrome and KyberSwap.

Settlement and aggregator contract tracking

For decentralized exchange aggregators and intent-based protocols, trade data is extracted from settlement contracts and router function calls. Trade volumes and counts are compiled from events representing completed orders, such as Trade and OrderFilled events, which are then normalized by decimal precision and converted to USD. This method is utilized for protocols including CoW Protocol, 1inch, and Tokenlon.

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