Average trading volume (per user)

Overview

Average trading volume (per user) measures the average trading volume generated per unique user over a fixed 24-hour window. It is calculated as total daily trading volume divided by active users (daily), and reflects whether the DEX is used by institutional (high) and/or retail (low) traders.

Data sources

• Smart contract events and program instructions capturing swap activity
• Transaction metadata to identify unique user addresses
• End-of-day price feeds for USD conversion
• Asset metadata for decimal normalization

Common calculation approaches

Direct DEX swap extraction

Swap events are extracted from liquidity pool contracts to identify both the transaction volume and the unique addresses involved. For example, Swap events are captured from FluidDex contracts in Fluid, while TokenExchange and TokenExchangeV2 events are tracked from Curve pool contracts. The total daily USD volume is divided by the count of unique addresses to determine the average per-user activity.

Aggregator and settlement tracking

Trading activity is identified through router and settlement contracts that aggregate liquidity across multiple venues. For instance, Trade events are extracted from GPv2Settlement contracts in CoW Protocol, and Swapped events are captured from various router versions in 1inch. These events provide the necessary data to link specific trade volumes to the originating user addresses.

Cross-chain swap identification

Volume and user data are aggregated from specialized swap and liquidity pool contracts to account for cross-chain or multi-asset activity. In Chainflip, for example, AssetSwapped and SwapRequested events are tracked to capture trading behavior across different chains. This data is then normalized by decimal precision and converted to USD using end-of-day price feeds.

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