The 1inch Aggregation Protocol routes users' trades through the most efficient path for a token swap and aggregates multiple non-custodial exchanges.

The 1inch Network unites multiple decentralized protocols built on Ethereum and other blockchains. This dashboard tracks the 1inch Aggregation Protocol, which is a non-custodial DEX aggregator. 1inch was founded by Sergej Kunz & Anton Bukov and launched in 2019.

The 1inch Network is governed by 1inch DAO – a decentralized autonomous organization. Voting on the DAO is performed through the 1INCH token, a governance token, that was initially distributed to the community of 1inch Network users in late 2020. They currently do not take a cut of the total trading fees paid by traders (revenue). 1inch's investors include ParaFi Capital, FTX Exchange, Pantera Capital, etc.

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# 1inch Average trading volume (per trade) Methodology

## 1. 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. Both the 1inch DEX Aggregator and the 1inch Exchange AMM (Mooniswap) products are covered by this metric.

## 2. Data sources

- **Blockchain events and function calls**: `Swapped` events from `Mooniswap`, `OneInchExchange`, and `AggregationRouterV3` contracts; `OrderFilled` and `OrderFilledRFQ` events from `AggregationRouterV4` and `AggregationRouterV5` contracts; swap, fill, and order execution function calls from `OneInchExchange`, `AggregationRouterV3`, `AggregationRouterV4`, `AggregationRouterV5`, and `AggregationRouterV6` contracts; and ERC-20 token transfers, covering Ethereum, BSC, Polygon, Arbitrum, and 7 other chains
- **External data**: End-of-day price feeds for traded assets and asset metadata

## 3. Step-by-step calculation

### Component A: Trade extraction and normalization

- **Purpose**: Extract raw trade data from events and function calls across the Exchange AMM and DEX Aggregator products
- **Logic**: Trade events and function calls are parsed from the respective router and exchange contracts. For functions that do not natively emit asset denominations, token transfers are joined by transaction hash and value to identify the traded assets. Native asset addresses are mapped to their wrapped counterparts using wrapped native asset configurations. Denylisted trading pairs and low-liquidity assets are filtered out based on predefined denylist configurations
- **Key fields**: `block_timestamp`, `transaction_hash`, `token0_address`, `token1_address`, `token0_amount`, `token1_amount`

### Component B: Trading volume calculation and USD conversion

- **Purpose**: Calculate the USD value of each trade while mitigating price manipulation
- **Logic**: Traded asset amounts are normalized by their respective decimal precisions. Normalized amounts are multiplied by end-of-day asset prices to determine the USD value of both the input and output assets. To prevent distortion from price manipulation or low-liquidity pools, the final trading volume for each transaction is defined as the lesser USD value between the two traded assets. Transactions with a calculated volume equal to or exceeding $1,000,000,000 are excluded as potential wash trading or data anomalies
- **Key fields**: `trading_volume`, `price_usd`

### Component C: Trade count aggregation

- **Purpose**: Determine the daily number of unique trades executed
- **Logic**: The daily trade count is calculated by aggregating the unique transaction hashes of valid trades on a daily level
- **Key fields**: `trade_count`

### Component D: Average trading volume calculation

- **Purpose**: Calculate the final average trading volume per trade
- **Logic**: The total daily trading volume is divided by the daily trade count to produce the average trading volume per trade. Daily granularity is maintained using UTC day boundaries
- **Key fields**: `trading_volume_avg_per_trade_count`

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

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Average trading volume (per trade)

Average trading volume (per trade)

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