Liquidity providers deposit funds into Aerodrome and stake their LP tokens to receive AERO tokens in proportion to their share of the votes (token incentives).

Aerodrome is a non-custodial exchange protocol built on Base. Aerodrome was launched by the Velodrome team in 2023.

AERO tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue), while the pools' unstaked liquidity providers earn the remainder of the trading fees (supply-side fees).

github

twitter

discord

etherscan

website

Exchanges (DEX)

Aerodrome

# Aerodrome Trading volume Methodology

## 1. Overview

Trading volume is defined as the total USD value of trades executed on the Aerodrome decentralized exchange. This metric is utilized to assess the protocol's capacity to generate trading fees and revenue, which are subsequently distributed to veAERO lockers. Trading activity is tracked across three core products: Stable Pools, Volatile Pools, and Slipstream.

## 2. Data sources

- **Blockchain events**: `Swap` and `PoolCreated` events from `Pool`, `CLPool`, `Factory`, and `CLPoolFactory` contracts, covering Base and Arc
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trading pair and pool type identification

- **Purpose**: Active trading pairs, asset decimals, and pool classifications are identified.
- **Logic**: `PoolCreated` events from `Factory` and `CLPoolFactory` contracts are parsed to extract pool addresses, asset addresses, and pool configurations. Pools created via the V1/V2 `Factory` are classified as Stable Pools or Volatile Pools based on the `Stable Pools` pool flag. Pools created via the V3 `CLPoolFactory` are classified as Slipstream. Asset decimal configurations are retrieved from asset metadata to enable normalization.
- **Key fields**: `pool` (pool address), `token0` (first asset address), `token1` (second asset address), `Stable Pools` (pool type flag)

### Component B: Swap event extraction for Stable Pools and Volatile Pools

- **Purpose**: Trade amounts from V1 and V2 pools are captured.
- **Logic**: `Swap` events from `Pool` contracts are parsed. The net change for each asset in the pool is calculated by subtracting the outgoing amount from the incoming amount for both assets.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out`

### Component C: Swap event extraction for Slipstream

- **Purpose**: Trade amounts from V3 concentrated liquidity pools are captured.
- **Logic**: `Swap` events from `CLPool` contracts are parsed to extract the raw trade amounts for both assets.
- **Key fields**: `amount0`, `amount1`

### Component D: Normalization and USD conversion

- **Purpose**: Asset amounts are normalized and converted to USD.
- **Logic**: Raw asset amounts from all swap events are normalized by their respective decimal precisions. The normalized amounts for both assets in a trade are multiplied by their respective end-of-day asset prices to establish their USD values. To prevent double-counting and mitigate pricing anomalies, the final trading volume for each swap is determined by taking the lesser of the two calculated USD values.
- **Key fields**: `amount_0`, `amount_1`, `price_usd`

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

Total value of spot trades executed on the exchange.

AerodromeAERO

Trading volume

Trading volume

Competitive landscape

Chain breakdown