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).

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Aerodrome

# Aerodrome Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is calculated as the total daily trading volume divided by active users (daily) over a fixed 24-hour window. This metric is utilized to reflect whether the decentralized exchange is primarily used by institutional or retail traders. Trading activity is captured across Stable Pools, Volatile Pools, and Slipstream. The final metric is denominated in USD and aggregated daily.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Pool identification for Stable Pools, Volatile Pools, and Slipstream

- **Purpose**: Identify active liquidity pools, their constituent assets, and pool types.
- **Logic**: `PoolCreated` events from `Factory` and `CLPoolFactory` contracts are parsed to map pool addresses to their respective assets and determine if they are Stable Pools, Volatile Pools, or Slipstream pools. Asset decimals are joined from asset metadata to enable normalization.
- **Key fields**: `pool`, `token0`, `token1`, `Stable Pools`

### Component B: Trade extraction and user identification

- **Purpose**: Capture individual swap transactions and identify the executing users.
- **Logic**: `Swap` events from `Pool` and `CLPool` contracts are parsed and joined with transaction metadata. The transaction signer address is extracted to identify the unique active user (daily) executing the trade. Swap amounts for both assets are extracted from the event parameters.
- **Key fields**: `sender`, `amount0`, `amount1`, `amount0In`, `amount0Out`, `amount1In`, `amount1Out`, `from_address`

### Component C: Daily trading volume and active user aggregation

- **Purpose**: Aggregate total daily trading volume and count unique active users (daily).
- **Logic**: Swap amounts are normalized by decimal precision and converted to USD using end-of-day price feeds. Daily trading volume is calculated by taking the lesser USD value of the two swapped assets to prevent double-counting. Unique transaction signer addresses are aggregated daily to calculate active users (daily) at the project level.
- **Key fields**: `timestamp`, `trading_volume`, `user_dau`

### Component D: Average trading volume per user calculation

- **Purpose**: Calculate the final average trading volume generated per user.
- **Logic**: The total daily trading volume is divided by the active users (daily) for each day. If no activity is recorded, the metric is filled with zero.
- **Key fields**: `trading_volume`, `user_dau`, `trading_volume_avg_per_user`

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

Average trading volume (per user)

Trading volume divided by daily active users.

AerodromeAERO

Average trading volume (per user)

Average trading volume (per user)

Competitive landscape