Liquidity providers deposit funds into Aperture and receive trading fees from traders (supply-side fees).

Aperture is a non-custodial DeFi exchange protocol built on Manta Pacific (originally a fork of Uniswap). Aperture was founded by Gao Han, Lian Zhu, and Peiqian Li in 2021.

Aperture team & investors own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Aperture's investors include ParaFi Capital, Arrington XRP Capital, Costanoa Ventures and Divergence Ventures.

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Aperture

# Aperture Liquidity turnover Methodology

## 1. Overview

Liquidity turnover measures how efficiently a decentralized exchange utilizes its liquidity by calculating the ratio of trading volume to total value locked (TVL). This metric indicates how many times the available liquidity is traded over a given period. For Aperture Finance, this is calculated by dividing daily trading volume by TVL, where both components are measured in USD. The metric helps assess the productivity and efficiency of liquidity provision on the protocol.

## 2. Data sources

The calculation relies on several types of blockchain data from Aperture Finance V1 deployed on Manta Network:

- **Pool creation events**: Parsed `Factory_PoolCreated_event` logs that establish new trading pairs with fee tiers and token addresses
- **Liquidity events**: Parsed `Pool_Mint_event` logs capturing liquidity deposits with token amounts
- **Withdrawal events**: Parsed `Pool_Collect_event` and `Pool_CollectProtocol_event` logs capturing liquidity withdrawals and protocol fee collections
- **Trading events**: Parsed `Pool_Swap_event` logs containing swap transactions with token amounts exchanged
- **Flash loan events**: Parsed `Pool_Flash_event` logs capturing flash loan activity with borrowed amounts
- **Transaction data**: Manta transaction records providing user addresses and transaction metadata
- **Price data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token symbols and decimal precision information for proper amount calculations

## 3. Step-by-step calculation

### Component A: Trading pairs identification
- **Purpose**: Establish the universe of Aperture trading pools and their characteristics
- **Logic**: Extract pool creation events from the Aperture Factory contract on Manta Network. Each event contains the pool contract address, two token addresses (token0 and token1), and fee tier. Join with token metadata to get decimal precision and symbols for proper naming and amount calculations. Calculate fee tier as a percentage by dividing the raw fee value by 1,000,000.
- **Key fields**: Pool `address`, `token0_address`, `token1_address`, `fee_tier`, token decimals, and generated pool name from token symbols

### Component B: Asset flow processing
- **Purpose**: Track all token movements in and out of trading pools to calculate net deposits
- **Logic**: Combine four types of asset flows with different treatment. Deposits from `Pool_Mint_event` are recorded as positive token amounts. Withdrawals from `Pool_Collect_event` and `Pool_CollectProtocol_event` are recorded as negative token amounts. Trading amounts from `Pool_Swap_event` are included as-is. Flash loan amounts from `Pool_Flash_event` are multiplied by the pool's fee tier to represent the fee revenue generated. All raw token amounts are corrected for decimal precision by dividing by 10 raised to the token's decimal places. Timestamps are truncated to daily boundaries for aggregation.
- **Key fields**: `block_timestamp`, `account_address`, `token0_amount`, `token1_amount` after decimal correction

### Component C: Trading volume calculation
- **Purpose**: Calculate daily USD trading volume for each pool
- **Logic**: Extract swap events from pools and aggregate them daily by pool address. For each swap, take the absolute value of both token amounts to represent volume regardless of direction. Correct token amounts for decimal precision. Convert both token amounts to USD using end-of-day price feeds. To prevent price manipulation attacks, use the minimum USD value between the two tokens as the trading volume for that swap. Sum all swap volumes by day and pool to get daily trading volume.
- **Key fields**: Daily aggregated `trading_volume` in USD per pool

### Component D: Net deposits and TVL calculation
- **Purpose**: Calculate the cumulative net deposits representing TVL
- **Logic**: From the processed asset flows, convert token amounts to USD using end-of-day price feeds. For each day and pool, sum the USD value of token0 and token1 flows to get net deposits. The TVL is represented by these cumulative net deposits, as they reflect the total value that liquidity providers have deposited minus what they have withdrawn, adjusted for trading activity and flash loan fees.
- **Key fields**: Daily `net_deposits` in USD representing TVL

### Final aggregation
- **Combining components**: Aggregate trading volume and TVL data by day across all Aperture pools on Manta Network to get protocol-level metrics
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds matched by token address, chain, and timestamp
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to the day level
- **Final calculation**: Apply the liquidity turnover formula by dividing the daily trading volume by the TVL for each day. This produces a ratio indicating how many times the available liquidity was traded on that day. The calculation uses a standardized macro that handles the division and applies appropriate formatting and validation rules for the final metric output.

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

Trading volume divided by total liquidity.

Aperture

Liquidity turnover

Liquidity turnover

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