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 Trading volume Methodology

## 1. Overview

Aperture trading volume measures the total USD value of tokens traded on ApertureSwap v1 decentralized exchange pools on the Manta blockchain, aggregated daily. This metric captures the liquidity and activity level of the Aperture DEX by summing all swap transactions and converting them to USD values using end-of-day price feeds. The calculation includes price manipulation protection by using the lower USD value between the two tokens in each trade pair.

## 2. Data sources

- **Blockchain events**: Parsed `Pool_Swap_event` logs from Aperture v1 contracts on the Manta blockchain containing individual trade details including token amounts, pool addresses, and user information
- **Pool creation events**: Parsed `Factory_PoolCreated_event` logs from Aperture v1 factory contracts on Manta that define trading pairs, fee tiers, and pool addresses
- **Transaction data**: Manta blockchain transaction records providing user addresses and transaction metadata
- **Token metadata**: Token information including symbols, decimal places, and contract addresses for proper amount normalization
- **External data**: End-of-day token price feeds in USD for accurate value conversion

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extracts individual swap transactions from Aperture v1 pools
- **Logic**: Retrieves all `Pool_Swap_event` logs from Aperture v1 contracts on Manta blockchain. Each event contains `amount0` and `amount1` fields representing the token amounts exchanged, along with pool address, sender, and transaction details. Events are joined with transaction records to obtain the actual user address (from `from_address` field) since the event only contains the contract interaction address
- **Key fields**: `amount0` and `amount1` (raw token amounts), `sender` (contract user), `address` (pool address), transaction hash, log index, and block timestamp

### Component B: Trading pair definition  
- **Purpose**: Maps pool addresses to their underlying token pairs and fee structures
- **Logic**: Processes `Factory_PoolCreated_event` logs from Aperture v1 factory contracts to create a registry of all trading pools. Each pool creation event specifies the two tokens (`token0` and `token1`), fee tier, and resulting pool address. The fee tier is normalized by dividing by 10^6 to convert from basis points to decimal percentage. Token metadata is joined to add decimal places and symbols for each token pair
- **Key fields**: `pool` address, `token0` and `token1` addresses, `fee` tier, token decimals, and token symbols combined into account names

### Component C: Daily volume aggregation
- **Purpose**: Aggregates individual trades into daily trading volumes with decimal correction
- **Logic**: Joins trade events with trading pair definitions using pool addresses. Raw token amounts are converted to human-readable values by taking absolute values and dividing by 10 raised to the token's decimal places. Trades are grouped by day (using timestamp truncation), chain, pool address, and user to create daily aggregates. The absolute value ensures both buy and sell sides of trades contribute positively to volume
- **Key fields**: Daily aggregated `token0_amount` and `token1_amount` in normalized decimal format, grouped by timestamp, pool, and user identifiers

### Component D: USD conversion and manipulation protection
- **Purpose**: Converts token amounts to USD values with built-in price manipulation safeguards  
- **Logic**: Joins the daily aggregated trades with end-of-day price feeds for both tokens in each pair. Each token amount is multiplied by its respective USD price to get two potential USD values for the trade. To prevent price manipulation attacks (where one token's price might be artificially inflated), the calculation takes the lesser of the two USD values using the `least()` function. Missing price data results in zero volume rather than null values
- **Key fields**: `trading_volume` field containing the final USD value, calculated as the minimum of token0 USD value and token1 USD value

### Final aggregation  
- **Combining components**: All processed trades with their USD volumes are combined and passed to the `finalize_metric_trading_volume` macro which applies standard schema validation and ensures consistent time series formatting
- **Currency conversion**: USD conversion uses end-of-day price feeds matched by timestamp, token address, and chain, with the lesser value between token pairs used to prevent manipulation
- **Time aggregation**: Trades are aggregated to daily boundaries using timestamp truncation to day level, with all trades within a 24-hour period contributing to that day's volume
- **Final calculation**: The final trading volume is the sum of all individual trade USD values (after manipulation protection) within each day, aggregated across all Aperture v1 pools on the Manta blockchain

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

Total value of spot trades executed on the exchange.

Aperture

Trading volume

Trading volume

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