# Axiom Trade Trading volume Methodology

## 1. Overview

Trading volume measures the total value of trades executed on Axiom Trade. Since trading fees are paid by users on their trades, this metric is utilized to assess the protocol's capacity for fee and revenue generation. Spot trading activity routed through Axiom Trade is captured and normalized to USD. Only trades associated with designated protocol fee accounts on Solana or routed through designated trade contracts on EVM chains are included in this metric.

## 2. Data sources

- **Blockchain events**: Solana account activity and Solana decentralized exchange trades associated with designated Axiom Trade fee accounts, as well as decentralized exchange trades routed through designated trade contracts on EVM chains, covering Solana, BSC, and Robinhood Chain
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Fee transaction identification

- **Purpose**: Identify transactions representing Axiom Trade activity.
- **Logic**: Solana account activity is filtered to identify transactions where the recipient account is one of 20 designated Axiom Trade fee accounts and the account balance increases (the post-balance is greater than the pre-balance). A list of unique transaction IDs associated with these fee payments is generated to isolate Axiom Trade transactions from general network activity.
- **Key fields**: `transaction_id`, `account_key`, pre-balance, and post-balance

### Component B: Trade extraction and normalization

- **Purpose**: Extract and normalize trade amounts for identified transactions.
- **Logic**: Solana decentralized exchange trades are joined with the identified fee transaction IDs. Trades executed by the fee accounts themselves as the transaction signer are excluded. To ensure relevance, trades are filtered to include only those where either the base mint account or the quote mint account is the native SOL mint account (`So11111111111111111111111111111111111111112`). Traded amounts are then normalized by dividing the raw quantities by the decimal precision of each asset, which is retrieved from asset metadata.
- **Key fields**: `block_timestamp`, `signer`, base mint account, quote mint account, base amount, and quote amount

### Component C: EVM trade extraction

- **Purpose**: Extract trade activity executed on EVM chains.
- **Logic**: Decentralized exchange trades on BSC and Robinhood Chain are filtered to include only transactions where the recipient address matches designated Axiom Trade contracts. For transactions containing multiple swaps, only the swap with the largest USD value is retained.
- **Key fields**: `block_timestamp`, `signer`, `token_0_address`, `token_1_address`, `amount_0`, and `amount_1`

### Component D: USD conversion and wash trading mitigation

- **Purpose**: Convert trade values to USD and apply filters to mitigate wash trading.
- **Logic**: Normalized trade amounts are joined with daily average asset prices. If USD prices are available for both traded assets, the trading volume is calculated as the lesser of the two USD values to mitigate potential wash trading. If only one asset price is available, the USD value of that asset is utilized.
- **Key fields**: `price_usd`, `amount_0`, `amount_1`, and `trading_volume`

### Component E: Daily aggregation and zero-filling

- **Purpose**: Aggregate trading volume to daily granularity and ensure continuous data.
- **Logic**: Trading volumes are summed by day, chain, and product. A finalization process is applied to cast data types, validate chain and product identifiers, and fill any gaps in daily activity with zeros to ensure a continuous time series.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, and `trading_volume`

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

Total value of spot trades executed on the exchange.

Axiom Trade

Trading volume

Trading volume

Chain breakdown