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

Bancor is a non-custodial exchange protocol built on Ethereum. Bancor was founded by Galia Benartzi, Guy Benartzi, Eyal Hertzog, & Yudi Levi and launched in 2016.

BNT tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Bancor's investors include DeFiance Capital, ParaFi Capital, Mechanism Capital, etc.

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Bancor

# Bancor Trading volume Methodology

## 1. Overview

Bancor trading volume measures the total USD value of token swaps executed through the Bancor protocol on Ethereum. This metric captures trading activity across two major Bancor versions (v2.1 and v3) and is calculated by extracting trade events from blockchain logs, converting token amounts to USD values, and applying anti-manipulation filters to ensure accurate volume reporting.

## 2. Data sources

The calculation relies on the following data sources:
- **Blockchain events**: Parsed Ethereum `BancorNetwork_TokensTraded` events for Bancor v2.1 and `Converter_Conversion` events for Bancor v3
- **Transaction data**: Ethereum transaction records to identify user addresses and provide transaction context  
- **Token metadata**: Token information including symbols and decimal places for amount normalization
- **External data**: End-of-day token price feeds in USD for value conversion

## 3. Step-by-step calculation

### Component A: Raw trade extraction
- **Purpose**: Extract and standardize trade events from different Bancor protocol versions
- **Logic**: The system identifies trade events from two Bancor versions on Ethereum. For v2.1, it uses `BancorNetwork_TokensTraded` events capturing `sourceToken`, `targetToken`, `sourceAmount`, `targetAmount`, and `targetFeeAmount` fields. For v3, it uses `Converter_Conversion` events with `_fromToken`, `_toToken`, `_amount`, `_return`, and `_conversionFee` fields. All events are joined with transaction records to obtain user addresses and filtered to include only trades from June 16, 2020 onwards
- **Key fields**: Transaction hash and log index for uniqueness, block timestamp for timing, contract addresses for protocol identification, token addresses, and raw token amounts before decimal correction

### Component B: Token standardization and fee handling  
- **Purpose**: Normalize token addresses and incorporate trading fees into volume calculations
- **Logic**: Native ETH addresses (represented as `0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee`) are converted to WETH addresses (`0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2`) for consistency across the system. For Bancor v2.1 trades, the target fee amount is added to the target token amount to capture the full economic value of the trade, ensuring fees are included in volume calculations
- **Key fields**: Standardized `token0_address` and `token1_address` fields, adjusted token amounts including fees for accurate volume representation

### Component C: Daily aggregation and decimal correction
- **Purpose**: Group trades by day and convert raw token amounts to human-readable values  
- **Logic**: Trades are aggregated by calendar day using timestamp truncation. Token amounts are joined with token metadata to obtain decimal places, then raw amounts are divided by 10 raised to the decimal power to convert from wei-equivalent units to standard token units. Token symbols are concatenated to create account names in the format "TOKEN0-TOKEN1"
- **Key fields**: Daily timestamp boundaries, corrected `token0_amount` and `token1_amount` values, `account_name` combining token symbols

### Component D: USD conversion and anti-manipulation filtering
- **Purpose**: Convert token amounts to USD values while preventing price manipulation attacks
- **Logic**: Both token amounts in each trade are converted to USD using end-of-day price feeds matched by timestamp, token address, and chain. The system calculates USD values for both sides of each trade, then uses the LEAST function to select the smaller of the two USD amounts. This approach prevents volume inflation from price manipulation attacks where one side of a trade might use manipulated or stale pricing
- **Key fields**: USD-denominated trading volume using the conservative approach of taking the minimum value between both trade sides

### Final aggregation  
- **Combining components**: Daily trading volume records are summed across all trades, accounts, and token pairs to produce aggregate volume metrics
- **Currency conversion**: All volumes are expressed in USD using end-of-day pricing, with anti-manipulation logic ensuring conservative volume reporting
- **Time aggregation**: Daily boundaries are established using timestamp truncation, with all trades within a calendar day contributing to that day's volume
- **Final calculation**: The final trading volume represents the sum of all individual trade volumes in USD, where each trade volume is the lesser of the two token sides converted to USD, providing a conservative but manipulation-resistant measure of true economic activity on the Bancor protocol

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

Total value of spot trades executed on the exchange.

BancorBNT

Trading volume

Trading volume

Competitive landscape

Chain breakdown