# Bifrost Stable Swaps Trading volume Methodology

## 1. Overview

Trading volume measures the total value of assets exchanged within the stable swap pools of Bifrost Stable Swaps. This metric serves as a key indicator of liquidity and protocol utilization for liquid staking tokens (vTokens) and their underlying assets. Trading volume is denominated in USD and is aggregated based on the value of the assets swapped at the time of execution.

## 2. Data sources

- **Blockchain events**: `TokenSwapped` events from `stableAsset` contracts and `Minted` events from `vtokenMinting` contracts, covering Bifrost Substrate
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Stable swap event extraction

- **Purpose**: Capture the raw quantity of assets exchanged in stable swap pools.
- **Logic**: `TokenSwapped` events are parsed from the `stableAsset` pallet on Bifrost Substrate. The currency key, currency index, and raw swap amount are extracted for each transaction. These events represent the primary trading activity across the protocol's liquidity pools.
- **Key fields**: `currency_key`, `currency_index`, and `amount`.

### Component B: vToken price ratio determination

- **Purpose**: Calculate the exchange rate between liquid staking assets (vTokens) and their underlying assets to ensure accurate valuation.
- **Logic**: `Minted` events are parsed from the `vtokenMinting` pallet. A daily average price ratio is calculated by dividing the underlying asset amount by the minted vToken amount. These ratios are filled forward to ensure continuous coverage and are applied to swap events involving vToken keys to normalize their value relative to the underlying asset.
- **Key fields**: `token_amount`, `v_token_amount`, and `vtoken_price_ratio`.

### Component C: Asset normalization and USD conversion

- **Purpose**: Convert raw event data into a standardized USD-denominated metric.
- **Logic**: Asset metadata is joined to the extracted swap events using the currency index and mapping keys. Raw amounts are normalized by the specific decimal precision of each asset. For swaps involving vTokens, the calculated vToken price ratio is applied to the normalized amount. The resulting values are multiplied by end-of-day price feeds for the corresponding underlying assets. Data is aggregated to a daily grain using UTC day boundaries.
- **Key fields**: `decimals`, `coingecko_id`, and `vtoken_price_ratio`.

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

Total value of spot trades executed on the exchange.

Trading volume

Exchanges (DEX)

Collators aggregate parachain transactions block candidates and producing state transition proofs for validators based on those blocks.

Bifrost is the Staking Yield Layer app-chain for stablecoins, RWAs, and DeFi, powered by the Polkadot Relay chain.

BNC holders own and govern the protocol. Bifrost’s investors include OKX Ventures, Long Hash Ventures, etc.

Bifrost Stable Swaps

Archived

Trading volume

Trading volume

Chain breakdown