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.

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Bifrost

# Bifrost Average trading volume (per trade) Methodology

## 1. Overview

This metric measures the average USD trading volume per individual trade on Bifrost.io's stable asset swap pools. It represents the typical trade size by dividing the total daily trading volume by the number of unique trades executed that day. This metric helps assess trading behavior patterns and liquidity utilization on the Bifrost protocol, indicating whether users tend to make larger or smaller trades on average.

## 2. Data sources

The calculation uses several data sources:
- **Blockchain events**: Parsed Bifrost.io blockchain events from the `stableAsset` pallet, specifically `TokenSwapped` events that contain swap transaction details including currency types, token amounts, and transaction identifiers
- **Blockchain events**: Parsed Bifrost.io blockchain events from the `vtokenMinting` pallet, specifically `Minted` events used to calculate price ratios between tokens and their voucher token equivalents
- **Token metadata**: Hardcoded token mapping definitions for Bifrost ecosystem tokens including DOT, GLMR, ASTR, FIL, MANTA, BNC and their corresponding voucher tokens (vDOT, vGLMR, vASTR, vFIL, vMANTA, vBNC) with decimal places and CoinGecko identifiers
- **External data**: End-of-day token price feeds from CoinGecko API for USD conversion of token amounts
- **Transaction data**: Bifrost.io transaction records providing unique transaction identifiers (`extrinsic_id`) for counting distinct trades

## 3. Step-by-step calculation

### Component A: Stable swap event extraction
- **Purpose**: Identifies and processes all token swap events from Bifrost stable asset pools
- **Logic**: Filters Bifrost blockchain events for the `stableAsset` pallet and `TokenSwapped` method. Extracts currency information from the event data array, parsing JSON to identify the currency key (token type like Token2 or vToken2) and currency index (specific token identifier). Captures the swap amount from the event data and links each swap to its transaction via `extrinsic_id`
- **Key fields**: Event data contains `currency_key`, `currency_index`, `amount`, and `extrinsic_id` for transaction identification

### Component B: Token mapping and normalization
- **Purpose**: Maps raw token identifiers to standardized token information and applies decimal corrections
- **Logic**: Uses hardcoded token definitions to map currency keys and indexes to specific tokens (DOT, vDOT, GLMR, etc.). Retrieves decimal places and CoinGecko identifiers for each token. Normalizes raw token amounts by dividing by 10 raised to the token's decimal places to get actual token quantities
- **Key fields**: Produces `token`, `coingecko_id`, `decimals`, and normalized `amount` values

### Component C: VToken price conversion
- **Purpose**: Calculates price ratios between voucher tokens and their underlying assets
- **Logic**: Processes `vtokenMinting` pallet `Minted` events to extract token amounts and corresponding voucher token amounts. Calculates daily average price ratios by dividing token amounts by voucher token amounts for each token type. Applies forward-filling to ensure price ratios are available for all days. For voucher token swaps, multiplies the normalized amount by the appropriate price ratio to convert to underlying token equivalent value
- **Key fields**: Generates `vtoken_price_ratio` values applied to voucher token amounts

### Component D: USD conversion
- **Purpose**: Converts normalized token amounts to USD values for standardized volume measurement
- **Logic**: Takes normalized and vtoken-adjusted token amounts and multiplies them by end-of-day USD prices from CoinGecko price feeds. Matches tokens to price feeds using CoinGecko identifiers from the token mapping. Uses daily price snapshots to ensure consistent valuation across all trades within a day
- **Key fields**: Produces USD-denominated `amount` values for each swap

### Component E: Trading volume aggregation
- **Purpose**: Calculates total daily trading volume in USD
- **Logic**: Groups all USD-converted swap amounts by day and sums them to get total daily trading volume. Aggregates across all token types and swap directions to capture complete trading activity on Bifrost stable asset pools
- **Key fields**: Generates daily `trading_volume` totals in USD

### Component F: Trade count calculation
- **Purpose**: Counts the number of unique trades executed each day
- **Logic**: Groups swap events by day and counts distinct `extrinsic_id` values to determine how many unique transactions contained swaps. This ensures each transaction is counted once regardless of how many individual token swaps occurred within that transaction
- **Key fields**: Produces daily `trade_count` representing unique trading transactions

### Final aggregation
- **Combining components**: Joins daily trading volume totals with daily trade counts on the timestamp dimension to align the two metrics for the same time periods
- **Currency conversion**: All amounts are already converted to USD in the trading volume component using end-of-day CoinGecko price feeds
- **Time aggregation**: Both components use daily timestamps truncated to day boundaries, ensuring consistent time alignment
- **Final calculation**: Divides total daily trading volume by daily trade count using safe division to handle cases where trade count might be zero, producing the average trading volume per trade in USD

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

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Average trading volume (per trade)

Average trading volume (per trade)

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