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 user) Methodology

## 1. Overview

Trading volume average per user measures the average USD value of stable asset swaps per daily active user on Bifrost. This metric divides the total daily trading volume from Bifrost's stable asset swap functionality by the number of unique active addresses, providing insight into per-user trading intensity and platform usage patterns.

## 2. Data sources

- **Bifrost blockchain events**: Parsed `TokenSwapped` events from the `stableAsset` pallet containing swap amounts and token identifiers
- **Bifrost blockchain extrinsics**: Transaction records with sender addresses to identify active users
- **Bifrost EVM events**: Parsed `Executed` events from the `ethereum` pallet for EVM-compatible transactions
- **Bifrost vToken minting events**: `Minted` events from the `vtokenMinting` pallet used to calculate conversion ratios between vTokens and underlying tokens
- **External price data**: End-of-day token price feeds from CoinGecko for USD conversion
- **Token metadata**: Hardcoded token mapping definitions connecting Bifrost internal token identifiers to CoinGecko IDs and decimal precision

## 3. Step-by-step calculation

### Component A: Stable swap trading volume calculation
- **Purpose**: Calculates the USD value of all stable asset swaps on Bifrost
- **Logic**: Extracts `TokenSwapped` events from the `stableAsset` pallet, which contain the swap amounts and token currency information. Each event includes the currency key (like `Token2` or `vToken2`) and currency index identifying the specific token. The raw swap amounts are normalized by dividing by 10 raised to the token's decimal precision. For vTokens (voucher tokens), an additional conversion step applies price ratios derived from `Minted` events to convert vToken amounts back to their underlying token equivalents. Finally, normalized token amounts are converted to USD using end-of-day CoinGecko price feeds matched by timestamp and token identifier.
- **Key fields**: `amount` (raw swap amount), `currency_key` (token type identifier), `currency_index` (specific token index), `vtoken_price_ratio` (conversion rate for vTokens)

### Component B: Daily active user identification
- **Purpose**: Counts unique addresses that executed transactions on Bifrost each day
- **Logic**: Identifies active users from two sources: transaction senders from Bifrost extrinsics and addresses from EVM transactions via the `ethereum` pallet's `Executed` events. All user addresses are collected and deduplicated using HyperLogLog sketches to handle cross-chain activity. Users are aggregated by day and counted distinctly across multiple dimensional breakdowns including project-level totals, individual chains, user types, and product categories.
- **Key fields**: `user_address` (active wallet address), `block_timestamp` (transaction timing), `chain` (blockchain identifier)

### Component C: vToken price ratio calculation  
- **Purpose**: Determines conversion rates between vTokens and their underlying tokens
- **Logic**: Extracts `Minted` events from the `vtokenMinting` pallet where users exchange underlying tokens for vTokens. Each minting event contains both the input token amount and output vToken amount. The conversion ratio is calculated by dividing the token amount by the vToken amount, then averaged across all minting events for each token on each day. These ratios are forward-filled to ensure availability on days without minting activity.
- **Key fields**: `token_amount` (underlying tokens provided), `v_token_amount` (vTokens received), `vtoken_price_ratio` (calculated conversion rate)

### Final aggregation
- **Combining components**: Daily trading volume totals are joined with daily active user counts using timestamp matching. Both metrics must exist for the same date to be included in the final calculation.
- **Currency conversion**: Token amounts are first normalized using decimal precision, then vToken amounts are converted to underlying token equivalents using daily price ratios, and finally converted to USD using end-of-day CoinGecko price feeds.
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation, ensuring consistent time alignment across trading volume and user activity measurements.
- **Final calculation**: The trading volume average per user is calculated using safe division of total daily trading volume in USD by the count of daily active addresses. Safe division returns null when there are zero active users, preventing division-by-zero errors.

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

Average trading volume (per user)

Trading volume divided by daily active users.

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Average trading volume (per user)

Average trading volume (per user)

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