# BisonFi Trading volume Methodology

## 1. Overview

Trading volume is defined as the total value of trades executed on the BisonFi decentralized spot exchange. This metric is utilized to evaluate the overall activity and liquidity of the platform, which is operated as a proprietary market maker on Solana. Because trades are quoted directly from the operator's inventory, trading volume is correlated with transaction throughput and inventory turnover. The metric is calculated to assess market share and platform utilization.

## 2. Data sources

- **Blockchain events**: DEX trade instructions executed by the BisonFi program, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trade instruction extraction

- **Purpose**: Captures raw trade data executed through the BisonFi program
- **Logic**: Trade instructions are filtered from Solana DEX trade records where the executing account matches the BisonFi program account. For each trade, the transaction signer, pool account, base and quote vault accounts, base and quote mint accounts, and raw base and quote amounts are extracted.
- **Key fields**: `block_timestamp`, `pool_account`, `token_0_account`, `token_1_account`, `amount_0`, `amount_1`

### Component B: Decimal normalization and asset pairing

- **Purpose**: Normalizes trade amounts and maps them to pool metadata
- **Logic**: Raw base and quote amounts are normalized by the decimal precision of their respective assets using asset metadata. Pool metadata is established by capturing the first trade in which a pool account appears, with the associated mint accounts mapped to the pool. Normalized trades are joined with this pool metadata to identify the canonical asset order (asset 0 and asset 1) for each pool. Trading pairs are established and ordered consistently, prioritizing stablecoins or alphabetical order to generate unique trading pair identifiers.
- **Key fields**: `amount_0`, `amount_1`, `token_0_account`, `token_1_account`, `trading_pair_id`

### Component C: USD valuation and volume calculation

- **Purpose**: Converts trade amounts to USD and applies the valuation methodology
- **Logic**: Normalized asset amounts for both legs of each trade are multiplied by their respective end-of-day USD prices. To account for potential price discrepancies or unpriced assets, the trade is valued at the lesser USD value of the two legs, except when one leg is classified as a tokenized stock asset, in which case the trade is valued using the tokenized stock asset leg. Daily trading volumes are aggregated by pool and trading pair, and any missing days are zero-filled to ensure continuous daily granularity.
- **Key fields**: `trading_volume`, `timestamp`

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

Total value of spot trades executed on the exchange.

Trading volume

Exchanges (DEX)

The operator quotes prices from the BisonFi program and fills against its own inventory, earning the spread embedded in its quotes. It also runs a separate prediction-market program, which is not part of this listing.

BisonFi is a proprietary automated market maker on Solana, live since December 2025. It takes its order flow from DEX aggregators, primarily Jupiter, which route swaps to it when its quote is best.

BisonFi is operated by a market-making team that has not disclosed its identity.