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Exchanges (DEX)

Blackhole

# Blackhole Trading volume Methodology

## 1. Overview

Blackhole trading volume measures the daily USD value of tokens traded through Blackhole DEX on Avalanche. This metric captures trading activity across both v2 (traditional AMM) and v3 (concentrated liquidity) versions of the protocol. The calculation aggregates swap events, converts token amounts to USD values using end-of-day prices, and applies price manipulation filtering to ensure data quality.

## 2. Data sources

The metric relies on several blockchain and external data sources:

- **Blockchain events**: Parsed `Swap` events from Blackhole v2 and v3 DEX contracts on Avalanche, capturing token amounts exchanged in each trade
- **Transaction data**: Avalanche transaction records providing user addresses and transaction metadata for each swap
- **Trading pair data**: Parsed `PairCreated` events from Blackhole v2 and `CustomPool` events from Blackhole v3, establishing token pair relationships
- **Token metadata**: Token contract information including decimal precision and symbols for proper amount calculations
- **External data**: End-of-day price feeds providing USD conversion rates for traded tokens

## 3. Step-by-step calculation

### Component A: Raw trade extraction
- **Purpose**: Extract individual swap transactions from both Blackhole v2 and v3 contracts
- **Logic**: The system processes `Swap` events from Blackhole v2 `Pair` contracts and v3 `AlgebraPool` contracts on Avalanche. For v2 swaps, token amounts are calculated as the difference between input and output amounts (`amountIn` - `amountOut`) for both `token0` and `token1`. For v3 swaps, the system uses direct `amount0` and `amount1` values from the swap events. Each trade record includes transaction details, user addresses from the underlying transaction data, and business classification fields
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `account_address` (trading pair contract), `user_address`, `token0_amount`, `token1_amount`

### Component B: Trading pair dimensions
- **Purpose**: Establish token pair relationships and metadata for volume calculations
- **Logic**: The system identifies all trading pairs by processing `PairCreated` events from Blackhole v2 and `CustomPool` events from Blackhole v3. Each pair record captures the two token addresses and their corresponding contract decimals from token metadata. The system creates human-readable pair names by concatenating token symbols
- **Key fields**: `account_address` (pair contract), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component C: Trade aggregation and normalization
- **Purpose**: Combine trade data with pair metadata and aggregate to daily volumes
- **Logic**: The system joins individual trades with trading pair dimensions to obtain token addresses and decimal information. Raw token amounts are normalized by dividing by 10 raised to the token's decimal precision. Trades are aggregated daily by summing the absolute values of normalized token amounts for each trading pair. This creates daily token volumes for both tokens in each pair
- **Key fields**: `timestamp` (daily), `token0_address`, `token1_address`, `token0_amount` (normalized), `token1_amount` (normalized)

### Component D: USD conversion and price filtering
- **Purpose**: Convert token volumes to USD values with price manipulation protection
- **Logic**: The system joins daily token volumes with end-of-day price feeds for both tokens in each pair. Each token amount is multiplied by its corresponding USD price to calculate USD volume. To filter out potential price manipulation, the system takes the minimum USD value between the two tokens in each pair. If either token lacks price data, the trading volume defaults to zero
- **Key fields**: `trading_volume` (USD), calculated as the lesser of `token0_amount` × `token0_price_usd` and `token1_amount` × `token1_price_usd`

### Final aggregation
- **Combining components**: All daily trading volumes across different pairs and DEX versions are combined into a single dataset with business classification fields including `market_sector_id`, `business_segment_id`, and `product_id`
- **Currency conversion**: USD conversion uses end-of-day price feeds matched to the trading day and specific token addresses on Avalanche
- **Time aggregation**: Trading volumes are aggregated at daily boundaries using timestamp truncation to day level
- **Final calculation**: The metric represents the sum of all daily USD trading volumes across Blackhole v2 and v3 pairs, with price manipulation filtering applied at the individual pair level before aggregation

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

Total value of spot trades executed on the exchange.

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