# Blur Trading volume Methodology

## 1. Overview

Blur trading volume measures the total USD value of NFT trades executed across Blur's ecosystem, including the native Blur exchange (v1 and v2), Seaport-based aggregated trades, and collateralized NFT sales through Blur's Blend lending protocol. This metric captures the comprehensive trading activity facilitated by Blur's platform by aggregating trade volumes from multiple contract interfaces and converting them to USD using end-of-day price feeds.

## 2. Data sources

The calculation draws from several categories of raw blockchain data:

- **Blur exchange events**: Parsed `OrdersMatched` events from the Blur v1 exchange contract and `Execution` events from the Blur v2 exchange contract on Ethereum
- **Seaport marketplace events**: Parsed `OrderFulfilled` events from OpenSea Seaport contracts (versions 1.1 through 1.6) on Ethereum, filtered specifically for trades using Blur's zone identifier
- **Blend lending protocol**: Function call data from Blur's Blend contract including `buyLocked`, `buyLockedETH`, `buyToBorrowLocked`, and `buyToBorrowLockedETH` functions for collateralized NFT sales
- **Transaction records**: Ethereum transaction data used to identify NFT buyer addresses when trades involve Blur's swap functionality
- **External price data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token decimal specifications for amount normalization

## 3. Step-by-step calculation

### Component A: Blur v1 native exchange trades

- **Purpose**: Capture direct NFT trades executed on Blur's original exchange contract
- **Logic**: Extract `OrdersMatched` events from the Blur v1 exchange, parsing order details including seller/buyer addresses, NFT collections, token IDs, and prices. Handle special cases where the Blur Swap contract appears as the buyer by resolving the actual buyer from transaction data. Calculate royalty amounts using fee rates and normalize token addresses by replacing null addresses and Blur pool addresses with WETH
- **Key fields**: `order_hash` for trade identification, `volume_amount` for trade value, `nft_seller_address` and `nft_buyer_address` for participants, `royalty_amount` for fees, `token_address` for payment token

### Component B: Blur v2 native exchange trades

- **Purpose**: Capture trades from Blur's updated exchange contract with optimized data packing
- **Logic**: Process three types of execution events with packed integer data. Use JavaScript UDFs to perform bitwise operations on large integers, unpacking token IDs, listing indices, trader addresses, order types, prices, and collection addresses from single packed values. Determine trade direction based on order type and resolve buyer/seller addresses using transaction data. Calculate protocol and royalty fees using rate-based formulas
- **Key fields**: Unpacked `tokenId`, `trader`, and `price` from packed integers, `order_type` for trade direction, fee rates for royalty calculations

### Component C: Seaport-based aggregated trades

- **Purpose**: Include trades executed through OpenSea's Seaport protocol but facilitated by Blur's aggregation
- **Logic**: Process `OrderFulfilled` events from multiple Seaport contract versions, filtering for trades that use Blur's specific zone identifier. Handle complex offer/consideration arrays to determine trade direction, amounts, and fees. Distinguish between matched orders (which require different handling) and single orders. Resolve NFT and currency tokens from offer/consideration items, handling various token types including ETH, ERC20, ERC721, and ERC1155
- **Key fields**: `offer` and `consideration` arrays for trade details, `zone` for Blur identification, `is_matched` for order type distinction, various `itemtype` values for token classification

### Component D: Blend collateralized NFT trades

- **Purpose**: Capture NFT sales that occur when collateralized assets are purchased from Blur's lending protocol
- **Logic**: Extract function calls to Blend contract methods that facilitate NFT purchases from borrowers. Parse lien information to identify the NFT seller (borrower), collection, token ID, and sale price. Set the contract caller as the NFT buyer and use WETH as the payment token since these trades settle in ETH
- **Key fields**: `lien` objects containing borrower and NFT details, `offer.price` for sale amounts, function call data for buyer identification

### Component E: Daily aggregation

- **Purpose**: Combine all trade sources and aggregate by day for consistent reporting
- **Logic**: Union all trade sources and group by day, chain, market sector, business segment, product, and token address. Sum `volume_amount` fields to calculate total trading volume and `royalty_amount` fields for total fees. This creates daily snapshots of trading activity across all Blur ecosystem components
- **Key fields**: `trading_volume` as summed volume amounts, `fees_supply_side` as summed royalty amounts, daily timestamp boundaries

### Final aggregation

- **Combining components**: All trade sources are unioned in the fact table, then aggregated by day with consistent business classification fields including chain ID, market sector (nfts), and business segment (marketplace)
- **Currency conversion**: Native token amounts are converted to USD using the `convert_to_usd_and_correct_decimals` macro, which applies end-of-day price feeds and adjusts for token decimal places to normalize all amounts to standard USD values
- **Time aggregation**: Trades are grouped into daily buckets using `timestamp_trunc` to day boundaries, creating consistent daily trading volume totals
- **Final calculation**: The metric represents the sum of all USD-converted trade volumes across Blur's ecosystem for each day, including native exchange trades, Seaport-aggregated trades, and Blend collateralized sales

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

Total value of spot trades executed on the exchange.

Trading volume

Blur

Traders buy NFTs either via the Blur aggregator or Blur's own marketplace from creators & and other users. When trading via Blur's own marketplace, traders pay royalty fees to the creators (supply-side fees).

Blur is a non-custodial NFT marketplace and a marketplace aggregator protocol built on Ethereum. Blur was founded by a pseudonymous team and launched in 2022.

BLUR tokenholders own and govern the protocol. They currently do not take a cut of the royalty fees paid by traders (revenue). Blur's investors include Paradigm, eGirl Capital, etc.

BlurBLUR

Trading volume

Trading volume

Competitive landscape

Chain breakdown