# Byreal CLMM Trading volume Methodology

## 1. Overview

Trading volume is defined as the total USD value of trades executed on the Byreal CLMM decentralized spot exchange. This metric is utilized to evaluate the protocol's transaction activity, which directly influences its capacity to generate trading fees and revenue. Swaps executed within concentrated-liquidity pools on Solana are captured, including those routed through Byreal's native router and external decentralized exchange aggregators. Off-chain request-for-quote (RFQ) transactions are excluded from this metric. To mitigate the impact of pricing anomalies, trading volume is valued using the lesser USD value of the two swap legs.

## 2. Data sources

- **Blockchain events**: `CreatePool` instructions from the `CLMM` program and decentralized exchange trade instructions associated with the Byreal program account, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Pool identification and metadata mapping

- **Purpose**: Identify active concentrated-liquidity pools and map their underlying asset pairs
- **Logic**: Pool accounts and their associated asset mints are identified using `CreatePool` instructions from the `CLMM` program. For pools without decoded creation instructions, metadata is derived from the first observed trade, establishing the asset pair based on the lexical order of the asset addresses.
- **Key fields**: `pool_address`, `token_address_0`, `token_address_1`, `created_at`

### Component B: Trade extraction and normalization

- **Purpose**: Extract raw trade data and normalize asset amounts
- **Logic**: Trade instructions executed by the Byreal program account are filtered from Solana decentralized exchange trade records. Raw asset amounts for both swap legs are normalized by dividing the raw values by their respective asset decimal precisions obtained from asset metadata.
- **Key fields**: `block_timestamp`, `pool_address`, `amount_0`, `amount_1`

### Component C: USD valuation and volume calculation

- **Purpose**: Convert trade amounts to USD and calculate the final trading volume
- **Logic**: Normalized trade amounts for both assets are multiplied by their respective end-of-day USD prices. To prevent distortion from pricing anomalies or pool imbalances, the final trading volume for each swap is determined by taking the lesser USD value of the two legs. Daily volumes are aggregated using UTC day boundaries, and missing days are filled with zero values.
- **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)

Byreal earns from swap fees in its concentrated-liquidity pools. Each pool carries a fee tier paid by traders, shared between the liquidity providers of the pool and the protocol. Swaps reach the pools through Byreal's own router and through DEX aggregators.

Byreal is a decentralized exchange and real-asset liquidity hub on Solana, live since mid-2025. Its core venue is a concentrated liquidity market maker (CLMM) in which liquidity providers place capital within chosen price ranges on discrete ticks, alongside RFQ liquidity for selected pairs, a token launchpad, and perpetuals and prediction markets powered by third-party venues. It describes itself as a CEX-grade DEX on Solana.

Byreal is a Solana DEX incubated by Bybit, one of the largest centralized cryptocurrency exchanges by trading volume. It combines on-chain trading and liquidity infrastructure with connections across the Bybit ecosystem; there is no governance token.