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.

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Byreal

# Byreal Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is defined as the average USD value of trades executed per unique active user over a daily window on Byreal CLMM. This metric is calculated by dividing the total daily trading volume by the number of active users (daily). It is utilized to analyze user behavior and determine whether the decentralized exchange is primarily used by retail or institutional traders. All calculations are performed using on-chain swap data, with trading volumes valued at the lesser of the two trade legs to prevent manipulation.

## 2. Data sources

- **Blockchain events**: `CreatePool` from the `CLMM` program, and trade records from the Solana DEX trades tracker, covering Solana
- **External data**: End-of-day price feeds for traded assets

## 3. Step-by-step calculation

### Component A: Byreal CLMM trade extraction and normalization

- **Purpose**: To ensure raw trade data is extracted and asset amounts are normalized
- **Logic**: Raw trade records are filtered where the executing account matches the Byreal CLMM program ID. Transaction signers, pool accounts, token mint accounts, and raw trade amounts are extracted. Asset amounts are normalized by decimal precision using asset metadata.
- **Key fields**: `block_timestamp`, `signer`, `pool_address`, `amount`

### Component B: Byreal CLMM pool metadata mapping

- **Purpose**: To ensure pool accounts and associated token mints are identified and mapped
- **Logic**: Pool accounts and their associated token mints are identified from `CreatePool` from the `CLMM` program. For pools without decoded creation instructions, asset pairs are derived from the first observed trade. Asset accounts are ordered lexicographically to establish consistent trading pair identifiers.
- **Key fields**: `pool_address`, `token_address`

### Component C: Byreal CLMM trading volume calculation and USD conversion

- **Purpose**: To ensure daily trading volume is calculated and converted to USD
- **Logic**: Normalized trade amounts are aggregated daily by pool and trading pair. USD values for both legs of each trade are calculated using end-of-day price feeds. The daily trading volume is determined by taking the lesser USD value of the two legs to ensure conservative and manipulation-resistant volume tracking.
- **Key fields**: `amount`, `price`

### Component D: Active users (daily) tracking

- **Purpose**: To ensure unique active users (daily) are tracked
- **Logic**: Unique active users (daily) are identified by extracting distinct transaction signers from the trade records. These signers are classified as the end traders executing swaps through the Byreal CLMM router or integrated DEX aggregators.
- **Key fields**: `signer`

### Component E: Average trading volume calculation

- **Purpose**: To ensure the final average trading volume per user is computed
- **Logic**: Total daily trading volume is divided by the active users (daily) count. Safe division is applied to prevent division-by-zero errors. The final metric is aggregated at a daily granularity with UTC day boundaries.
- **Key fields**: `trading_volume`, `user_dau`

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

Average trading volume (per user)

Trading volume divided by daily active users.

Byreal

Average trading volume (per user)

Average trading volume (per user)

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