Liquidity providers deposit funds into Camelot and receive trading fees from traders (supply-side fees).

Camelot is a non-custodial exchange protocol built on Arbitrum. Camelot was founded by the pseudonymous Myrddin and launched in 2022.

GRAIL tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

github

twitter

discord

etherscan

website

Exchanges (DEX)

Camelot

# Camelot Liquidity turnover Methodology

## 1. Overview

Liquidity turnover measures how many times the total value locked (TVL) in Camelot's liquidity pools is traded per day. It's calculated by dividing daily trading volume by TVL, providing insight into the efficiency and utilization of liquidity in the protocol. A higher turnover indicates more active trading relative to available liquidity.

## 2. Data sources

The calculation uses several types of blockchain and external data:

- **Arbitrum blockchain events**: Parsed `Swap` events from both Camelot v2 (`Pair_Swap_event`) and v3 (`Pool_Swap_event`) contracts
- **Liquidity events**: Camelot v3 `Mint` and `Collect` events for deposits and withdrawals, plus v2 reserve update events
- **Factory events**: Pool and pair creation events from Camelot v2 and v3 factory contracts
- **Transaction data**: Arbitrum transaction records for user attribution and timestamp information
- **Fee data**: Pool fee tier update events for v3 pools
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimals and symbols

## 3. Step-by-step calculation

### Component A: Trading volume calculation
- **Purpose**: Calculates daily USD trading volume from swap activities across both protocol versions
- **Logic**: The system extracts swap events from both v2 and v3 protocols. For v2 swaps, token amounts are calculated as the difference between `amountIn` and `amountOut` fields. For v3 swaps, the `amount0` and `amount1` fields are used directly. Each swap is joined with trading pair metadata to apply decimal corrections by dividing raw amounts by 10^decimals. The corrected amounts are then converted to USD using end-of-day price feeds matched by token address, chain, and date. To prevent price manipulation, the system takes the minimum USD value between the two tokens in each swap pair using the least function. Finally, all swap volumes are aggregated by day to produce daily trading volume totals.
- **Key fields**: `amountIn`, `amountOut`, `amount0`, `amount1` from swap events, `decimals` from token metadata, `price_usd` from price feeds

### Component B: Total value locked calculation  
- **Purpose**: Calculates TVL by tracking cumulative net asset flows into liquidity pools
- **Logic**: The calculation differs between protocol versions. For v2, the system tracks reserve update events and uses window functions to capture the last reserve balance per day for each pool, then calculates daily changes by comparing consecutive days using lag functions. For v3, the system combines three types of events: deposits (`Mint` events with positive amounts), withdrawals (`Collect` events converted to negative amounts), and swap-related balance changes. All amounts are decimal-corrected using trading pair metadata and aggregated daily by pool. The daily asset flows are then converted to USD using end-of-day price feeds and accumulated as cumulative net deposits, representing the total value locked in each pool over time.
- **Key fields**: `reserve0`, `reserve1` from reserve events, `amount0`, `amount1` from liquidity events, `decimals` from trading pairs, `price_usd` from price feeds

### Final aggregation
- **Combining components**: Daily trading volume and TVL are calculated independently for the same time periods and pool addresses, then joined by date and pool identifiers
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds matched by token address, blockchain, and timestamp  
- **Time aggregation**: Both metrics use daily boundaries defined by timestamp truncation to day level, ensuring consistent time alignment
- **Final calculation**: Liquidity turnover is calculated as the simple ratio of daily trading volume divided by TVL for each day and pool, then aggregated to protocol level by summing across all pools

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

Trading volume divided by total liquidity.

CamelotGRAIL

Liquidity turnover

Liquidity turnover

Competitive landscape