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).

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Exchanges (DEX)

Camelot

# Camelot Tradeable pairs Methodology

## 1. Overview

The tradeable pairs metric counts the cumulative number of trading pairs available on the Camelot DEX, segmented by liquidity levels. This metric tracks protocol growth by measuring how many unique token pairs have been created over time and classifies them into cohorts based on their net deposit amounts in USD. The calculation combines pair creation events from factory contracts with liquidity analysis derived from trading and liquidity provision activities.

## 2. Data sources

The calculation relies on several types of blockchain data from Arbitrum:

- **Factory contract events**: Parsed `Factory_PairCreated_event` logs from Camelot v2 factory contracts and `Factory_Pool_event` logs from Camelot v3 factory contracts that record when new trading pairs are created
- **Pool activity events**: Parsed `Pair_Sync_event` logs from v2 pairs, `Pool_Mint_event`, `Pool_Collect_event`, and `Pool_Swap_event` logs from v3 pools to track liquidity changes
- **Transaction data**: Arbitrum transaction records to link events to user addresses and provide transaction context
- **Token metadata**: Token registry data containing token symbols, decimals, and addresses for proper amount calculations and pair naming
- **End-of-day price feeds**: Daily token price data in USD for converting token amounts to dollar values for liquidity classification

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identifies when each unique trading pair was first created on Camelot
- **Logic**: Extracts pair creation events from both Camelot v2 factory `Factory_PairCreated_event` logs (containing `pair` address) and v3 factory `Factory_Pool_event` logs (containing `pool` address). Each event includes the pair/pool address, `token0` address, `token1` address, and creation timestamp. The logic finds the minimum creation timestamp for each unique pair address and truncates to daily boundaries to determine the first appearance date of each trading pair.
- **Key fields**: Pair/pool address (`pair`/`pool`), token addresses (`token0`, `token1`), creation timestamp (`block_timestamp`)

### Component B: Asset flow calculation
- **Purpose**: Calculates net token deposits for each trading pair to determine liquidity levels
- **Logic**: For v2 pairs, uses `Pair_Sync_event` logs to track reserve changes, calculating daily differences in `reserve0` and `reserve1` amounts. For v3 pools, combines multiple event types: `Pool_Mint_event` logs for liquidity deposits (positive `amount0` and `amount1`), `Pool_Collect_event` logs for withdrawals (negative amounts), and `Pool_Swap_event` logs for trading activity (net `amount0` and `amount1` changes). All token amounts are corrected for decimals using token metadata, then aggregated daily by pair address.
- **Key fields**: Reserve amounts (`reserve0`, `reserve1`), deposit amounts (`amount0`, `amount1`), token decimal values (`decimals`)

### Component C: USD conversion and liquidity cohorts
- **Purpose**: Converts token amounts to USD values and classifies pairs by liquidity levels
- **Logic**: Uses the `calculate_dex_net_deposits` macro to compute net deposits by combining token flows from both v2 and v3 versions. Token amounts are converted to USD using end-of-day price feeds matched by token address, chain, and date. The USD net deposit amount determines liquidity cohort assignment: greater than $1m, $500k-$1m, $100k-$500k, $25k-$100k, $5k-$25k, or less than $5k.
- **Key fields**: Net deposit amounts in USD (`net_deposits`), price feeds (`price_usd`), liquidity cohort classification (`liquidity_cohort`)

### Final aggregation
- **Combining components**: The final metric combines cumulative pair counting with liquidity-based segmentation. New pairs created each day are summed cumulatively over time to show total pairs available. Simultaneously, existing pairs are counted within each liquidity cohort based on their current net deposit levels.
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds matched by token address, chain, and timestamp
- **Time aggregation**: Daily boundaries are used throughout, with pair creation dates truncated to day level and asset flows aggregated daily
- **Final calculation**: The result shows cumulative tradeable pairs over time, with the base count representing all pairs and additional breakdowns showing pairs by liquidity tier. A correction mechanism subtracts pairs from the base "<$5k" cohort when they appear in higher liquidity tiers to prevent double-counting across cohorts.

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

Number of unique token pairs available for trading on the exchange.

CamelotGRAIL

Tradeable pairs

Tradeable pairs

Competitive landscape

Chain breakdown