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 Trading volume Methodology

## 1. Overview

Camelot trading volume measures the total USD value of trades executed on the Camelot decentralized exchange on Arbitrum. The metric captures trading activity from both Camelot v2 (traditional AMM pairs) and v3 (concentrated liquidity pools) by analyzing swap events, converting token amounts to USD values, and applying anti-manipulation logic to ensure accurate volume reporting.

## 2. Data sources

- **Swap events**: Parsed `Swap` events from Camelot v2 pairs and v3 pools on Arbitrum
- **Factory events**: `PairCreated` events from Camelot v2 factory and `Pool` events from v3 factory to identify valid trading pairs
- **Fee events**: `Fee` events from Camelot v3 pools to track trading fee percentages
- **Transaction data**: Arbitrum transaction records to identify user addresses for each swap
- **Price feeds**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token symbols and decimal precision information

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extract and normalize swap events from both Camelot versions
- **Logic**: For v2, collect `Swap` events from pair contracts and calculate net token amounts by subtracting outflow from inflow (`amount0In` - `amount0Out` and `amount1In` - `amount1Out`). For v3, collect `Swap` events from pool contracts using direct amount values (`amount0` and `amount1`). Join all swap events with Arbitrum transaction records to identify the user address (`from_address`) for each trade. Generate unique trade IDs by concatenating formatted block number and log index.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `address` (pool/pair contract), `user_address`, `token0_amount`, `token1_amount`

### Component B: Trading pair identification
- **Purpose**: Map pool/pair addresses to their underlying token compositions
- **Logic**: Extract trading pair information from factory creation events. For v2, use `PairCreated` events to get `pair` address, `token0`, and `token1`. For v3, use `Pool` events to get `pool` address, `token0`, and `token1`. Join with token metadata to get decimal precision for both tokens and create pair names by concatenating token symbols with a hyphen.
- **Key fields**: `account_address` (pool/pair), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component C: Fee tier assignment
- **Purpose**: Associate trading fees with v3 pool swaps
- **Logic**: For v3 pools, join swap events with `Fee` events that occur in the same block and pool. Extract fee percentage by dividing `feeOtz` by 1,000,000 to convert from basis points to decimal percentage. V2 swaps do not have dynamic fees and are left with null fee tiers.
- **Key fields**: `fee_tier`

### Component D: Volume normalization
- **Purpose**: Convert raw token amounts to decimal-adjusted values
- **Logic**: Join trades with trading pair metadata to get token decimal precision. Apply absolute value to token amounts to handle negative values from directional swaps. Normalize both token amounts by dividing by 10 raised to the power of the respective token's decimal places (`abs(token_amount) / pow(10, token_decimals)`).
- **Key fields**: `token0_amount` (normalized), `token1_amount` (normalized)

### Final aggregation
- **Combining components**: All trade components are combined through joins on pool/pair addresses, block numbers, and chain identifiers
- **Currency conversion**: Convert both normalized token amounts to USD by multiplying with daily price feeds matched on token address, chain, and trade date (truncated to day)
- **Time aggregation**: Truncate block timestamps to day boundaries for daily volume aggregation
- **Final calculation**: Apply anti-manipulation logic by taking the minimum USD value between the two tokens in each swap (`least(token0_amount * token0_price, token1_amount * token1_price)`). Sum these minimum values across all trades for each day to get total trading volume. This approach prevents inflated volumes from price manipulation or oracle attacks by using the more conservative of the two token valuations.

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

Total value of spot trades executed on the exchange.

CamelotGRAIL

Trading volume

Trading volume

Competitive landscape

Chain breakdown