Chainflip operates a decentralized network of 150 validators that collectively control multi-chain vaults using threshold signature schemes (TSS). The protocol uses a Just-In-Time (JIT) AMM where liquidity providers compete to fill swap orders at the moment of execution, enabling capital-efficient cross-chain swaps. A portion of each swap fee is used to buy and burn FLIP tokens.

Chainflip is a decentralized cross-chain swap protocol that enables native asset exchanges across blockchains including Bitcoin, Ethereum, and Solana without wrapped tokens or traditional bridges. It was launched in 2023 by Chainflip Labs and uses a JIT AMM model combined with MPC-based vault technology to provide competitive pricing on cross-chain trades.

Chainflip is governed by its validator set and FLIP tokenholders. Validators stake FLIP to participate in the network and earn fees from swaps. The protocol is developed and maintained by Chainflip Labs.

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Chainflip

# Chainflip Trade count Methodology

## 1. Overview

Trade count measures the number of trades executed on Chainflip DEX. This metric is utilized to evaluate transaction frequency, user activity, and liquidity utilization across the protocol. To reflect the underlying execution structure of the decentralized exchange, trades are calculated based on the number of routing legs (hops) required to complete each swap request. Multi-hop transactions routing through intermediate assets are accurately represented through this methodology.

## 2. Data sources

- **Blockchain events**: `SwapRequested` and `SwapExecuted` events from the `swapping` pallet, covering Chainflip Chain

## 3. Step-by-step calculation

### Component A: Chainflip DEX swap request extraction

- **Purpose**: To extract swap requests from both current and historical protocol events.
- **Logic**: Swap requests are parsed from two distinct event types depending on the block timestamp relative to the protocol's runtime upgrade on September 24, 2024. For transactions occurring after the upgrade, `SwapRequested` events from the `swapping` pallet are extracted, and filters are applied to isolate regular swap types. For historical transactions prior to the upgrade, `SwapExecuted` events from the `swapping` pallet are utilized.
- **Key fields**: `input_asset`, `output_asset`, `block_timestamp`

### Component B: Routing leg calculation

- **Purpose**: To determine the number of trade legs executed per swap request.
- **Logic**: The number of hops for each swap request is determined by analyzing the input and output assets. If either the input asset or the output asset is USDC, the transaction is treated as a single-hop trade and assigned a hop count of 1. If neither asset is USDC, the transaction is identified as a multi-hop trade routing through USDC as an intermediary, and a hop count of 2 is assigned.
- **Key fields**: `input_asset`, `output_asset`

### Component C: Aggregation and zero-filling

- **Purpose**: To aggregate trade counts and ensure continuous daily data.
- **Logic**: The hop counts are summed daily to calculate the total trade count for Chainflip DEX. The aggregated data is grouped by day, chain, and product. A zero-filling strategy is applied to ensure that days with no trading activity are represented with a trade count of zero, maintaining a continuous time series.
- **Key fields**: `trade_count`, `timestamp`

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

Number of trades executed on a decentralized exchange.

ChainflipFLIP

Trade count

Trade count

Competitive landscape

Chain breakdown