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 Trading volume Methodology

## 1. Overview

Trading volume measures the total value of trades executed on Chainflip DEX. This metric is used to assess the overall liquidity and trading activity on the decentralized exchange, which correlates with the protocol's capacity to generate fees and revenue. Volume is calculated per routing leg, meaning each individual leg of a multi-hop trade is counted. All volume is denominated in USD.

## 2. Data sources

- **Blockchain events**: `AssetSwapped` events from `liquidityPools` contracts, covering Chainflip Chain
- **External data**: End-of-day price feeds for USDC

## 3. Step-by-step calculation

### Component A: Swap leg extraction

- **Purpose**: Extract individual swap legs from the Chainflip DEX
- **Logic**: `AssetSwapped` events are parsed from `liquidityPools` contracts. For each event, the source asset, destination asset, raw source amount, and raw destination amount are extracted. If the raw amounts are hex-encoded, they are converted to standard integers.
- **Key fields**: `from_asset`, `to_asset`, `from_amount_raw`, `to_amount_raw`

### Component B: USDC volume normalization

- **Purpose**: Identify and normalize the USDC leg of each swap
- **Logic**: Since Chainflip pools are routed through USDC, USDC is utilized as either the incoming or outgoing asset for each swap leg. The USDC amount is identified based on whether the source or destination asset is USDC. This raw USDC amount is then normalized by its decimal precision.
- **Key fields**: `usdc_amount_raw`, `trading_volume_usdc`

### Component C: USD conversion and aggregation

- **Purpose**: Convert the normalized USDC volume to USD and aggregate by day
- **Logic**: The normalized USDC trading volume is multiplied by the end-of-day price of USDC to determine the final USD value. The volume is aggregated daily by product and chain. Missing days are filled with zero values to ensure a continuous time series.
- **Key fields**: `trading_volume`, `price_usd`

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

Total value of spot trades executed on the exchange.

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Trading volume

Trading volume

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Chain breakdown