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 Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is calculated as the average trading volume generated per unique user over a fixed 24-hour window on Chainflip DEX. Total daily trading volume is divided by active users (daily), whereby the utilization of the decentralized exchange by institutional or retail traders is reflected. An indication of user profile and transaction sizes on the platform is provided by this metric, through which high-value institutional activity and smaller retail transactions are differentiated.

## 2. Data sources

- **Blockchain events**: `AssetSwapped` events from `liquidityPools` contracts and `SwapRequested` events from `swapping` contracts, covering Chainflip Chain
- **External data**: End-of-day price feeds for traded assets

## 3. Step-by-step calculation

### Component A: Chainflip DEX trading volume extraction

- **Purpose**: The extraction and calculation of daily trading volume on Chainflip DEX.
- **Logic**: `AssetSwapped` events are parsed from `liquidityPools` contracts. The assets involved and their raw amounts are extracted. If either the input or output asset is USDC, the corresponding raw amount is identified as the USDC volume. Raw amounts are normalized by decimal precision. Daily trading volume is aggregated by summing the normalized USDC volume and converting it to USD using end-of-day price feeds.
- **Key fields**: `from_asset`, `to_asset`, `from_amount_raw`, `to_amount_raw`

### Component B: Chainflip DEX active users (daily) tracking

- **Purpose**: The identification and tracking of unique active users (daily) on Chainflip DEX.
- **Logic**: `SwapRequested` events are parsed from `swapping` contracts. Events are filtered to include only those with valid regular swap details. Refund addresses and output addresses are extracted from the event data. A regular expression is applied to extract valid user addresses. Unique user addresses are aggregated daily to determine the active users (daily) for Chainflip DEX.
- **Key fields**: `refundAddress`, `outputAddress`, `user_address`

### Component C: Chainflip DEX average volume calculation

- **Purpose**: The calculation of the average trading volume per user.
- **Logic**: Total daily trading volume is divided by the active users (daily) for Chainflip DEX. Safe division is applied to prevent division-by-zero errors. The final daily values are normalized and generated.
- **Key fields**: `trading_volume`, `user_dau`

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

Average trading volume (per user)

Trading volume divided by daily active users.

ChainflipFLIP

Average trading volume (per user)

Average trading volume (per user)

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