# StableFX Trade count Methodology

## 1. Overview

Trade count measures the number of trades executed on a decentralized exchange. It shows how frequently users are buying or selling assets through the project. For StableFX, the total number of foreign exchange trades that have successfully settled on the Arc chain is represented by this metric. Transaction activity and usage frequency of the StableFX product are reflected. Only settled trades that have not been refunded are counted.

## 2. Data sources

- **Blockchain events**: `TradeStatusChanged`, `TakerRefunded`, and `MakerRefunded` events, alongside `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts, covering the Arc chain
- **External data**: Asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: StableFX trade extraction

- **Purpose**: Extract trade details and settlement status for StableFX transactions
- **Logic**: Trade details are extracted from `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts. Settlement events are parsed from `TradeStatusChanged` events from `FxEscrow` contracts where the status is updated to settled. Refunded trades are identified using `TakerRefunded` and `MakerRefunded` events from `FxEscrow` contracts.
- **Key fields**: `trade_id`, `newStatus`, `transaction_hash`, `block_timestamp`

### Component B: StableFX trade filtering and normalization

- **Purpose**: Filter out invalid or refunded trades and normalize asset amounts
- **Logic**: Trade details from function calls are joined with settlement events. Trades that have corresponding refund events are excluded. Trades involving system emitter addresses are filtered out. Asset amounts and fees are normalized by decimal precision using asset metadata.
- **Key fields**: `trade_id`, `base_amount`, `quote_amount`, `base_asset_address`, `quote_asset_address`

### Component C: Daily trade count aggregation

- **Purpose**: Aggregate the daily count of unique settled trades
- **Logic**: The unique trade identifiers are aggregated by day and chain. The distinct count of trade identifiers is calculated to determine the daily trade count. Missing days are filled with zeros to ensure a continuous time series.
- **Key fields**: `block_timestamp`, `trade_id`, `trade_count`

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

Number of trades executed on a decentralized exchange.

Trade count

Exchanges (DEX)

Users deposit funds into Circle account and receive USDC or EUROC at a 1:1 rate.

Circle is a financial technology company that is the principal architect of USDC and EUROC - full-reserve fiat stablecoins that bring US dollar and euro liquidity on-chain.

Circle is a private company registered in the US. Circle's investors include Goldman Sachs, Baidu, and IDG Capital etc.

StableFX

Trade count

Trade count

Chain breakdown