# StableFX Tradeable pairs Methodology

## 1. Overview

Tradeable pairs is defined as the cumulative number of unique asset pairs that have been settled on StableFX. The breadth of direct swap routes established and executed through the protocol's escrow mechanism is reflected by this metric. Because static liquidity pools are not utilized by StableFX, a tradeable pair is identified by the unique combination of assets involved in successfully settled trades. This metric is utilized as an indicator of market diversity and protocol adoption on Arc.

## 2. Data sources

- **Blockchain events**: `TradeStatusChanged`, `TakerRefunded`, and `MakerRefunded` events, alongside `recordTrade` and `authorizeTrade` functions from `FxEscrow` contracts, covering Arc

## 3. Step-by-step calculation

### Component A: Trade extraction and settlement verification

- **Purpose**: Extract and verify successfully settled trades on StableFX.
- **Logic**: Trade details are extracted from `recordTrade` and `authorizeTrade` functions from `FxEscrow` contracts. To ensure only completed transactions are considered, these trades are matched with `TradeStatusChanged` events from `FxEscrow` contracts where the status is updated to settled. Any trades associated with `TakerRefunded` or `MakerRefunded` events from `FxEscrow` contracts are identified and excluded. Furthermore, trades involving system emitter addresses are filtered out to prevent non-market transactions from affecting the metric.
- **Key fields**: `trade_id`, `base_token_address`, `quote_token_address`, `newStatus`

### Component B: Unique pair identification

- **Purpose**: Identify and standardize unique asset pairs from settled trades.
- **Logic**: For each verified trade, the base asset address and quote asset address are extracted. To prevent duplicate pairs resulting from different trade directions, the two asset addresses are sorted deterministically to establish a standardized, unordered pair identifier. The first appearance of each unique pair identifier is captured by identifying the minimum timestamp at which the pair was first settled.
- **Key fields**: `token_0_address`, `token_1_address`, `timestamp`

### Component C: Cumulative aggregation and forward-filling

- **Purpose**: Calculate the running total of tradeable pairs over time.
- **Logic**: The number of newly appearing unique pairs is aggregated on a daily basis. A cumulative sum of these daily counts is calculated over time to represent the total number of tradeable pairs available. For days with no new trade activity, the metric is forward-filled to maintain a continuous daily time series.
- **Key fields**: `tradeable_pairs`, `timestamp`

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

Number of unique token pairs available for trading on the exchange.

Tradeable pairs

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

Tradeable pairs

Tradeable pairs

Chain breakdown