Liquidity providers deposit funds into Clipper and receive returns generated by Clipper’s costless diversified rebalancing liquidity pools (supply-side fees). LP yields are generated from the rebalancing process itself rather than from fees charged to traders.

Clipper is a non-custodial exchange protocol built on Ethereum. Clipper was built by Shipyard Software and launched in 2021.

AdmiralDAO and SAIL token holders own and govern the protocol. They currently receive all trading fees paid by traders (revenue). Clipper's investors include Polychain, Robot Ventures, 0x Labs, etc.

github

twitter

discord

etherscan

website

Exchanges (DEX)

Clipper

# Clipper Trading volume Methodology

## 1. Overview

Clipper trading volume measures the total USD value of tokens traded through Clipper's decentralized exchange protocols across multiple blockchain networks. This metric captures the trading activity on Clipper's various exchange implementations, including their specialized AMM designs on Ethereum, Polygon, Optimism, and Arbitrum. The calculation aggregates swap volumes from all Clipper exchange contracts, applies price manipulation filters, and converts amounts to USD using end-of-day pricing data.

## 2. Data sources

- **Blockchain events**: Parsed `Swapped` events from Clipper V1 exchange contracts across multiple chains:
  - Ethereum: `ApproximateCaravelExchange`, `VerifiedCaravelExchange`, `CaravelExchange`, and `ExchangeInterface` contracts
  - Polygon: `VerifiedExchange` and `DirectExchange` contracts  
  - Optimism: `PackedVerifiedExchange` and `PackedExchange` contracts
  - Arbitrum: `PackedVerifiedExchange` contracts
- **Transaction data**: Ethereum, Polygon, Optimism, and Arbitrum transaction records to identify user addresses
- **External data**: Token metadata including symbols and decimal places, end-of-day token price feeds
- **Data types**: Daily aggregated swap events, token pricing data, and blockchain transaction records

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extract all swap events from Clipper exchange contracts across supported chains
- **Logic**: Query `Swapped` events from various Clipper exchange contract implementations on Ethereum, Polygon, Optimism, and Arbitrum. Each event contains `inAsset` and `outAsset` token addresses along with corresponding `inAmount` and `outAmount` values. Join with transaction data to identify the actual user address (`from_address`) initiating each trade. The different contract types reflect Clipper's evolution and optimization strategies across different blockchain networks.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, contract `address`, `inAsset`/`outAsset` token addresses, `inAmount`/`outAmount` values, and user `from_address`

### Component B: Daily volume aggregation with decimal correction
- **Purpose**: Aggregate trading volumes by day while correcting for token decimal places
- **Logic**: Group trades by day using timestamp truncation and combine with token metadata to access decimal places and symbols. Convert raw token amounts to human-readable values by dividing by 10 raised to the power of each token's decimal places. Apply absolute value conversion to handle directional amounts. Create account names by concatenating token symbols with hyphens.
- **Key fields**: Daily `timestamp`, `token0_amount` and `token1_amount` after decimal correction, token addresses, and generated `account_name`

### Component C: USD conversion with price manipulation filtering  
- **Purpose**: Convert token amounts to USD values while filtering out potential price manipulation
- **Logic**: Join the decimal-corrected amounts with end-of-day token price feeds for both tokens in each swap. Multiply each token amount by its corresponding USD price. Apply a price manipulation filter by taking the lesser of the two USD amounts (token0 value vs token1 value) using the `least()` function. This prevents inflated volumes from manipulated token prices. Default to zero if price data is unavailable.
- **Key fields**: `trading_volume` as the final USD amount after price manipulation filtering

### Final aggregation
- **Combining components**: Sum the USD trading volumes across all transactions, grouping by timestamp, chain, market sector, business segment, and product dimensions
- **Currency conversion**: USD conversion uses end-of-day price feeds matched by timestamp, token address, and chain
- **Time aggregation**: Daily boundaries using timestamp truncation to day level
- **Final calculation**: The total trading volume is the sum of all individual trade USD values after decimal correction and price manipulation filtering, processed through the `finalize_metric_trading_volume` macro with a fill_zeros strategy for consistent time series data

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

Total value of spot trades executed on the exchange.

ClipperSAIL

Trading volume

Trading volume

Competitive landscape

Chain breakdown