Liquidity providers deposit funds into Curve and receive trading fees from traders (supply-side fees).

Curve is a non-custodial exchange protocol built originally on Ethereum. Curve was founded by Michael Egorov and launched in 2020.

CRV tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). 

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Exchanges (DEX)

Curve

# Curve Trading volume Methodology

## 1. Overview

Trading volume measures the total USD value of tokens exchanged on Curve Finance's automated market maker (AMM) protocol. This metric captures all swap activity across Curve's various pool types including stable pools, crypto pools, and tricrypto pools. The calculation aggregates daily trading activity from multiple Curve contract versions, converts token amounts to USD values, and applies anti-manipulation logic to ensure accurate volume reporting.

## 2. Data sources

- **Curve exchange events**: Parsed `TokenExchange`, `TokenExchangeV2`, and `TokenExchangeUnderlying` events from Curve StablePool, TwoCryptoPool, and TriCryptoPool contracts on Ethereum
- **Transaction data**: Ethereum transaction records containing user addresses and transaction context
- **Pool configuration data**: Curve pool metadata including token addresses, decimal places, and pool composition from Token Terminal's price feed infrastructure
- **Token metadata**: Token information including symbols and decimal specifications
- **External price data**: End-of-day token price feeds providing USD conversion rates for all traded tokens

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extract all swap transactions from Curve AMM contracts across different versions and pool types
- **Logic**: Parse multiple types of exchange events from Curve contracts including `TokenExchange` events from TwoCryptoPool and TriCryptoPool contracts (v2), and `TokenExchange`, `TokenExchangeV2`, and `TokenExchangeUnderlying` events from StablePool contracts (v1). Each event contains the pool address, sold token ID, bought token ID, sold amount, and bought amount. Join with Ethereum transaction data to get user addresses and transaction context. Filter to distinct events to avoid double counting.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, pool `address`, `sold_id`, `bought_id`, `tokens_sold`, `tokens_bought`, and user `from_address`

### Component B: Trading pair metadata creation
- **Purpose**: Build comprehensive metadata for each Curve pool to enable proper token identification and decimal handling
- **Logic**: Query Curve pool configuration data to get all pools and their constituent tokens. For each pool, create arrays containing token addresses, decimal places, and symbols ordered by token position within the pool. Handle native ETH representation by converting the placeholder address to WETH address and setting 18 decimals. Filter out null addresses and ensure pools have at least two tokens. Concatenate token symbols with hyphens to create readable pool names.
- **Key fields**: Pool `account_address`, `token_address_array`, `token_decimals_array`, `token_symbol_array`, and constructed `account_name`

### Component C: Volume calculation and USD conversion
- **Purpose**: Convert raw trade events into USD-denominated trading volumes with proper decimal adjustment and anti-manipulation logic
- **Logic**: Join trade events with trading pair metadata using pool address and chain. Map token IDs from events to actual token addresses using the pool's token arrays. Normalize token pair ordering so the token with the lower ID becomes token0. Convert raw token amounts to decimal-adjusted amounts by dividing by 10 raised to the token's decimal places from the pool metadata. Aggregate trades daily using timestamp truncation. Join with end-of-day price feeds to get USD values for both tokens in each swap. Apply anti-manipulation logic by taking the lesser USD value between the two tokens involved in each trade, preventing inflated volumes from price manipulation. Use coalesce to default to zero when price data is unavailable.
- **Key fields**: Daily `timestamp`, token amounts after decimal adjustment, USD values for both tokens, and final `trading_volume` as the minimum USD value

### Final aggregation
- **Combining components**: Sum all individual trade volumes by day, chain, business line, market sector, business segment, product, and version to get total daily trading volume per grouping
- **Currency conversion**: USD conversion occurs at the individual trade level using end-of-day token prices matched by date and token address
- **Time aggregation**: Trades are aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: The metric represents the sum of all daily USD trading volumes where each trade contributes the lesser of its two token USD values, providing a conservative estimate that reduces the impact of price manipulation or stale price data

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

Total value of spot trades executed on the exchange.

CurveCRV

Trading volume

Trading volume

Competitive landscape

Chain breakdown