# EulerSwap Trade count Methodology

## 1. Overview

Trade count measures the total number of swap transactions executed through EulerSwap. This metric represents the frequency of trading activity and user engagement with the protocol's liquidity pools. The data includes both native EulerSwap pool activity and trades routed through EulerSwap-managed Uniswap V4 pools.

## 2. Data sources

- **Blockchain events**: `Swap` events from `EulerSwap` contracts, `PoolDeployed` and `PoolConfig` events from `EulerSwapFactory` contracts, and `Initialize` events from Uniswap V4 `PoolManager` contracts, covering Ethereum, Arbitrum, Avalanche, Base, and 4 other chains
- **External data**: Asset metadata for symbol and decimal normalization

## 3. Step-by-step calculation

### Component A: EulerSwap pair identification

- **Purpose**: To identify and map the universe of active trading pools managed by the protocol.
- **Logic**: `PoolDeployed` and `PoolConfig` events are parsed from `EulerSwapFactory` contracts to identify pool addresses, associated assets, and fee tiers. For Uniswap V4 integrations, `Initialize` events from the Uniswap V4 `PoolManager` contract are joined to protocol-specific deployment events to map internal pool identifiers to Uniswap V4 pool IDs. Asset addresses are normalized, with null addresses resolved to the respective chain's wrapped native asset.
- **Key fields**: `pool_id`, `token0_address`, `token1_address`, `uniswap_v4_pool_id`

### Component B: Trade extraction and normalization

- **Purpose**: To capture all individual swap actions across different pool implementations.
- **Logic**: Trading activity is captured through two distinct paths. First, native trades are extracted by parsing `Swap` events from `EulerSwap` contracts, where the net change in asset balances is calculated using inflow and outflow parameters. Second, trades executed via Uniswap V4 are filtered from base trade data by matching the maker address to identified EulerSwap pool IDs. All trade records are joined with native blockchain transaction data to attribute the activity to the originating sender address.
- **Key fields**: `transaction_hash`, `log_index`, `account_address`, `token0_amount`, `token1_amount`

### Component C: Deduplication and aggregation

- **Purpose**: To calculate the final daily trade frequency metric.
- **Logic**: Trade records are filtered to remove duplicates based on the unique combination of transaction hash and log index. The metric is calculated by counting the number of distinct transaction hashes per day. This ensures that a single transaction interacting with multiple pools is counted accurately according to the canonical metric definition. Values are grouped by timestamp (UTC), chain, and product.
- **Key fields**: `transaction_hash`, `block_timestamp`, `chain_id`

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

Number of trades executed on a decentralized exchange.

Trade count

Exchanges (DEX)

Lenders deposit funds into Euler and receive interest payments from borrowers (supply-side fees).

Euler is a non-custodial lending protocol built on Ethereum. Euler was founded by Michael Bentley, Doug Hoyte & Jack Prior and launched in 2021.

EUL tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue). Euler’s investors include Paradigm, Lemniscap, Launchhub Ventures, etc.

EulerSwap

Trade count

Trade count

Chain breakdown