# EulerSwap Tradeable pairs Methodology

## 1. Overview

The number of unique token pairs available for trading on the EulerSwap decentralized exchange is measured by Tradeable pairs. This metric reflects the total variety of direct swap routes offered across both V1 and V2 iterations of the protocol. It is used to assess the growth and diversity of liquidity available within the ecosystem.

## 2. Data sources

- **Blockchain events**: `PoolDeployed` and `PoolConfig` events from `EulerSwapFactory` contracts, and `Initialize` events from `PoolManager` contracts, covering Ethereum, Arbitrum, Avalanche, Base, BSC, and 3 other chains
- **External data**: Asset metadata for symbol and decimal identification

## 3. Step-by-step calculation

### Component A: EulerSwap pool deployment tracking

- **Purpose**: Identify the creation and initialization of liquidity pools across all supported versions and chains.
- **Logic**: Data is retrieved from `PoolDeployed` events emitted by `EulerSwapFactory` contracts. For standard V1 and V2 pools, these events are joined with `PoolConfig` events from the same factory contracts using transaction hashes to capture associated fee tiers. For Uniswap V4 integrated pools, `PoolDeployed` events are joined with `Initialize` events from `PoolManager` contracts to identify the specific pool configurations.
- **Key fields**: `pool_id`, `asset0`, `asset1`, `block_timestamp`

### Component B: Asset mapping and normalization

- **Purpose**: Ensure consistent identification of token pairs, particularly when native assets are involved.
- **Logic**: Addresses for `asset0` and `asset1` are extracted from the deployment events. In instances where a null or native address (e.g., `0x00...` or `0xee...`) is detected, it is automatically mapped to the specific wrapped native asset address for the corresponding chain (such as WETH on Ethereum or WAVAX on Avalanche). Asset symbols and decimals are then joined from metadata tables to generate descriptive pool names.
- **Key fields**: `token0_address`, `token1_address`, `chain`

### Component C: Cumulative pair aggregation

- **Purpose**: Calculate the growth of tradeable pairs over time.
- **Logic**: The first appearance of each unique `pool_id` is determined by identifying the minimum block timestamp associated with that identifier. These occurrences are then grouped by day to determine the number of new pairs added. A cumulative sum of these daily counts is generated per chain to provide the total number of tradeable pairs available at any given timestamp.
- **Key fields**: `block_timestamp`, `pool_id`, `tradeable_pairs` (cumulative)

*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)

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

Tradeable pairs

Tradeable pairs

Chain breakdown