# EulerSwap Trading volume Methodology

## 1. Overview

Trading volume measures the total value of assets exchanged through EulerSwap across all supported versions and chains. It represents the aggregate value of swap transactions executed by users and serves as a primary indicator of the protocol's liquidity utilization and fee-generation potential. Trading volume is calculated by identifying swap events, normalizing asset amounts by their respective decimal precision, and converting the values to USD using end-of-day price feeds.

## 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 5 other chains
- **External data**: End-of-day price feeds for assets and asset metadata including decimal precision and symbols

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: Identify and map the liquidity pools and asset pairs utilized by EulerSwap.
- **Logic**: `PoolDeployed` and `PoolConfig` events are parsed from `EulerSwapFactory` contracts to identify pool addresses and the two assets involved in each pair. For deployments involving Uniswap V4, `Initialize` events from `PoolManager` contracts are utilized to capture pool configurations. These events are joined with asset metadata to retrieve decimal precision and symbols, ensuring accurate normalization in subsequent steps.

### Component B: Trade event extraction

- **Purpose**: Capture the raw quantity of assets exchanged in every swap transaction.
- **Logic**: For native EulerSwap pools, `Swap` events are parsed from `EulerSwap` contracts. The net change for each asset in the pair is calculated by subtracting the output amount from the input amount. For pools integrated with Uniswap V4, trade data is filtered from base Uniswap V4 swap records where the maker address corresponds to a registered EulerSwap pool. All transactions are joined with native chain transaction data to identify the originating user address.

### Component C: Volume normalization and USD conversion

- **Purpose**: Normalize raw asset quantities and convert trade values into a standardized USD metric.
- **Logic**: Raw amounts for both assets in a trade are divided by their respective decimal precision. Each asset's normalized amount is then multiplied by its end-of-day price. To mitigate the impact of price manipulation or data anomalies in low-liquidity pools, the final trading volume for each swap is calculated as the lesser USD value between the two assets involved in the pair.

### Component D: Daily aggregation

- **Purpose**: Consolidate trade data into a daily time series for reporting.
- **Logic**: Individual trade volumes are summed by day based on the block timestamp. The data is categorized by chain and product version (e.g., V1, V2). Daily boundaries are defined using UTC time, and any days with missing activity are zero-filled to maintain a continuous time series.

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

Total value of spot trades executed on the exchange.

Trading volume

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

Trading volume

Trading volume

Chain breakdown