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.

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Euler

# euler Trading Volume Avg Per Trade Count Methodology

## 1. Overview

Trading Volume Avg Per Trade Count measures the average USD value of an individual swap executed through Euler Swap. This metric provides insight into the typical transaction size and user profile across the protocol's native liquidity pools and its Uniswap V4 integrations. It is calculated by dividing the total daily trading volume by the total number of unique swap transactions recorded on-chain.

## 2. Data sources

- **Blockchain events**: `Swap` events from `EulerSwap` contracts, `PoolDeployed` and `PoolConfig` events from `EulerSwapFactory` contracts, and `Initialize` events from `PoolManager` contracts, covering Ethereum, Arbitrum, Avalanche, Base, and 4 other chains
- **External data**: End-of-day price feeds for assets involved in trading pairs

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: Map liquidity pool addresses to their constituent assets and metadata
- **Logic**: `PoolDeployed` and `PoolConfig` events from `EulerSwapFactory` contracts are parsed to identify the relationship between pool addresses and their underlying assets. For integrations utilizing Uniswap V4, `Initialize` events from `PoolManager` contracts are used to identify the specific pool IDs. Asset addresses are joined with metadata to retrieve decimal precision and symbols.
- **Key fields**: `pool_id`, `token0_address`, `token1_address`, `fee_tier`

### Component B: Trade extraction and normalization

- **Purpose**: Capture raw swap activity and normalize asset quantities
- **Logic**: `Swap` events are parsed from `EulerSwap` contracts to extract the inflow and outflow of assets for every transaction. For trades executed via Uniswap V4, data is retrieved from internal records where the maker address corresponds to an Euler-managed pool. Raw asset amounts are normalized by decimal precision to reflect the true quantity of assets traded.
- **Key fields**: `transaction_hash`, `token0_amount`, `token1_amount`, `log_index`

### Component C: USD conversion and volume filtering

- **Purpose**: Calculate the USD value of trades while mitigating price manipulation
- **Logic**: Normalized asset amounts are multiplied by end-of-day price feeds. To ensure data integrity and filter out potential price manipulation or outliers, the trading volume for each swap is determined by taking the minimum USD value between the two assets in the trading pair.
- **Key fields**: `price_usd`, `trading_volume`

### Component D: Trade count and volume aggregation

- **Purpose**: Aggregate daily totals for volume and transaction frequency
- **Logic**: Trading volumes are summed by day across all supported chains and versions of Euler Swap. Simultaneously, the number of unique transactions is determined by counting distinct transaction hashes associated with swap activity for each day.
- **Key fields**: `trade_count`, `trading_volume`

### Component E: Final metric calculation

- **Purpose**: Determine the average trade size
- **Logic**: The total daily trading volume is divided by the total daily trade count. The resulting value represents the average USD size per trade. A zero-filling strategy is applied to the time series to ensure data continuity for days with no recorded activity.
- **Key fields**: `trading_volume_avg_per_trade_count`

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

EulerEUL

Average trading volume (per trade)

Average trading volume (per trade)

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