GRAI, issued by the Gravita Protocol smart contracts under the governance of GRVT tokenholders, is a U.S. dollar-pegged stablecoin that is minted as debt against crypto collateral and holds a soft peg through a protocol-level redemption mechanism [S1][S2].

GRAI references the U.S. dollar (USD) at a soft one-to-one peg and is over-collateralized by crypto assets rather than fiat reserves, with backing held onchain in per-collateral Vessels accepting WETH at 90%, rETH at 85%, wstETH at 85%, and bLUSD at 99% maximum loan-to-value [S1][S3]. GRAI itself is not yield-bearing. Borrowers pay a one-time upfront fee of 0.5% for positions held beyond roughly 182 days, refunded pro rata on earlier repayment subject to a minimum [S1].

The operating entity is Gravita Protocol Foundation, operating from the Cayman Islands, with terms governed by Cayman Islands law and arbitration venue [S4]. The protocol is decentralized and non-custodial; GRAI is a freely transferable stablecoin debt token, not a deposit, fund interest, or claim on the Foundation, redeemable only against onchain collateral via smart contract [S1][S2]. GRAI is not offered to U.S. persons, sanctioned jurisdictions including Cuba, Iran, and North Korea, or persons on OFAC and UN, EU, or UK sanctions lists [S4]. Collateral is held in smart contracts with no segregation guarantee; liability is capped at 1,000 USD per claim [S4].

GRAI is a fungible token deployed across Ethereum Mainnet, Arbitrum, Linea, Mantle, Optimism, Polygon zkEVM, and ZkSync Era [S5]. It is minted when borrowers open or increase a Vessel and burned on repayment or redemption, with redemptions exchanging GRAI for collateral from the highest-LTV Vessels at oracle prices [S1][S2]. Settlement is onchain and immediate, using Chainlink, RedStone, and API3 oracles [S3].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.gravitaprotocol.com/gravita-docs" },
    { id: "S2", url: "https://docs.gravitaprotocol.com/gravita-docs/how-does-gravita-work/redemptions-and-liquidations" },
    { id: "S3", url: "https://docs.gravitaprotocol.com/gravita-docs/how-does-gravita-work/vessels-and-collateral" },
    { id: "S4", url: "https://docs.gravitaprotocol.com/gravita-docs/disclaimers/terms-of-service" },
    { id: "S5", url: "https://docs.gravitaprotocol.com/gravita-docs/about-gravita-protocol/smart-contracts" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

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

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Stablecoins

Gravita allows users to borrow its GRAI stablecoin interest-free against liquid staking tokens as collateral, charging a one-time borrowing fee of up to 0.5%.

Gravita Protocol is an interest-free borrowing protocol that allows users to mint the GRAI stablecoin using liquid staking tokens as collateral.

Gravita Protocol is a community-governed, pseudonymous team that extended the Liquity protocol model.

twitter

website

Liquid staking

Gravita Protocol

Gravita GRAI (GRAI) is a U.S. dollar stablecoin issued by Gravita Protocol.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Gravita Protocol in WETH, rETH, wstETH, bLUSD, SWETH, WEETH, OSETH, and SFRXETH.

GRAI has been issued on public blockchains since May 2023 and is native to Ethereum, Arbitrum One, and zkSync Era.

Gravita GRAIGRAI