Collators aggregate parachain transactions block candidates and producing state transition proofs for validators based on those blocks.

Hydration is a Polkadot parachain specialized in trading, lending, and stablecoin issuance.

HDX holders own and govern the protocol. Hydration’s investors include KR1 plc, Hypersphere, etc.

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Hydration

# Hydration Trade count Methodology

## 1. Overview

Trade count measures the total number of swap transactions executed on the Hydration DEX. The frequency with which users buy or sell assets through the protocol is reflected by this metric. It serves as a key indicator of network activity and liquidity utilization within the Hydration Substrate environment.

## 2. Data sources

- **Blockchain events**: `Swapped`, `Swapped2`, and `Swapped3` events from `broadcast` pallets, covering Hydration Substrate

## 3. Step-by-step calculation

### Component A: Hydration DEX swap extraction

- **Purpose**: Identify and isolate all trading events from the protocol's message broadcasts
- **Logic**: Trade data is parsed from the `broadcast` pallet on Hydration Substrate. Events specifically labeled as `Swapped`, `Swapped2`, or `Swapped3` are filtered to capture various iterations of the protocol's swap logic. For each event, the swapper address, asset identifiers for the input and output, and the raw trade amounts are extracted.
- **Key fields**: `extrinsic_id` (transaction identifier), `event_index` (positional identifier), `swapper` (user address)

### Component B: Unique trade identification

- **Purpose**: Ensure the metric reflects distinct user-initiated transactions
- **Logic**: Individual trades are identified by their unique extrinsic identifiers. A count of unique extrinsic IDs is performed to consolidate multiple internal events into a single trade count where they originate from the same user transaction. This process prevents the overestimation of activity from complex multicall or batched swap executions.

### Component C: Normalization and aggregation

- **Purpose**: Organize trade data into a standardized daily time series
- **Logic**: Total trade counts are aggregated on a daily basis using UTC timestamps. Values are grouped by chain and product identifier. For days where no trading activity is recorded, a zero-filling strategy is applied to ensure a continuous data series for analysis. Any data originating from archived or non-approved chain states is excluded based on metadata freshness filters.

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

Number of trades executed on a decentralized exchange.

HydrationHDX

Trade count

Trade count

Competitive landscape

Chain breakdown