# Fluid DEX Tradeable pairs Methodology

## 1. Overview

Tradeable pairs is measured as the number of unique asset pairs available for trading on Fluid DEX and Fluid DEX Lite. The total number of direct swap routes offered by the decentralized exchange is reflected by this metric. The expansion of the protocol's liquidity pools and market coverage is evaluated by tracking the cumulative growth of these tradeable pairs over time.

## 2. Data sources

- **Blockchain events**: State logs from Fluid DEX pool registries and `LogSwap` events from `FluidDexLite` contracts, covering Ethereum, Base, Arbitrum, Polygon, and 2 other chains

## 3. Step-by-step calculation

### Component A: Fluid DEX classic pair extraction

- **Purpose**: Extract active trading pairs from Fluid DEX pools
- **Logic**: Pool state data is parsed to extract the pool address, asset addresses, and fee tiers. Native asset addresses are normalized to their wrapped equivalents (such as WETH on Ethereum, Base, and Arbitrum, or WPOL on Polygon) to ensure consistency across networks. The pool with the lowest fee tier is selected for each unique pool address and timestamp combination.
- **Key fields**: `account_address`, `token0`, `token1`, `fee_tier`

### Component B: Fluid DEX Lite pair extraction

- **Purpose**: Extract active trading pairs from Fluid DEX Lite swap activity
- **Logic**: Swap data is decoded from `LogSwap` events emitted by `FluidDexLite` contracts. The decoded swap data is joined with pool metadata to identify the pool address and the associated asset addresses for each transaction. Distinct pool addresses are aggregated daily.
- **Key fields**: `pool_address`, `token0`, `token1`

### Component C: Pair consolidation and first appearance tracking

- **Purpose**: Combine pairs from both products and identify when each pair first became active
- **Logic**: The unique pool addresses from Fluid DEX and Fluid DEX Lite are combined into a single dataset. For each unique pool address on each chain, the earliest timestamp is identified to represent the first appearance of the trading pair. The number of new trading pairs is then aggregated on a daily level.
- **Key fields**: `account_address`, `timestamp`, `chain_id`

### Component D: Cumulative aggregation and zero-filling

- **Purpose**: Calculate the running total of tradeable pairs over time
- **Logic**: The daily count of new trading pairs is zero-filled for days with no new pairs to maintain a continuous time series. A cumulative sum of the daily new pair counts is calculated sequentially over time for each chain. The total number of tradeable pairs available on any given day is represented by this running total.
- **Key fields**: `tradeable_pairs`, `timestamp`, `chain_id`

*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)

Fluid acts as a lending, vault, and DEX platform for seamless DeFi interaction.

Fluid is a non-custodial lending, vaults, and DEX protocol built by Instadapp. Instadapp was founded by Samyak Jain & Sowmay Jain and launched in 2018.

FLUID tokenholders own and govern the protocol. They currently earn a cut of the fees generated through Fluid lending, vault and DEX services. Instadapp's investors include Coinbase Ventures, Pantera Capital, Robot Ventures, etc.

Fluid DEX

Tradeable pairs

Tradeable pairs

Chain breakdown