# Fluid DEX Trading volume Methodology

## 1. Overview

The total value of trades executed on a decentralized spot exchange is measured by trading volume. Since trading fees are paid by users on their trades, this metric tends to correlate with the Fluid DEX project's ability to generate fees and revenue. For Fluid, the volume processed across both Fluid DEX and Fluid DEX Lite is captured by this metric. It is utilized as a primary indicator of liquidity, trading activity, and protocol utility.

## 2. Data sources

- **Blockchain events**: `Swap` events from `FluidDex` and `FluidDexT1` contracts, `LogSwap` events from `FluidDexLite` contracts, and pool state configurations, covering Ethereum, Arbitrum, Base, Polygon, and 2 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Fluid DEX classic trade extraction

- **Purpose**: Extract swap details for classic Fluid DEX pools.
- **Logic**: `Swap` events from `FluidDex` and `FluidDexT1` contracts are parsed to extract the swap direction, input amount, and output amount. These events are joined with transaction data to identify the user address and with pool registry states to map the swap to the correct trading pair and fee tier. Native asset addresses are converted to their wrapped equivalents (such as WETH or WPOL) based on the chain. Trades executed on BNB Chain are mapped to Venus Flux, while trades on other chains are mapped to Fluid DEX.
- **Key fields**: `amount_in`, `amount_out`, `swap_0_to_1`, `account_address`

### Component B: Fluid DEX Lite trade extraction

- **Purpose**: Extract swap details for Fluid DEX Lite pools.
- **Logic**: `LogSwap` events from `FluidDexLite` contracts are parsed, and the swap data is decoded to extract the pool identifier, swap direction, input amount, and output amount. These decoded trades are joined with transaction data and Fluid DEX Lite pool registry states to identify the trading assets and the applicable fee tier. Native assets are wrapped to WETH.
- **Key fields**: `amount_in`, `amount_out`, `swap_0_to_1`, `dex_id`

### Component C: Normalization and token-unit volume calculation

- **Purpose**: Standardize trade amounts into human-readable token units.
- **Logic**: For Fluid DEX, trade amounts are normalized by the decimal precision of each asset. For Fluid DEX Lite, trade amounts are normalized by a fixed decimal precision of 9 decimals. Based on the swap direction, the normalized input and output amounts are mapped to the respective trading pair assets (`amount_0` and `amount_1`).
- **Key fields**: `amount_0`, `amount_1`

### Component D: USD conversion and single-sided volume aggregation

- **Purpose**: Convert token volumes to USD and calculate single-sided trading volume.
- **Logic**: Normalized token amounts for both assets in a trading pair are multiplied by their respective end-of-day asset prices. To prevent double-counting and ensure a conservative single-sided volume metric, the lower USD value of the two legs is selected as the final trading volume. Trading pairs are ordered alphabetically or by stablecoin priority to establish canonical pair names. Daily volumes are aggregated by pool, chain, and product, with zero-filling applied to missing days.
- **Key fields**: `trading_volume`, `price_usd`

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

Total value of spot trades executed on the exchange.

Trading volume

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

Trading volume

Trading volume

Chain breakdown