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.

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# Fluid Trading volume Methodology

## 1. Overview

Trading volume measures the total value of trades executed on a decentralized spot exchange. 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, this metric is calculated by aggregating swap activity executed across its exchange products, including Fluid DEX, Fluid DEX Lite, and Venus Flux. Through the aggregation of transaction data from these platforms, the protocol's liquidity utilization and capacity to generate fees are evaluated.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Fluid DEX and Venus Flux trade extraction

- **Purpose**: Extract swap transactions executed on Fluid DEX and Venus Flux
- **Logic**: `Swap` events are parsed from `FluidDex` and `FluidDexT1` contracts. For each event, the swap direction, input amount, and output amount are extracted. These events are joined with daily pool metadata to identify the trading pair assets and the applicable fee tier. BNB Chain transactions are categorized under the Venus Flux product, while transactions on other chains are categorized under Fluid DEX. Raw asset amounts are normalized by their respective decimal precision using asset metadata.
- **Key fields**: `swap_0_to_1`, `amount_in`, `amount_out`, `fee_tier`, `token0_address`, `token1_address`

### Component B: Fluid DEX Lite trade extraction

- **Purpose**: Extract swap transactions executed on Fluid DEX Lite
- **Logic**: `LogSwap` events are parsed from `FluidDexLite` contracts. The `swapData` payload is decoded using bitwise operations to extract the decentralized exchange identifier, swap direction, adjusted input amount, and adjusted output amount. These decoded trades are joined with pool metadata to map the transaction to the correct assets and fee tier. Raw asset amounts are normalized by a fixed precision of nine decimals.
- **Key fields**: `swapData`, `dex_id`, `swap_0_to_1`, `amount_in`, `amount_out`, `fee_tier`

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

- **Purpose**: Convert asset volumes to USD and aggregate to calculate single-sided trading volume
- **Logic**: Normalized asset amounts for both legs of each trade are multiplied by their respective end-of-day asset prices. To prevent double-counting and account for potential pricing discrepancies, the single-sided trading volume is calculated by taking the minimum USD value between the two swap legs. The resulting values are aggregated daily by chain, product, and pool using UTC day boundaries.
- **Key fields**: `trading_volume`, `timestamp`, `chain_id`, `product_id`, `pool_address`

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

Total value of spot trades executed on the exchange.

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Trading volume

Trading volume

Competitive landscape

Chain breakdown