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 Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is calculated as the average trading volume generated per unique active user of Fluid's decentralized exchange products over a daily window. This metric is calculated by dividing the total daily trading volume by the number of active users (daily) across Fluid DEX, Fluid DEX Lite, and Venus Flux. It is utilized to analyze user behavior and to determine whether trading activity is driven by retail participants or high-volume institutional traders.

## 2. Data sources

- **Blockchain events**: `Swap` events from `FluidDex` and `FluidDexT1` contracts, and `LogSwap` events from `FluidDexLite` contracts, 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: Classic Fluid DEX trading volume extraction

- **Purpose**: Capture trading volume from Fluid DEX and Venus Flux
- **Logic**: `Swap` events are parsed from `FluidDex` and `FluidDexT1` contracts. For each trade, the transaction sender is identified as the user address. Asset amounts are extracted and normalized using decimal precision from asset metadata. Trades on BNB Chain (BSC) are mapped to Venus Flux, while trades on other chains are mapped to Fluid DEX.
- **Key fields**: `block_timestamp`, `amount_in`, `amount_out`, `swap_0_to_1`

### Component B: Fluid DEX Fluid Lite trading volume extraction

- **Purpose**: Capture trading volume from Fluid DEX Lite
- **Logic**: `LogSwap` events are parsed from `FluidDexLite` contracts. The transaction sender is identified as the user address. Asset amounts are extracted and normalized by a fixed decimal precision of 9. These trades are mapped to Fluid DEX Lite.
- **Key fields**: `block_timestamp`, `amount_in`, `amount_out`, `swap_0_to_1`

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

- **Purpose**: Normalize trading volumes to USD and prevent double-counting
- **Logic**: Normalized asset amounts for both legs of each trade are multiplied by end-of-day asset prices. Single-sided trading volume is calculated by taking the minimum USD value of the two legs.
- **Key fields**: `price_usd`

### Component D: Daily active user aggregation

- **Purpose**: Determine the active users (daily) for Fluid's exchange products
- **Logic**: Unique user addresses are aggregated daily across Fluid DEX, Fluid DEX Lite, and Venus Flux. Users of Fluid Vault or lending products are excluded from this count to isolate exchange-specific activity.
- **Key fields**: `user_address`

### Component E: Average volume calculation

- **Purpose**: Calculate the final average trading volume per user
- **Logic**: Total daily USD trading volume across all exchange products is divided by the total active users (daily) of those same products. If no activity is recorded, the metric is filled with zero.
- **Key fields**: `trading_volume`, `user_dau`

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

Average trading volume (per user)

Trading volume divided by daily active users.

FluidFLUID

Average trading volume (per user)

Average trading volume (per user)

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