Liquidity providers deposit funds into IPOR Protocol and receive trading fees and asset management yield (supply-side fees).

IPOR Protocol is a non-custodial exchange for interest rate swaps built on Ethereum. IPOR Protocol was founded by Darren Camas & Dimitar Dinev, and was launched in August 2022.

IPOR tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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IPOR Protocol

# IPOR Protocol Notional trading volume Methodology

## 1. Overview

Notional trading volume measures the total value of interest rate swap positions opened and closed on the IPOR Protocol. This metric captures the trading activity in IPOR's derivatives marketplace by summing the notional amounts of all swap transactions. The calculation combines data from both protocol versions (v1 and v2) and includes volumes from both position openings and closings to provide a comprehensive view of trading activity.

## 2. Data sources

The calculation uses the following raw data sources:
- **Ethereum event logs**: Parsed `OpenSwap` and `CloseSwap` events from IPOR Protocol smart contracts
- **IPOR v1 contracts**: Milton contract events for DAI, USDC, and USDT (`MiltonDai_OpenSwap_event`, `MiltonDai_CloseSwap_event`, etc.)
- **IPOR v2 contracts**: IporProtocolRouter and IporProtocolRouterV2 contract events (`IporProtocolRouter_OpenSwap_event`, `IporProtocolRouter_CloseSwap_event`, etc.)
- **Token metadata**: Reference data providing token symbols and contract information
- **End-of-day price feeds**: Token prices in USD for currency conversion

## 3. Step-by-step calculation

### Component A: Open position volumes
- **Purpose**: Captures notional amounts from newly opened interest rate swap positions
- **Logic**: Extracts data from `OpenSwap` events emitted when users open swap positions. For IPOR v1, the system processes events from separate Milton contracts for each supported asset (DAI, USDC, USDT). For IPOR v2, it processes events from unified router contracts (IporProtocolRouter and IporProtocolRouterV2). The notional amount is extracted from the event parameters - `money.notional` for v1 events and `amounts.notional` for v2 events. All amounts are converted from 18-decimal wei format to standard decimal format by dividing by 10^18.
- **Key fields**: `notional_amount` (the size of the opened position), `asset` (token address), `block_timestamp` (event timing), account address, and protocol metadata

### Component B: Close position volumes  
- **Purpose**: Captures settlement amounts from closed interest rate swap positions
- **Logic**: Extracts data from `CloseSwap` events emitted when positions are closed or liquidated. The calculation differs between protocol versions. For IPOR v1, the trading volume includes three components: amounts transferred to the buyer (`transferredToBuyer`), amounts transferred to liquidators (`transferredToLiquidator`), and income fee amounts (`incomeFeeValue`). These three values are summed to get the total close volume. For IPOR v2, only buyer and liquidator transfer amounts are summed, as income fees are not included in the close volume calculation. All amounts are converted from 18-decimal wei format to standard decimals.
- **Key fields**: `buyer_amount`, `liquidator_amount`, `income_fee_amount` (v1 only), `asset`, `block_timestamp`, and account information

### Component C: Token metadata enrichment
- **Purpose**: Adds token symbols and metadata to the volume data
- **Logic**: Joins both open and close position data with token reference data using chain and token address as the join keys. This enrichment provides token symbols that are used for both `contract_name` and `token_symbol` fields in the output.
- **Key fields**: `symbol` (token symbol), `chain`, `token_address`

### Final aggregation
- **Combining components**: All four data streams (v1 open, v1 close, v2 open, v2 close) are combined using UNION ALL operations. Absolute values are applied to all volume amounts to ensure positive trading volumes regardless of position direction.
- **Currency conversion**: The `convert_to_usd_and_correct_decimals` macro converts all token amounts to USD using end-of-day price feeds. The conversion uses the token address and timestamp to match with appropriate price data.
- **Time aggregation**: Daily aggregation is achieved by truncating the `block_timestamp` to day granularity. All volumes occurring on the same day are summed together by token and chain.
- **Final calculation**: The final notional trading volume for each day equals the sum of all absolute values of: (1) notional amounts from opened positions, plus (2) settlement amounts from closed positions, converted to USD using end-of-day prices. Missing days in the time series are filled with zero values to ensure continuous daily data coverage.

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

Total USD value of derivative contracts executed on the protocol.

IPOR ProtocolIPOR

Notional trading volume

Notional trading volume

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