Liquidity providers deposit funds into Katana and receive trading fees from traders (supply-side fees).

Katana is a non-custodial exchange protocol built on Ronin. Katana was founded by Sky Mavis and launched in 2021.

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

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Exchanges (DEX)

Katana (Ronin)

# Katana Tradeable assets Methodology

## 1. Overview

Tradeable assets measures the number of unique tokens available for trading on the Katana DEX, categorized by liquidity levels. This metric answers the question "How many assets can users trade on Katana, and what is their liquidity distribution?" The calculation identifies all tokens that appear in trading pairs, tracks their liquidity over time through reserve monitoring, and categorizes them into liquidity cohorts ranging from less than $5k to over $1M in total liquidity.

## 2. Data sources

The calculation relies on several key data sources:

- **Katana Factory events**: Parsed `PairCreated` events from the Katana v1 Factory contract on the Ronin blockchain, containing new trading pair addresses and their constituent token addresses
- **Katana Pair events**: Parsed `Sync` events from individual Katana pair contracts on Ronin, tracking reserve updates for token0 and token1 in each pair  
- **Token metadata**: Token information including symbols, names, and decimal places for proper amount calculations
- **Manual token configurations**: Manually defined token metadata for tokens not found in standard metadata sources, specifically including Smooth Love Potion (SLP) with 0 decimals
- **End-of-day price feeds**: Daily USD price data for tokens to enable liquidity calculations and cohort assignment

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identifies all trading pairs and their constituent tokens on Katana
- **Logic**: Extracts `PairCreated` events from the Katana Factory contract to get pair addresses and the two tokens (`token0_address` and `token1_address`) that make up each pair. Joins with token metadata to get decimal places and symbols for each token, falling back to manually configured tokens when standard metadata is unavailable. Creates a comprehensive list of all trading pairs with their metadata
- **Key fields**: `account_address` (pair contract), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, and constructed `account_name` from token symbols

### Component B: Reserve tracking and asset flows  
- **Purpose**: Monitors liquidity changes in trading pairs over time
- **Logic**: Processes `Sync` events from pair contracts to track reserve updates for each token in each pair. Corrects raw reserve amounts using token decimal places to get human-readable values. Aggregates to daily level by taking the last reserve values per day for each pair. Calculates daily net changes in reserves by comparing each day's reserves to the previous day, with the first day using the full reserve amount as the baseline
- **Key fields**: `reserve0_amount`, `reserve1_amount` (corrected for decimals), `token0_amount`, `token1_amount` (daily changes)

### Component C: USD conversion and liquidity calculation
- **Purpose**: Converts token amounts to USD values for liquidity assessment  
- **Logic**: Takes the daily reserve changes from Component B and converts them to USD using end-of-day price feeds. Multiplies token amounts by their respective USD prices and sums token0 and token1 values to get total net deposits per pair per day. Aggregates across all pairs to get total liquidity per token
- **Key fields**: `net_deposits` (USD value of daily liquidity changes per pair)

### Component D: Asset discovery and cohort assignment
- **Purpose**: Identifies unique tradeable assets and categorizes them by liquidity levels
- **Logic**: Extracts all unique token addresses from trading pairs (both `token0_address` and `token1_address` positions) to identify every tradeable asset. Determines the first appearance date for each token based on when its trading pair was created. Aggregates net deposits by token to calculate total liquidity per token per day. Assigns tokens to liquidity cohorts: greater than $1M, $500k-$1M, $100k-$500k, $25k-$100k, $5k-$25k, and less than $5k
- **Key fields**: `token_address`, `total_liquidity`, `liquidity_cohort`

### Final aggregation
- **Combining components**: Counts unique tokens in each liquidity cohort per day. For the baseline less than $5k cohort, uses a cumulative sum of new assets over time to track the total number of assets that have ever been tradeable
- **Currency conversion**: USD conversion occurs before cohort assignment using end-of-day price feeds matched by date, token address, and chain
- **Time aggregation**: Daily boundaries determined by truncating event timestamps to day level, with all calculations aggregated to daily granularity
- **Final calculation**: The final tradeable assets count per cohort equals the number of unique tokens in that liquidity range, with a correction mechanism that subtracts tokens appearing in higher liquidity cohorts from the baseline less than $5k count to prevent double counting across cohorts

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

Number of unique tokens tradeable on the exchange.

Katana (Ronin)

Tradeable assets

Tradeable assets

Competitive landscape