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 Average trading volume (per trade) Methodology

## 1. Overview

The Katana trading volume average per trade count metric measures the average USD value traded per transaction on the Katana decentralized exchange. This metric provides insight into trade size distribution and trader behavior by dividing total daily trading volume by the number of unique trades executed. It helps understand whether trading activity consists of many small trades or fewer large trades.

## 2. Data sources

- **Katana V1 swap events**: Parsed `Swap` events from Katana V1 pair contracts on Ronin blockchain, containing token amount changes for each trade
- **Factory pair creation events**: `PairCreated` events from Katana V1 Factory contract establishing trading pairs and token relationships
- **Ronin transaction records**: Transaction metadata providing user addresses and transaction context
- **Token metadata**: Standard token catalog containing decimals, symbols, and contract information
- **Manual token definitions**: Supplementary token metadata for tokens not in the standard catalog (such as Smooth Love Potion)
- **End-of-day price feeds**: Daily USD price data for tokens to enable volume conversion

## 3. Step-by-step calculation

### Component A: Raw trade extraction
- **Purpose**: Extract and process individual swap transactions from Katana DEX
- **Logic**: Parse `Swap` events from Katana V1 pair contracts on Ronin blockchain. Calculate net token amount changes by subtracting `amount0Out` from `amount0In` for token0, and `amount1Out` from `amount1In` for token1. Each swap event represents one side of a trade with amounts for both tokens in the pair. Join with Ronin transaction records to get user addresses and transaction metadata.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` (raw token amounts), `transaction_hash` (trade identifier), `from_address` (trader address)

### Component B: Trading pair metadata
- **Purpose**: Establish token pair relationships and metadata for volume calculations  
- **Logic**: Extract `PairCreated` events from Katana V1 Factory contract to identify all trading pairs and their constituent tokens. For each pair, retrieve token decimals from the standard token catalog, with fallback to manually-defined tokens for assets not in the main catalog. Create pair names by combining token symbols. Apply fee tier information (0.3% for Katana V1).
- **Key fields**: `token0_address`, `token1_address` (pair tokens), `token0_decimals`, `token1_decimals` (for amount conversion), `account_name` (pair identifier)

### Component C: Volume calculation with anti-manipulation
- **Purpose**: Convert raw token amounts to USD trading volume with price manipulation protection
- **Logic**: Join swap events with trading pair metadata to access token decimal information. Convert raw blockchain token amounts to decimal-adjusted amounts by dividing by 10^decimals for each token. Join with end-of-day price feeds to get USD prices for both tokens. Apply anti-manipulation logic by taking the lesser USD value between token0 and token1 amounts in each swap, preventing inflated volumes from price discrepancies. Aggregate all swap volumes by day.
- **Key fields**: `token0_amount`, `token1_amount` (decimal-adjusted), `price_usd` (from price feeds), `trading_volume` (final USD amount)

### Component D: Trade count aggregation
- **Purpose**: Count unique trades per day for denominator calculation
- **Logic**: Using the same processed swap events, count distinct `transaction_hash` values per day. Each unique transaction hash represents one trade, regardless of how many token pairs were involved. Apply the same time boundaries and filtering as the volume calculation to ensure consistency.
- **Key fields**: `transaction_hash` (trade identifier), `trade_count` (daily unique count)

### Final aggregation
- **Combining components**: Join daily trading volume totals with daily trade counts on the timestamp dimension using inner join to ensure both metrics exist for each day
- **Currency conversion**: USD conversion occurs at the individual swap level using end-of-day price feeds, with anti-manipulation protection via lesser value selection between paired tokens
- **Time aggregation**: All data is aggregated to daily boundaries using day truncation of swap event timestamps
- **Final calculation**: Calculate average trading volume per trade using safe division of total daily trading volume by daily trade count, with protection against division by zero scenarios

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

Katana (Ronin)

Average trading volume (per trade)

Average trading volume (per trade)

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