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

xExchange is an a non-custodial exchange protocol built on the MultiversX network. xExchange was launched in November 2021.

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

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Exchanges (DEX)

xExchange

# xExchange Trading volume Methodology

## 1. Overview

This metric calculates the daily trading volume for the Maiar DEX on the Elrond blockchain. The calculation aggregates 24-hour USD volume data across all trading pairs to provide a comprehensive view of trading activity on the platform. Unlike typical blockchain analytics that parse raw transaction logs, this methodology uses pre-aggregated volume data directly from Maiar's platform APIs.

## 2. Data sources

The calculation uses the following data sources:
- **Maiar DEX platform data**: Pre-aggregated 24-hour trading volume statistics scraped from Maiar DEX API endpoints or web interfaces
- **Trading pair metadata**: Token names and identifiers for each trading pair available on the platform
- **Timestamp data**: Daily snapshots with associated volume metrics

The data represents volume metrics that have already been calculated and USD-converted by the Maiar platform itself, providing ready-to-use trading volume figures.

## 3. Step-by-step calculation

### Component A: Raw volume extraction
- **Purpose**: Extract trading pair volume data from Maiar DEX platform
- **Logic**: The system collects pre-aggregated 24-hour volume data from Maiar DEX platform sources. Each record contains trading pair information including token names, timestamp, and USD-denominated volume figures that have been calculated by the Maiar platform. The data includes fields for `firstTokenName`, `secondTokenName`, `timestamp`, and `volumeUSD24h`
- **Key fields**: `volumeUSD24h` represents the 24-hour trading volume in USD, token names identify the trading pairs, and timestamps indicate when the volume was recorded

### Component B: Data standardization and classification  
- **Purpose**: Transform raw platform data into standardized format with protocol metadata
- **Logic**: Each trading pair record is enhanced with protocol classification metadata. The chain is set to 'elrond', business line is classified as 'Exchange AMM', market sector as 'exchanges', and business segment as 'dex'. Trading pair identifiers are created by concatenating the first and second token names with a hyphen separator. The pre-calculated USD volume from the `volumeUSD24h` field becomes the `amount` for aggregation
- **Key fields**: `chain` set to 'elrond', `business_line` set to 'Exchange AMM', `account_name` created from token pair names, `amount` sourced from `volumeUSD24h`

### Component C: Daily aggregation
- **Purpose**: Aggregate trading volumes to daily totals across all trading pairs
- **Logic**: Volume data is grouped by day using timestamp truncation to remove time-of-day precision. The aggregation sums all trading pair volumes for each day while preserving dimensional attributes like chain, business line, market sector, business segment, product ID, and version. This creates daily total trading volume figures for the entire Maiar DEX platform
- **Key fields**: `timestamp` truncated to day level, `trading_volume` as sum of all pair volumes, dimensional grouping fields preserved

### Final aggregation
- **Combining components**: The daily aggregated volumes represent the final trading volume metric, with all trading pair volumes summed by day
- **Currency conversion**: Volume amounts are already in USD as provided by the Maiar platform's pre-calculated `volumeUSD24h` field
- **Time aggregation**: Daily boundaries are established through timestamp truncation, with all volumes for a given day summed together
- **Final calculation**: The metric applies zero-filling logic to ensure continuous daily time series coverage, filling missing days with zero volume values. Chain availability filtering is applied to ensure only supported chain data is included in the final output

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

Total value of spot trades executed on the exchange.

xExchangeMEX

Trading volume

Trading volume

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