MetaMask Swap aggregates multiple non-custodial exchanges & traders exchange funds directly through their MetaMask wallet.

MetaMask is a non-custodial wallet and DEX aggregator built on Ethereum and other adjacent blockchains. MetaMask was founded by Aaron Davis and launched in 2015.

MetaMask team & investors own and govern the protocol. They currently take all of the total trading fees paid by traders (revenue).

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MetaMask

# MetaMask Trade count Methodology

## 1. Overview

The MetaMask trade count metric measures the daily number of unique trades executed through MetaMask's DEX aggregator service across multiple blockchains. This metric counts distinct transactions that contain successful swap operations, providing insight into MetaMask's trading volume and user activity. The calculation aggregates unique transaction hashes containing MetaMask Router contract interactions on a daily basis.

## 2. Data sources

- **Blockchain transaction records**: Transaction data from BSC, Ethereum, and Polygon networks containing transaction metadata and user addresses
- **Parsed swap events**: MetaMask Router contract `swap_function` events from BSC, Ethereum, and Polygon blockchains containing trade details
- **Token metadata**: Information about token addresses, including wrapped native token addresses for each supported blockchain

## 3. Step-by-step calculation

### Component A: Swap event extraction and validation
- **Purpose**: Extract and validate successful MetaMask swap events from multiple blockchains
- **Logic**: The system queries parsed `swap_function` events from MetaMask Router contracts deployed on BSC, Ethereum, and Polygon. Each swap event contains trade details including token addresses, amounts, and aggregator information. Only successful swaps are included by filtering for events with `status = true`. A comprehensive denylist of known spam or problematic token addresses is applied to exclude invalid trades. Native token addresses (represented as `0x0000000000000000000000000000000000000000`) are converted to their respective wrapped native token addresses for each chain
- **Key fields**: `block_timestamp`, `transaction_hash`, `trace_address`, `tokenFrom`, `amount`, `aggregatorId`, `to_address`, `from_address`, and `status`

### Component B: User address attribution
- **Purpose**: Associate swap events with actual user addresses through transaction data
- **Logic**: Swap events are joined with blockchain transaction records using `transaction_hash` as the key. This join enriches the swap data with the originating user address from the transaction's `from_address` field, enabling proper user attribution for each trade
- **Key fields**: `from_address` (user address), `transaction_hash` for joining

### Component C: Business categorization and standardization
- **Purpose**: Apply MetaMask-specific business logic and categorize trades appropriately
- **Logic**: Each validated swap is categorized with standardized business dimensions. All trades are classified under the 'DEX Aggregator' business line and 'exchanges' market sector, with 'dex_aggregator' as the business segment. Chain-specific handling includes mapping the correct wrapped native token addresses for each blockchain (WBNB for BSC, WETH for Ethereum, WMATIC for Polygon)
- **Key fields**: `business_line`, `market_sector_id`, `business_segment_id`, `chain`, and normalized `token_address`

### Final aggregation
- **Combining components**: All validated and categorized swap events from the three blockchains are combined into a single dataset
- **Time aggregation**: Block timestamps are truncated to daily boundaries using day-level time truncation, grouping all trades within each 24-hour period
- **Trade counting**: The metric counts distinct `transaction_hash` values per day to ensure each unique transaction containing MetaMask swaps is counted exactly once, regardless of how many individual swaps or trace addresses exist within that transaction
- **Dimension grouping**: Daily counts are calculated separately for each combination of `chain_id`, `market_sector_id`, `business_segment_id`, and `product_id` to support multi-dimensional analysis
- **Final calculation**: The result is the total number of unique transactions containing successful MetaMask swap operations for each day and dimension combination, processed through a standardization macro that applies zero-filling for missing data points and ensures consistent output formatting

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

Number of trades executed on a decentralized exchange.

MetaMask

Trade count

Trade count

Competitive landscape

Chain breakdown