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 Trading volume Methodology

## 1. Overview

MetaMask trading volume measures the total USD value of tokens traded through MetaMask's DEX aggregator service on a daily basis. This metric captures the volume of swaps executed via MetaMask's Router contracts across Ethereum, BSC, and Polygon networks. The calculation aggregates successful swap transactions, converts token amounts to USD using end-of-day price feeds, and provides daily volume totals that help assess MetaMask's trading activity and market share in the DEX aggregation space.

## 2. Data sources

The methodology relies on several key data sources:
- **Blockchain events**: Parsed `Router_swap_function` events from MetaMask's DEX aggregator contracts deployed on Ethereum, BSC, and Polygon networks
- **Transaction data**: Transaction records from Ethereum, BSC, and Polygon blockchains to validate transaction success and identify user addresses
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal correction
- **Configuration data**: Chain availability filters and denylisted token addresses to exclude spam or invalid tokens

## 3. Step-by-step calculation

### Component A: Swap event extraction
- **Purpose**: Extracts and validates swap transactions from MetaMask Router contracts
- **Logic**: The system identifies successful swap events from MetaMask Router contracts across three blockchain networks (Ethereum, BSC, and Polygon). Events are filtered to include only successful transactions where the `status` field is true. The system excludes transactions involving denylisted token addresses that are known to be spam or invalid tokens. For each swap event, key fields are extracted including the transaction hash, trace address, token addresses, swap amounts, and aggregator identifiers.
- **Key fields**: Important fields include `transaction_hash` for linking to transaction data, `tokenFrom` for source token address, `amount` for trade volume, `aggregatorId` for the DEX being aggregated, `to_address` for the recipient, and `from_address` for the contract user

### Component B: Transaction validation and user identification  
- **Purpose**: Validates swap events against transaction data and identifies actual users
- **Logic**: Swap events are joined with corresponding transaction records using the transaction hash to ensure data consistency and extract additional transaction details. This join validates that the swap events correspond to actual executed transactions and provides access to the transaction originator address. The system distinguishes between the contract user address (from the swap event) and the actual user address (from the transaction record).
- **Key fields**: The join adds `from_address` from transactions as the `user_address` field, while preserving the swap event's `from_address` as `contract_user_address`

### Component C: Token address normalization
- **Purpose**: Standardizes token addresses to handle native tokens consistently  
- **Logic**: The system handles native token representations by mapping null addresses (used for native tokens like ETH, BNB, MATIC) to their corresponding wrapped token addresses. This ensures consistent pricing and decimal handling across all tokens. The mapping uses predefined wrapped token addresses for each chain: WETH for Ethereum, WBNB for BSC, and WMATIC for Polygon.
- **Key fields**: The `token_address` field is updated to use wrapped token addresses when the original `tokenFrom` is the null address

### Component D: Volume calculation and standardization
- **Purpose**: Calculates trading volumes with proper decimal correction and USD conversion
- **Logic**: Raw token amounts from swap events are processed through decimal correction to convert from the smallest token units to standard decimal representation. The corrected amounts are then converted to USD values using end-of-day price feeds matched by token address and date. The system applies timestamp truncation to group transactions by day and assigns standard business metadata including business line as 'DEX Aggregator', market sector as 'exchanges', and business segment as 'dex_aggregator'.
- **Key fields**: The `amount` field contains the final trading volume after decimal correction and USD conversion, while `timestamp` is truncated to daily granularity

### Final aggregation
- **Combining components**: The processed swap data flows through the standardization pipeline where decimal correction and USD conversion are applied using established macros. The data is then aggregated by day, chain, token, and other dimensional attributes.
- **Currency conversion**: USD conversion uses end-of-day token price feeds matched by token address and transaction date, ensuring consistent pricing across all volume calculations
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to day level, grouping all transactions within each 24-hour period
- **Final calculation**: The final trading volume represents the total USD value of tokens traded through MetaMask's Router contracts each day, with missing days filled with zero values to ensure complete time series data for reporting and analysis

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

Total value of spot trades executed on the exchange.

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Trading volume

Trading volume

Competitive landscape

Chain breakdown