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 Average trading volume (per trade) Methodology

## 1. Overview

This metric calculates the average USD trading volume per trade for MetaMask's DEX aggregator service. It measures the typical size of trades routed through MetaMask by dividing the total daily trading volume by the total daily trade count. The metric helps understand user trading behavior and the scale of transactions facilitated by MetaMask's aggregation service across Ethereum, BSC, and Polygon networks.

## 2. Data sources

- **MetaMask Router swap events**: Parsed `swap` function calls from MetaMask Router contracts across Ethereum, BSC, and Polygon chains
- **Blockchain transaction data**: Transaction records from Ethereum, BSC, and Polygon networks to identify user addresses and validate transaction success
- **End-of-day token price feeds**: Daily closing prices for tokens to convert amounts to USD values
- **Token metadata**: Token contract information including decimal places for proper amount normalization
- **Chain configuration data**: Wrapped native token addresses and chain-specific parameters for cross-chain normalization

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Identifies and processes all successful MetaMask Router swap transactions across supported chains
- **Logic**: Extracts swap function calls from MetaMask Router contracts on Ethereum (v1), BSC (v1), and Polygon (v1). Filters to include only successful transactions with `status = true`. Applies a denylist to exclude specific problematic token addresses. Handles native token trades by substituting null addresses (`0x000...000`) with the corresponding wrapped native token address for each chain (WETH for Ethereum, WBNB for BSC, WMATIC for Polygon). Joins swap events with transaction data to capture the originating user address
- **Key fields**: `block_timestamp` for daily aggregation, `transaction_hash` and `trace_address` for unique trade identification, `tokenFrom` for the traded token, `amount` for trade size, `aggregatorId` for MetaMask identification

### Component B: Trading volume calculation  
- **Purpose**: Converts raw token amounts to standardized USD values for volume measurement
- **Logic**: Takes the extracted trade events and applies decimal correction using token metadata to normalize amounts to standard units. Converts token amounts to USD using end-of-day price feeds matched by token address and date. Truncates timestamps to daily granularity and aggregates total USD volume by day, chain, and business segment. Applies the `fill_zeros` strategy to ensure continuous daily data availability
- **Key fields**: `trading_volume` representing USD-converted trade amounts, `timestamp` for daily boundaries, `chain_id` for multi-chain aggregation

### Component C: Trade count calculation
- **Purpose**: Counts the total number of unique trades per day for the denominator calculation
- **Logic**: Uses the same base trade events and truncates timestamps to daily granularity. Counts distinct `transaction_hash` values per day to avoid double-counting trades that may appear in multiple trace addresses. Aggregates counts across all supported chains and business segments. Applies the `fill_zeros` strategy to maintain consistent daily data points
- **Key fields**: `trade_count` representing daily unique transaction counts, `timestamp` for daily alignment with volume data

### Final aggregation
- **Combining components**: The trading volume and trade count components are joined on `timestamp` to align daily aggregates. Both components use identical time truncation logic to ensure proper matching
- **Currency conversion**: All volume amounts are converted to USD using end-of-day price feeds, with decimal correction applied before price multiplication to ensure accurate valuations
- **Time aggregation**: All data is aggregated to daily boundaries using `timestamp_trunc(block_timestamp, day)` to create consistent daily metrics
- **Final calculation**: The final metric is calculated by dividing the total daily trading volume by the total daily trade count using safe division to handle cases where trade count might be zero. This produces the average USD value per trade for each day

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

MetaMask

Average trading volume (per trade)

Average trading volume (per trade)

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