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Meteora

# Meteora Trade Count Methodology

## 1. Overview

Trade count is defined as the number of trades executed on a decentralized exchange. The frequency with which users buy or sell assets through the project is shown by this metric. The frequency with which assets are bought or sold through Meteora DLMM, Meteora Launchpad, and Meteora Liquidity Pools is shown by this metric. Every unique swap instruction processed by the protocol's programs is captured, excluding flagged wash trading activity, to provide a comprehensive view of trading activity across all supported liquidity pool types.

## 2. Data sources

- **Blockchain events**: Swap instructions from Meteora DLMM, Meteora DAMM V1, Meteora DAMM V2, and Meteora DBC programs, `DBC_Migration` from `meteora_v1` programs, and token balance changes, covering Solana
- **External data**: Asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: Trade instruction identification

- **Purpose**: Identification of valid swap operations across the protocol.
- **Logic**: Swap instructions are filtered from Solana DEX trade records where the executing account or outer executing account is matched with the specific program accounts for Meteora DLMM (`LBUZKhRxPF3XUpBCjp4YzTKgLccjZhTSDM9YuVaPwxo`), Meteora DAMM V1 (`Eo7WjKq67rjJQSZxS6z3YkapzY3eMj6Xy8X5EQVn5UaB`), Meteora DAMM V2 (`cpamdpZCGKUy5JxQXB4dcpGPiikHawvSWAd6mEn1sGG`), or Meteora DBC (`dbcij3LWUppWqq96dh6gJWwBifmcGfLSB5D4DuSMaqN`).
- **Key fields**: `executing_account`, `outer_executing_account`, `block_timestamp`

### Component B: Product categorization and pool mapping

- **Purpose**: Assignment of trade activity to specific protocol versions and products.
- **Logic**: Each identified instruction is categorized based on the program account involved. To attribute trades accurately to business products, a mapping is performed. Trades from the Meteora DLMM program are mapped to Meteora Liquidity Pools. Trades from the Meteora DBC program are mapped to Meteora Launchpad. For trades originating from Meteora DAMM V1 and Meteora DAMM V2 programs, a left join is performed with migration records of pools that graduated from a DBC bonding curve. If a pool is identified as graduated, its trades are mapped to Meteora Launchpad; otherwise, they are mapped to Meteora Liquidity Pools.
- **Key fields**: `product_id`, `pool_address`

### Component C: Wash trading filtration

- **Purpose**: Filtration of inorganic wash trading activity.
- **Logic**: Daily quote-leg volume and daily quote-leg reserves are calculated for DAMM V2 pools using native units. Daily turnover is calculated as daily quote-leg volume divided by daily quote-leg reserve. Pool-days with a daily turnover exceeding 20 are flagged as wash trading. Trades occurring on these flagged pool-days are excluded from the final dataset.
- **Key fields**: `pool_address`, `block_timestamp`, `turnover`

### Component D: Aggregation and normalization

- **Purpose**: Calculation of the final daily trade count.
- **Logic**: The total number of unique swap instructions is counted and aggregated by day, chain, and product. Transactions from aggregators that contain multiple Meteora swap instructions are counted as multiple individual trades. Missing data points are zero-filled to maintain a continuous daily time series. Amounts are normalized by decimal precision for underlying trade records.
- **Key fields**: `block_timestamp`, `trade_count`

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

Number of trades executed on a decentralized exchange.

MeteoraMET

Trade count

Trade count

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