Each Metric pool quotes prices from an external price provider and holds liquidity in bins around that price; traders swap against the pool's liquidity.

Metric is a decentralized exchange live since February 2026 on Ethereum, Arbitrum, BSC, Polygon, Avalanche, Base, MegaETH, HyperEVM, Monad and Robinhood Chain.

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Exchanges (DEX)

Metric

# Metric Trading volume Methodology

## 1. Overview

Trading volume is measured as the total value of trades executed on Metric V1 and Metric V2 decentralized spot exchanges. Since trading fees are paid by users on their trades, this metric is correlated with the ability of the DEX project to generate fees and revenue. Swaps are executed against oracle-priced pools, and the total volume is calculated by converting swap transactions to USD. To prevent price outliers from distorting the metric, trades are valued using a conservative valuation methodology based on the lesser value of the two swap legs, with specific exceptions applied to tokenized stocks.

## 2. Data sources

- **Blockchain events**: `PoolCreated` events from `MetricOmmPoolFactory` and `MetricOmmPoolFactoryRetired` contracts, and `Swap` events from `MetricOmmPool` and `MetricOmmPoolRetired` contracts, covering Arbitrum, Avalanche, Base, BSC, Ethereum, and 5 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Pool registry mapping

- **Purpose**: Identify active liquidity pools and their associated assets
- **Logic**: `PoolCreated` events are parsed from `MetricOmmPoolFactory` and `MetricOmmPoolFactoryRetired` contracts across Metric V1 and Metric V2. The pool address, `token0` address, and `token1` address are extracted to establish a registry of valid pools.
- **Key fields**: `pool_address`, `token_address_0`, `token_address_1`

### Component B: Swap event extraction

- **Purpose**: Extract raw swap amounts from pool transactions
- **Logic**: `Swap` events are parsed from `MetricOmmPool` and `MetricOmmPoolRetired` contracts. For Metric V2 and retired Metric V1 pools, raw delta amounts for both assets are extracted directly from the event parameters. For active Metric V1 pools, packed delta amounts are extracted, unpacked from hexadecimal format, and converted to signed integers. Swaps from retired Metric V1 pools are filtered to include only those occurring before the designated retirement timestamp.
- **Key fields**: `amount0Delta`, `amount1Delta`, `amountDeltas`

### Component C: Decimal normalization

- **Purpose**: Normalize raw asset amounts to their native units
- **Logic**: Raw asset amounts are divided by their respective decimal precision, which is retrieved from asset metadata. This step yields the normalized transaction amounts for both assets involved in each swap.
- **Key fields**: `decimals`

### Component D: USD valuation and outlier protection

- **Purpose**: Convert swap amounts to USD while mitigating the impact of price outliers
- **Logic**: Normalized asset amounts are multiplied by end-of-day price feeds to determine the USD value of each swap leg. To prevent price outliers from inflating trading volume, the total trade value is generally calculated as the lesser USD value of the two legs. However, if exactly one leg is identified as a tokenized stock based on asset metadata, the trade is valued solely on that tokenized stock leg to prevent unpriced counterparty assets from zeroing the transaction value.
- **Key fields**: `price_usd`, `resolved_asset_type`

### Component E: Aggregation

- **Purpose**: Aggregate trading volume to daily intervals
- **Logic**: Validated USD trade values are aggregated by timestamp, chain, and product. Daily totals are calculated using UTC day boundaries, and any days with missing data are zero-filled to ensure a continuous time series.
- **Key fields**: `timestamp`, `chain_id`, `product_id`

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

Total value of spot trades executed on the exchange.

Metric

Trading volume

Trading volume

Competitive landscape

Chain breakdown