# Metric V1 Trading volume Methodology

## 1. Overview

Trading volume is defined as the total value of trades executed on Metric V1. This metric is utilized as a key indicator of the protocol's liquidity utilization and its capacity to generate fees and revenue. Swaps are executed against oracle-priced pools across multiple supported blockchains, with transaction values normalized to USD.

## 2. Data sources

- **Blockchain events**: `PoolCreated` events from `MetricOmmPoolFactory` and `MetricOmmPoolFactoryRetired` contracts, and `Swap` events from `MetricOmmPool` and `MetricOmmPoolRetired` contracts, covering Arbitrum, Base, BNB Chain, Ethereum, and Robinhood Chain
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Metric V1 pool identification

- **Purpose**: Active and retired Metric V1 liquidity pools are identified.
- **Logic**: `PoolCreated` events are parsed from `MetricOmmPoolFactory` and `MetricOmmPoolFactoryRetired` contracts. A registry of valid pool addresses and their corresponding asset pairs is established from these events.
- **Key fields**: `pool_address`, `token_address_0`, and `token_address_1`

### Component B: Metric V1 swap event extraction and decoding

- **Purpose**: Swap amounts from active and retired pools are extracted and decoded.
- **Logic**: For active pools, `Swap` events are parsed from `MetricOmmPool` contracts, where the raw asset delta amounts are extracted from a packed hexadecimal field. This field is split into two segments representing the unsigned amounts for asset 0 and asset 1, which are then converted to signed 128-bit integers. For retired pools, raw delta amounts are extracted directly from `Swap` events from `MetricOmmPoolRetired` contracts, with transactions filtered to include only those occurring before the pool retirement date.
- **Key fields**: `amountDeltas` (for active pools), `amount0Delta` and `amount1Delta` (for retired pools)

### Component C: Decimal normalization and trade direction

- **Purpose**: Raw swap amounts are normalized and trade direction is determined.
- **Logic**: Raw swap amounts are normalized by the decimal precision of each asset using asset metadata. The trade direction is determined based on whether the normalized amount for asset 0 is positive, which signifies that asset 0 was received by the pool.
- **Key fields**: `decimals` from asset metadata, `amount_0`, and `amount_1`

### Component D: USD valuation and outlier protection

- **Purpose**: Swap amounts are converted to USD and valuation rules are applied to prevent price distortions.
- **Logic**: Normalized swap amounts are multiplied by end-of-day price feeds for each asset. To protect against price outliers and illiquid assets, the swap is valued at the lesser USD value of the two trade legs. An exception is applied if exactly one leg of the trade is classified as a tokenized stock; in this scenario, the trade is valued solely on the tokenized stock leg to avoid distortions from unpriced counterparty assets.
- **Key fields**: `price_usd` from end-of-day price feeds, `resolved_asset_type` from asset metadata

### Component E: Aggregation and final filtering

- **Purpose**: Trading volume is aggregated and chain availability filters are applied.
- **Logic**: Trading volumes are aggregated by day, chain, and pool. Daily values are zero-filled for days with no activity. Chain availability filters are applied to clip historical data for archived chains based on their archival status.
- **Key fields**: `timestamp`, `chain_id`, `trading_volume`

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

Total value of spot trades executed on the exchange.

Trading volume

Exchanges (DEX)

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.

Metric V1

Trading volume

Trading volume

Chain breakdown