# Metric V2 Trading volume Methodology

## 1. Overview

Trading volume is defined as the total USD value of trades executed on the decentralized spot exchange Metric V2. Because trading fees are paid by users on these transactions, this metric is utilized to assess the protocol's capacity for fee and revenue generation. Only transactions associated with Metric V2 are included in this methodology.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Pool identification

- **Purpose**: Identify active liquidity pools and their associated trading pairs
- **Logic**: `PoolCreated` events from `MetricOmmPoolFactory` contracts are parsed to extract the pool address, token 0 address, and token 1 address. This registry is used to map swap events to their respective trading pairs and asset decimals.
- **Key fields**: `pool_address`, `token_address_0`, `token_address_1`

### Component B: Swap event extraction and normalization

- **Purpose**: Extract raw swap amounts and normalize them by decimal precision
- **Logic**: `Swap` events from `MetricOmmPool` contracts are parsed to extract the delta amounts for token 0 and token 1. These raw amounts are normalized by the decimal precision of each asset, which is retrieved from asset metadata. The absolute values of these normalized amounts are aggregated daily by pool and trading pair.
- **Key fields**: `amount_0`, `amount_1`, `decimals`

### Component C: USD valuation and outlier mitigation

- **Purpose**: Convert asset volumes to USD and apply valuation rules to prevent price distortions
- **Logic**: Normalized asset amounts are multiplied by end-of-day USD prices sourced from price feeds. To mitigate the impact of price outliers or unpriced assets, each trade is valued at the lesser of its two legs. An exception is applied when exactly one leg of the trade is classified as a tokenized stock; in this scenario, the trade is valued strictly using the tokenized stock leg to prevent newly launched counterparties with missing price feeds from zeroing out the transaction value.
- **Key fields**: `price_usd`, `asset_type`

### Component D: Final aggregation and zero-filling

- **Purpose**: Aggregate trading volume and ensure continuous daily data
- **Logic**: The resolved USD trading volumes are summed by day, chain, and product. Missing days within the time series are filled with zeros to ensure data continuity. Chain availability filters are applied to align the output with active chain configurations.
- **Key fields**: `timestamp`, `chain_id`, `product_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 V2

Trading volume

Trading volume

Chain breakdown