Native Relay streams Core prices to wallets and aggregators and routes their orders into Native, while Native Pro exposes the Core matching engine to institutions over direct, exchange-grade interfaces. Trades settle non-custodially through NativeRouter and CreditVault contracts deployed on each supported EVM chain. Native applies standard maker and taker fees on Native Core: 0% on stablecoin and softpeg markets, 0.1% taker and 0.02% maker on majors and RWAs, and 0.001% taker with 0% maker on selected markets. Integration partners routing through Native Relay negotiate a customized additional Relay fee, typically set at zero or minimal, on top of the standard maker and taker rates.

Native is a non-custodial trading infrastructure for on-chain spot markets that decouples pricing logic from asset settlement. Native Core is an on-chain sovereign state machine where price discovery and central limit order book matching are finalized, while Native Pool consists of distributed smart contracts on EVM chains that custody assets and enforce settlement. Rather than pricing trades through AMM pools, Native matches orders in its own engine and exports the resulting liquidity to integrating chains and distribution surfaces.

Native serves wallets, aggregators and intent platforms that route order flow into Native to source on-chain liquidity, institutions and professional market makers that integrate through Native Pro, and liquidity providers that supply the permissionless vaults used for settlement.

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# Native Trading volume Methodology

## 1. Overview

Trading volume is defined as the total value of trades executed on Native Relay. The overall trading activity and liquidity utilization across the protocol's deployed pool contracts are reflected by this metric. A correlation is exhibited between this metric and the funding fees earned by liquidity providers who supply assets to the protocol's pools.

## 2. Data sources

- **Blockchain events**: `RFQTrade` events from `NativeRFQPool` contracts across the protocol's deployed pool contracts, covering Ethereum, Arbitrum, Base, BNB Chain, and 3 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Native Relay trade extraction

- **Purpose**: Extract RFQ trade details from the protocol's deployed pool contracts
- **Logic**: `RFQTrade` events are parsed from `NativeRFQPool` contracts. For each trade, the seller asset address, buyer asset address, seller asset amount, and buyer asset amount are extracted. Only trades settled against the protocol's own inventory are captured, while external swaps routed to third-party venues are excluded
- **Key fields**: `sellerToken`, `buyerToken`, `sellerTokenAmount`, `buyerTokenAmount`

### Component B: Asset normalization and USD valuation

- **Purpose**: Normalize asset amounts and value each trade leg in USD
- **Logic**: Raw asset amounts are normalized by decimal precision using asset metadata. Normalized amounts for both the seller asset and buyer asset are multiplied by their respective end-of-day asset prices to determine the USD value of each leg
- **Key fields**: `sellerTokenAmount`, `buyerTokenAmount`, `price_usd`

### Component C: Trading volume calculation and aggregation

- **Purpose**: Determine the final trading volume per trade and aggregate by day
- **Logic**: The trading volume for each transaction is calculated as the lesser USD value of the two trade legs (the seller leg and the buyer leg). These transaction-level volumes are then aggregated daily by chain and product, with missing days zero-filled to ensure continuous data
- **Key fields**: `trading_volume`

## What is counted
Orders filled against the protocol's own pooled liquidity across the protocol's deployed pool contracts are covered by trading volume. Orders that the router forwards elsewhere for execution are excluded from this metric, as those transactions are settled and reported by the respective external venues that execute them. Every fill against the protocol's liquidity is counted, with no exclusions applied based on counterparty, recipient, or trade size.

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

Total value of spot trades executed on the exchange.

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