# Native Relay Trading volume Methodology

## 1. Overview

Trading volume is calculated as the total value of trades executed on Native Relay. This metric is used to evaluate the overall trading activity and liquidity utilization across the protocol's deployed pool contracts. The funding fees earned by liquidity providers are indicated by trading volume, as no fees are retained by the protocol. Only trades settled directly against the protocol's own inventory are captured to ensure a precise representation of Native Relay's organic market activity.

## 2. Data sources

- **Blockchain events**: `RFQTrade` events from `NativeRFQPool` contracts, covering Ethereum, BNB Chain, Arbitrum, Base, and 3 other chains
- **External data**: End-of-day price feeds for traded assets and asset metadata

## 3. Step-by-step calculation

### Component A: Trade event extraction

- **Purpose**: Extraction of raw trade data from Native Relay smart contracts
- **Logic**: `RFQTrade` events are parsed from `NativeRFQPool` contracts across all deployed pool contracts. For each trade, the block timestamp, transaction hash, log index, asset addresses, and raw asset amounts are extracted. The asset paid by the trader is identified as the seller asset, and the asset received by the trader is identified as the buyer asset.
- **Key fields**: `token0_address` (seller asset), `token1_address` (buyer asset), `token0_amount` (seller asset amount), `token1_amount` (buyer asset amount)

### Component B: Decimal normalization and valuation

- **Purpose**: Normalization of asset amounts and calculation of the USD value of each trade
- **Logic**: Raw asset amounts are normalized by decimal precision using asset metadata. End-of-day price feeds are applied to both the seller asset and the buyer asset to determine their respective USD values. To prevent distortions from price discrepancies or extreme volatility, each trade is valued at the smaller USD value of its two legs (the asset paid versus the asset received).
- **Key fields**: `token0_amount`, `token1_amount`, `price_usd`

### Component C: Aggregation and zero-filling

- **Purpose**: Aggregation of trading volume and preservation of continuous daily time series
- **Logic**: The calculated USD trading volumes are aggregated by day, chain, and product. A zero-filling strategy is applied to ensure that days with no trading activity are represented with a value of zero, maintaining a continuous daily time series. Chain availability filters are applied to align the data with active chain configurations.

## 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 are forwarded by the router to third-party venues for execution are excluded, as those transactions are settled and reported by the respective external venues. 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.

Trading volume

Exchanges (DEX)

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.

Native Relay

Trading volume

Trading volume

Chain breakdown