# Orca Token Swap V2 Tradeable pairs Methodology

## 1. Overview

Tradeable pairs is defined as the number of unique token pairs available for trading on Orca Token Swap V2. It reflects the total number of direct swap routes offered to users through the liquidity pools established within the protocol. This metric serves as an indicator of the breadth of asset availability and market coverage provided by Orca Token Swap V2.

## 2. Data sources

- **Blockchain instructions**: `Initialize` instructions from `TokenSwapV2` programs, covering Solana

## 3. Step-by-step calculation

### Component A: Pair discovery and metadata extraction

- **Purpose**: Identify the creation of unique liquidity pools and their associated assets.
- **Logic**: Data is parsed from `Initialize` instructions emitted by the `TokenSwapV2` program on Solana. For every instruction, the unique swap account address is captured along with the addresses for the two assets (Asset A and Asset B) that constitute the trading pair. The block timestamp is recorded to determine the exact moment the pair becomes tradeable.

### Component B: Identification of new pairs by day

- **Purpose**: Determine the first appearance of each unique trading pair.
- **Logic**: The earliest timestamp associated with each unique swap account address is identified to establish a "first appearance" date. These unique accounts are then grouped by day based on a UTC boundary. A daily count of new accounts is generated to represent the growth of available pairs within Orca Token Swap V2.

### Component C: Cumulative aggregation and gap filling

- **Purpose**: Calculate the total historical count of tradeable pairs.
- **Logic**: A cumulative sum of the daily new pair counts is calculated to provide the total number of tradeable pairs for any given date. If a specific day lacks new pair creation, the value from the previous day is carried forward using a zero-filling macro to ensure a continuous time series. The resulting data provides a daily record of the total unique swap routes available on the platform.

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

Number of unique token pairs available for trading on the exchange.

Tradeable pairs

Exchanges (DEX)

Users are able to use the Orca protocol to transact with digital assets on a peer-to-peer or peer-to-protocol basis by trading against liquidity  pools, which are created and seeded by other users providing liquidity of a pair of tokens into such liquidity pools in exchange for a stake of the liquidity and trading fees generated by such pools.

Orca is a non-custodial automated market maker (AMM) protocol built on Solana. Orca was founded by Yutaro Mori and Grace Kwan and launched in 2021.

ORCA tokenholders govern the Orca protocol treasury, which receives a portion of the trading fees paid by users of the protocol.