# Whirlpools Tradeable pairs Methodology

## 1. Overview

Tradeable pairs measures the number of unique token pairs available for trading through Whirlpools. This metric reflects the growth of the decentralized exchange's liquidity depth and the variety of direct swap routes offered to users. By tracking the initialization of liquidity pools, the expansion of the platform's asset coverage is quantified.

## 2. Data sources

- **Blockchain instructions**: `InitializePool` and `InitializePoolV2` instructions from the `Whirlpool` program on Solana
- **External data**: Asset metadata for token identification

## 3. Step-by-step calculation

### Component A: Whirlpools pool identification

- **Purpose**: To identify the creation and initialization of new concentrated liquidity pools.
- **Logic**: `InitializePool` and `InitializePoolV2` instructions from the `Whirlpool` program are parsed to extract unique pool account addresses and the associated token mints for the pair. Each instruction represents the formal opening of a tradeable route between two specific assets.
- **Key fields**: `block_timestamp` (timing), `in_whirlpool` (pool account identification), `in_tokenMintA` (first asset), `in_tokenMintB` (second asset).

### Component B: Initial appearance tracking

- **Purpose**: To determine the exact date each trading pair was first made available for trading.
- **Logic**: The earliest block timestamp associated with each unique pool account address is identified. This timestamp is truncated to a daily grain to establish the inception date for the trading pair.
- **Key fields**: `account_address`, `block_timestamp`.

### Component C: Cumulative aggregation and normalization

- **Purpose**: To generate a continuous time series representing the total number of available pairs.
- **Logic**: The number of new pool accounts is counted for each day. A cumulative sum is then calculated over the chronological sequence of days to reflect the total pool of tradeable pairs available at any given point in time. Any days without new pool initializations are zero-filled to maintain data continuity across the time series.
- **Key fields**: `pair_count`, `tradeable_pairs` (cumulative sum).

*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.