# Tradeable pairs Methodology

## Overview

Tradeable pairs measures the number of unique token pairs available for trading on the decentralized exchange. It reflects the number of direct swap routes offered by the project.

## Data sources

- Smart contract events and program instructions capturing pool and pair initializations
- Asset metadata for token symbols and decimal normalization
- End-of-day price feeds for liquidity-based cohort classification

## Common calculation approaches

### Cumulative initialization tracking
For decentralized exchanges (DEXs), tradeable pairs are calculated by tracking the cumulative initialization of liquidity pools over time. For example, `PairCreated` and `PoolCreated` events are tracked from Uniswap and PancakeSwap factory contracts, while pool initialization instructions are monitored from Orca on Solana. Each newly deployed pool is recorded on its first appearance to maintain a running total of all historically created trading routes.

### Activity and liquidity-filtered tracking
Trading pairs are also tracked by combining pool creation events with active trading or reserve data. For instance, active pairs are identified from DODO using swap events such as `DODOSwap`, while pool reserve data and end-of-day price feeds are utilized to categorize tradeable pairs from Balancer. This ensures that only pools meeting specific activity or liquidity thresholds are counted.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

*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)

Liquidity providers deposit funds into PancakeSwap and receive trading fees from traders (supply-side fees).

PancakeSwap is a non-custodial exchange protocol built on Binance Smart Chain and other blockchains (originally a fork of Uniswap). PancakeSwap was founded by an anonymous team and launched in 2020.

CAKE tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

PancakeSwap V2

Tradeable pairs

Tradeable pairs

Chain breakdown