# PancakeSwap V3 Tradeable pairs Methodology

## 1. Overview

Tradeable pairs measures the number of unique asset pairs available for trading on PancakeSwap V3. The total number of direct swap routes offered by the decentralized exchange is reflected by this metric, which serves as an indicator of market depth and asset diversity. The expansion of the platform's trading ecosystem is quantified by tracking the cumulative growth of deployed liquidity pools over time.

## 2. Data sources

- **Blockchain events**: `PoolCreated` events from `Factory` contracts, covering Arbitrum, Base, BNB Chain, Ethereum, and zkSync Era
- **External data**: Asset metadata for identifying asset symbols and decimal precision

## 3. Step-by-step calculation

### Component A: Pool creation event extraction

- **Purpose**: Identify newly deployed trading pools on PancakeSwap V3.
- **Logic**: `PoolCreated` events are parsed from `Factory` contracts across the supported chains. For each event, the pool address, the addresses of the two underlying assets, the block timestamp, and the fee tier are extracted. The fee tier is normalized by dividing the raw fee value by one million to convert it to a standard decimal percentage.
- **Key fields**: `block_timestamp`, `pool_address`, `token0_address`, `token1_address`, and `fee_tier`

### Component B: First appearance tracking

- **Purpose**: Determine the deployment date for each unique trading pair.
- **Logic**: The minimum block timestamp, truncated to daily granularity, is identified for each unique pool address. This timestamp is utilized to represent the day the trading pair first became available on the platform. The unique pools are grouped by chain and product version to isolate PancakeSwap V3 deployments.
- **Key fields**: `block_timestamp` and `pool_address`

### Component C: Cumulative aggregation

- **Purpose**: Calculate the running total of tradeable pairs over time.
- **Logic**: The number of distinct new pool addresses is aggregated for each day. A running cumulative sum of these daily new pools is calculated chronologically for each chain. This cumulative total is established as the active number of tradeable pairs available on any given day.
- **Key fields**: `pair_count` and `tradeable_pairs`

*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 V3

Tradeable pairs

Tradeable pairs

Chain breakdown