Liquidity providers deposit funds into Pharaoh and stake their LP tokens to receive PHAR tokens in proportion to their share of the votes (token incentives).

Pharaoh is a non-custodial exchange protocol built on Avalanche. Pharaoh was founded in 2023.

PHAR tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue).

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Exchanges (DEX)

Pharaoh

# Pharaoh Trade count Methodology

## 1. Overview

Trade count measures the number of trades executed on Pharaoh. It shows how frequently users are buying or selling assets through the project's various liquidity products, including Legacy Pair, Concentrated Liquidity Pool, and Concentrated Liquidity Pool V3. This metric serves as a key indicator of protocol adoption and user engagement.

## 2. Data sources

- **Blockchain events**: `Swap` events from `LegacyPair`, `Pool`, and `RamsesV3Pool` contracts, covering Avalanche
- **Asset metadata**: Information regarding asset symbols and decimal precision is retrieved to categorize trading pairs

## 3. Step-by-step calculation

### Component A: Swap event extraction

- **Purpose**: Identify individual swap operations across all protocol versions
- **Logic**: `Swap` events are parsed from `LegacyPair` (V1), `Pool` (V2), and `RamsesV3Pool` (V3) contracts. For each event, the transaction hash, log index, and contract address are extracted to uniquely identify the trade. User addresses are identified by joining these events with transaction-level data to determine the original sender of the trade.
- **Key fields**: `transaction_hash`, `log_index`, `address`

### Component B: Unique trade identification

- **Purpose**: Ensure each swap transaction is counted only once per daily aggregate
- **Logic**: Distinct transaction hashes are filtered from the raw event data. This ensures that even if a single transaction involves multiple internal swap steps within the same product, it is recorded as a single trade for the purposes of this metric.

### Component C: Aggregation and normalization

- **Purpose**: Group trade data into a standardized daily format
- **Logic**: The count of distinct transaction hashes is aggregated by day, chain, and product. Timestamps are truncated to UTC midnight boundaries. For days where no trading activity is detected, values are zero-filled to maintain a continuous time series. Final values are passed through a validation filter to ensure data availability aligns with documented chain support.

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

Number of trades executed on a decentralized exchange.

PharaohPHAR

Archived

Trade count

Trade count

Competitive landscape