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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Pharaoh

# Pharaoh Trading volume Methodology

## 1. Overview

Trading volume measures the total value of trades executed on Pharaoh, a decentralized spot exchange. This metric encompasses activity across various protocol products, including Legacy Pair, Concentrated Liquidity Pool, and Concentrated Liquidity Pool V3. As users are required to pay trading fees on executed swaps, this volume serves as a primary indicator of the protocol's ability to generate fees and protocol revenue.

## 2. Data sources

- **Blockchain events**: `Swap` events from `LegacyPair`, `Pool`, and `RamsesV3Pool` contracts, as well as `PairCreated` and `PoolCreated` events from `Factory` and `RamsesV3Factory` contracts, covering Avalanche
- **External data**: End-of-day price feeds for traded assets

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: Establishes the mapping of liquidity pool addresses to their respective assets and decimal precision
- **Logic**: `PairCreated` and `PoolCreated` events are parsed from `Factory` and `RamsesV3Factory` contracts. For each created pool, the addresses of the two underlying assets (token0 and token1) are identified and joined with asset metadata to retrieve decimal precision and symbols.
- **Key fields**: `token0_address`, `token1_address`, `account_address` (pool address)

### Component B: Swap extraction and amount calculation

- **Purpose**: Captures the raw quantity of assets exchanged in every trade across protocol versions
- **Logic**: `Swap` events are parsed from `LegacyPair` (V1), `Pool` (V2), and `RamsesV3Pool` (V3) contracts. For V1 trades, the net change for each asset is determined by calculating the difference between the incoming and outgoing amount fields. For V2 and V3 trades, the absolute values of the reported swap amounts are extracted directly.
- **Key fields**: `amount0`, `amount1`, `transaction_hash`, `log_index`

### Component C: Price manipulation filtering and USD normalization

- **Purpose**: Normalizes asset quantities and converts them to USD while mitigating the impact of price anomalies
- **Logic**: Asset amounts are normalized by decimal precision. For the PHAR asset, a continuous price series is constructed by adjusting for the 5000:1 token split that occurred on October 8, 2025. To ensure data integrity and filter out potential price manipulation in low-liquidity pools, the trading volume for each swap is calculated as the minimum USD value between the two traded assets.
- **Key fields**: `token0_amount`, `token1_amount`, `price_usd`

### Component D: Final aggregation

- **Purpose**: Summarizes trading activity into standardized time intervals
- **Logic**: The calculated USD values are aggregated by day, chain, and product (Legacy Pair, Concentrated Liquidity Pool, and Concentrated Liquidity Pool V3). All values are assigned to daily granularities using UTC day boundaries. For the V3 product, the latest fee tier from `PoolCreated` and `FeeAdjustment` events is associated with the volume data for granular reporting.

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

Total value of spot trades executed on the exchange.

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