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 Average trading volume (per trade) Methodology

## 1. Overview

Average trading volume (per trade) measures the average value of a single trade executed on Pharaoh. This metric is used to analyze the user base of the decentralized exchange, where higher average values typically indicate institutional or whale activity and lower values suggest retail-driven usage. The metric is calculated by dividing the total daily trading volume by the total daily trade count across Pharaoh V1, Pharaoh V2, and Pharaoh V3.

## 2. Data sources

- **Blockchain events**: `Swap` events from `LegacyPair`, `Pool`, and `RamsesV3Pool` contracts, plus `PairCreated` and `PoolCreated` events from `Factory` and `RamsesV3Factory` contracts, covering Avalanche
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trade event extraction (Pharaoh V1, V2, and V3)
- **Purpose**: Captures all swap activity across the different versions of the protocol.
- **Logic**: `Swap` events are parsed from `LegacyPair` (V1), `Pool` (V2), and `RamsesV3Pool` (V3) contracts. For each event, the raw change in balances for both assets in the trading pair is extracted. Transaction hashes and log indices are preserved to ensure unique identification of every swap.
- **Key fields**: `transaction_hash`, `log_index`, `amount0`, `amount1`

### Component B: Trading pair and asset identification

- **Purpose**: Maps swap events to the correct assets and their respective decimal precisions.
- **Logic**: `PairCreated` and `PoolCreated` events from `Factory` and `RamsesV3Factory` contracts are used to identify the specific assets (token0 and token1) associated with each contract address. Asset metadata is joined to provide the correct decimal precision for each asset, enabling the normalization of raw event data.
- **Key fields**: `account_address` (pool address), `token0_address`, `token1_address`, `decimals`

### Component C: Daily volume and trade count aggregation

- **Purpose**: Generates the daily totals required for the average calculation.
- **Logic**: Trade counts are calculated by counting the distinct transaction hashes associated with swap events per day. Trading volume is calculated by normalizing the asset amounts by their decimal precision and multiplying them by end-of-day price feeds. To mitigate data quality issues or price manipulation, the lower USD value of the two assets involved in the swap is selected as the representative volume for that trade. These values are then summed by day and version.
- **Key fields**: `trading_volume`, `trade_count`, `price_usd`

### Component D: Average volume derivation

- **Purpose**: Produces the final metric by dividing total volume by the number of trades.
- **Logic**: The total daily trading volume is divided by the total daily trade count. This calculation is performed at the project level, aggregating data from all versions (V1, V2, and V3) and chains. Daily granularity is maintained using UTC day boundaries.
- **Key fields**: `trading_volume_avg_per_trade_count` (the final quotient)

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

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Average trading volume (per trade)

Average trading volume (per trade)

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