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 Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) measures the average value of assets traded by each unique user within a 24-hour window. This metric is utilized to distinguish between different types of user behavior, where higher averages typically indicate institutional activity and lower averages suggest retail usage. The metric covers trading activity across Pharaoh V1 (Legacy Pair), Pharaoh V2 (Concentrated Liquidity Pool), and Pharaoh V3 (Concentrated Liquidity Pool V3).

## 2. Data sources

- **Blockchain events**: `Swap` events from `LegacyPair`, `Pool`, and `RamsesV3Pool` contracts, plus transaction metadata from Avalanche
- **External data**: End-of-day price feeds for traded assets

## 3. Step-by-step calculation

### Component A: Trade data extraction for Pharaoh V1, V2, and V3

- **Purpose**: Capture all swap activity across different versions of the protocol
- **Logic**: Trade data is extracted from `Swap` events across three protocol versions. For Pharaoh V1, the change in asset balances is calculated as the difference between inflow and outflow amounts. For Pharaoh V2 and Pharaoh V3, the asset amounts are parsed directly from the event parameters. All extracted amounts are normalized by decimal precision based on asset metadata.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out`, `amount0`, `amount1`, `account_address`

### Component B: Active user identification

- **Purpose**: Identify the unique entities initiating trades on the protocol
- **Logic**: Swap events are joined with native transaction data from Avalanche using transaction hashes. The `from_address` of the transaction is identified as the unique user (trader) responsible for the activity. This process ensures that internal contract interactions are attributed to the originating wallet address.
- **Key fields**: `transaction_hash`, `from_address`

### Component C: Volume calculation and USD conversion

- **Purpose**: Normalize trade values to USD while filtering for potential price manipulation
- **Logic**: Asset amounts are multiplied by end-of-day price feeds. To mitigate the impact of price manipulation or low-liquidity pairs, the total volume for each trade is determined by taking the lesser USD value of the two assets involved in the swap.
- **Key fields**: `price_usd`, `token0_amount`, `token1_amount`

### Component D: Daily average aggregation

- **Purpose**: Calculate the final average volume per user at a daily granularity
- **Logic**: Total trading volume is summed for all protocol versions on a daily basis. Simultaneously, the count of unique active users (daily) is calculated. The final metric is derived by dividing the total daily trading volume by the number of unique active users (daily) for each UTC day.
- **Key fields**: `trading_volume`, `user_dau` (active users daily)

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

Average trading volume (per user)

Trading volume divided by daily active users.

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Average trading volume (per user)

Average trading volume (per user)

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