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Exchanges (DEX)

ProjectX

# ProjectX Trading volume Methodology

## 1. Overview

Trading volume measures the total value of trades executed on a decentralized spot exchange. Since users have to pay trading fees on their trades, this metric tends to correlate with the DEX project's ability to generate fees and revenue. Trading volume for ProjectX AMM is calculated by valuing swaps executed across the protocol's concentrated-liquidity pools on HyperEVM. Overall trading activity and liquidity of the decentralized spot exchange are represented by this metric.

## 2. Data sources

- **Blockchain events**: `PoolCreated` events from `Factory` contracts and `Swap` events from `Pool` contracts, covering HyperEVM
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trading pair and pool identification

- **Purpose**: Identification of all active liquidity pools, associated assets, and fee tiers.
- **Logic**: `PoolCreated` events from `Factory` contracts are parsed to extract pool addresses, asset addresses, and fee tiers. Fee tiers, emitted in millionths, are divided by 1,000,000 to represent a fractional rate. Asset decimals and symbols are joined from asset metadata to establish pool configurations.
- **Key fields**: `pool` (pool address), `token0` (first asset address), `token1` (second asset address), `fee` (fee tier)

### Component B: Trade event extraction

- **Purpose**: Capture of individual swap transactions executed on the exchange.
- **Logic**: `Swap` events from `Pool` contracts are parsed to extract swap amounts and pool addresses. These events are joined with native transaction data to identify the transaction signer as the user address. Only transactions occurring on or after July 8, 2025, are included.
- **Key fields**: `amount0` (first asset delta), `amount1` (second asset delta), `sender` (contract user address), `from_address` (user address)

### Component C: Volume normalization and direction tracking

- **Purpose**: Normalization of raw trade amounts and determination of trade direction.
- **Logic**: Raw asset amounts are normalized by decimal precision using the decimals established in the pool configurations. The absolute values of the normalized amounts are aggregated daily. The trade direction is determined based on whether the first asset's delta is positive, indicating that the asset flowed into the pool (the trader sold the first asset).
- **Key fields**: `amount_0`, `amount_1`, `a_to_b` (trade direction)

### Component D: USD valuation and aggregation

- **Purpose**: Conversion of normalized trade volumes to USD and aggregation to the project level.
- **Logic**: Normalized asset amounts are multiplied by end-of-day asset prices. To prevent distortion from unpriced assets, each swap is valued at the lesser of its two legs. However, if exactly one leg is classified as a tokenized stock, the trade is valued using only that leg's USD volume to prevent unpriced counterparties from zeroing out the trade value. The final trading volume is aggregated daily with UTC day boundaries, and missing days are filled with zeros.
- **Key fields**: `trading_volume` (USD volume)

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

Total value of spot trades executed on the exchange.

ProjectX

Trading volume

Trading volume

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