twitter

website

github

discord

Exchanges (DEX)

ProjectX

# ProjectX Average trading volume (per trade) Methodology

## 1. Overview

Average trading volume (per trade) is calculated as the average USD value of a single trade executed on Project X. This metric is used to analyze whether the decentralized exchange is primarily utilized by institutional or retail traders. Daily trading volume is divided by the daily trade count to determine the average transaction size. The metric is generated specifically for the Project X AMM product.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trade count tracking

- **Purpose**: The total number of trades executed on Project X is calculated.
- **Logic**: `Swap` events from `Pool` contracts are parsed on HyperEVM. Each individual event is counted as a single trade, meaning multi-hop swaps that route through multiple pools are counted as multiple trades. Transactions are filtered to include those occurring on or after July 8, 2025.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`

### Component B: Trading volume extraction

- **Purpose**: Raw asset volumes swapped in each pool are extracted.
- **Logic**: `PoolCreated` events from `Factory` contracts are parsed to identify active trading pairs, their constituent assets, and decimal precisions. Raw swap amounts from `Swap` events are extracted for both assets in a pair, normalized by their respective decimal precisions, and aggregated daily per pool.
- **Key fields**: `amount0`, `amount1`, `decimals`

### Component C: USD valuation of trading volume

- **Purpose**: Raw asset volumes are converted into USD.
- **Logic**: Normalized asset volumes are multiplied by end-of-day asset prices. To prevent distorted valuations from unpriced assets, each swap is valued at the lesser of its two legs (the USD value of asset 0 versus asset 1), unless one of the assets is classified as a tokenized stock, in which case the trade is valued using the tokenized stock leg.
- **Key fields**: `price_usd`

### Component D: Average trading volume calculation

- **Purpose**: The final average trading volume per trade is computed.
- **Logic**: Total daily trading volume in USD is divided by the daily trade count. If the trade count is zero, the average volume is set to zero. Daily values are aggregated using UTC day boundaries.
- **Key fields**: `trading_volume`, `trade_count`

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

ProjectX

Average trading volume (per trade)

Average trading volume (per trade)

Competitive landscape