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ProjectX

# ProjectX Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is defined as the average trading volume generated per unique user over a fixed 24-hour window for Project X. The metric is calculated by dividing the total daily trading volume by the number of active users (daily). This ratio is utilized to analyze user behavior and determine whether the protocol is primarily adopted by retail participants or high-volume institutional traders.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trading pair and pool registration

- **Purpose**: Active liquidity pools and their associated assets are identified.
- **Logic**: `PoolCreated` events from `Factory` contracts are parsed to extract pool addresses, asset addresses, and fee tiers. The fee tier is normalized by dividing the raw value by one million. Asset decimals and symbols are joined from asset metadata to establish the baseline configuration for each trading pair.
- **Key fields**: `pool` address, `token0` address, `token1` address, `fee` tier

### Component B: Trade extraction and user identification

- **Purpose**: Individual swap transactions are captured and the executing users are identified.
- **Logic**: `Swap` events from `Pool` contracts are parsed to extract swap amounts for both assets in a pool. These events are joined with transaction data to identify the transaction signer as the active user, ensuring the actual wallet address is captured rather than a router contract.
- **Key fields**: `amount0`, `amount1`, transaction signer address (`from_address`)

### Component C: Daily active user aggregation

- **Purpose**: active users (daily) for the protocol are calculated.
- **Logic**: The unique transaction signer addresses associated with swap transactions are aggregated daily. The total number of unique active users (daily) is calculated for each day.
- **Key fields**: Transaction signer address, block timestamp

### Component D: Trading volume calculation and USD conversion

- **Purpose**: The daily trading volume in USD is determined.
- **Logic**: Raw swap amounts are normalized by decimal precision. The USD value of each trade is calculated by multiplying the normalized amounts by end-of-day price feeds. To prevent valuation errors from unpriced assets, each trade is valued at the lesser of its two legs, except when exactly one leg is a tokenized stock, in which case that leg's valuation is used. The individual trade values are then aggregated to calculate the total daily trading volume.
- **Key fields**: Normalized swap amounts, end-of-day asset prices

### Component E: Average trading volume per user calculation

- **Purpose**: The final average trading volume per user is calculated.
- **Logic**: The total daily trading volume in USD is divided by the active users (daily) count for each day. If either value is missing, the resulting metric is safely handled to avoid division by zero.
- **Key fields**: Daily trading volume, 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.

ProjectX

Average trading volume (per user)

Average trading volume (per user)

Competitive landscape