# Project X Trade count Methodology

## 1. Overview

Trade count is measured as the number of trades executed on Project X. This metric is utilized to show how frequently assets are bought or sold by users through the protocol. User activity, liquidity utilization, and transaction frequency on the platform are reflected by this metric. Each individual swap execution is counted as a single trade.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pool` contracts, covering HyperEVM

## 3. Step-by-step calculation

### Component A: Swap event extraction

- **Purpose**: Individual swap transactions executed on Project X are identified and extracted.
- **Logic**: `Swap` events are parsed from `Pool` contracts on HyperEVM. These events are joined with transaction data to verify transaction details and filter out transactions occurring before July 8, 2025. For each swap, key details such as the transaction hash, sender address, user address, and asset amounts are extracted.
- **Key fields**: `block_timestamp` (timing), `transaction_hash` (transaction identification), `sender` (contract user address), `from_address` (user address), `amount0` (first asset amount), and `amount1` (second asset amount).

### Component B: Trade count aggregation

- **Purpose**: Individual swap events are aggregated into daily trade counts.
- **Logic**: Each individual `Swap` event is counted as one trade. In cases where a multi-hop route interacts with multiple Project X pools, each pool interaction is counted as an individual trade because a separate event is emitted by each pool. The total number of trades is aggregated by day, chain, and product. Missing days are filled with zeros to ensure a continuous time series.

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

Number of trades executed on a decentralized exchange.

Trade count

Exchanges (DEX)