# pump.fun Trading volume Methodology

## 1. Overview

Trading volume is defined as the total value of trades executed on pump.fun and PumpSwap. Economic activity is captured across both the initial bonding curve phase on pump.fun and the automated market maker (AMM) phase on PumpSwap for graduated assets. This metric is utilized for the evaluation of platform utility, liquidity, and the protocol's capacity to generate fees and revenue. Only trades involving the native SOL asset are included for accurate volume representation, and low-liquidity pools with inflated nominal values are eliminated from the calculation.

## 2. Data sources

- **Blockchain events**: `BuyEvent`, `SellEvent`, and `CreatePoolEvent` from the `pumpfun_v1` program, and trade records executed on the pump.fun bonding curve program, with Solana coverage
- **External data**: End-of-day price feeds for the native SOL asset, and asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: pump.fun bonding curve trade extraction

- **Purpose**: Extraction of trade data from the initial bonding curve phase of pump.fun.
- **Logic**: Trade records executed on the pump.fun bonding curve program account `6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P` are filtered from Solana decentralized exchange trade records. Base and quote asset amounts are normalized by joining with asset metadata for decimal precision normalization.
- **Key fields**: `transaction_id`, `block_timestamp`, `base_asset`, `quote_asset`, `base_amount`, `quote_amount`, `instruction_type`

### Component B: PumpSwap AMM trade extraction

- **Purpose**: Extraction of trade data from the PumpSwap AMM phase for graduated assets.
- **Logic**: Pool metadata, including asset mint accounts and decimal values, is established by parsing `CreatePoolEvent` from the `pumpfun_v1` program. Swap transactions are then extracted by parsing `BuyEvent` and `SellEvent` from the `pumpfun_v1` program. Asset amounts are normalized using the pool's decimal metadata, and the trade direction is classified as a buy or sell.
- **Key fields**: `transaction_id`, `block_timestamp`, `pool`, `amount`, `quote_is_in`

### Component C: SOL volume aggregation

- **Purpose**: Filtering and aggregation of trading volume denominated in native SOL.
- **Logic**: Trade records from both the pump.fun bonding curve and the PumpSwap AMM are combined. To ensure volume inflation from low-liquidity pools is prevented, only the native SOL leg of each trade is aggregated. For buy instructions, the volume is captured when the base asset is native SOL. For sell instructions, the volume is captured when the quote asset is native SOL. The resulting SOL amounts are aggregated by day, product, and asset.
- **Key fields**: `block_timestamp`, `product_id`, `asset_account`, `trading_volume`

### Component D: USD conversion and final aggregation

- **Purpose**: Conversion of the aggregated SOL trading volume into USD.
- **Logic**: The daily aggregated SOL trading volume is multiplied by the end-of-day price feed for SOL. The final values are mapped to the canonical pump.fun identifier and zero-filled for days with no activity so that continuous daily granularity is ensured.
- **Key fields**: `timestamp`, `trading_volume`, `price_usd`

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

Total value of spot trades executed on the exchange.

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Trading volume

Trading volume

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