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# pump.fun Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is measured as the average USD trading volume generated per active user (daily) on pump.fun. Insight into user engagement intensity is provided by dividing daily bonding curve trading volume by the number of unique traders. The calculation is focused specifically on SOL trading activity within the pump.fun bonding curve ecosystem (excluding PumpSwap), and safe division is used to handle periods with no active users.

## 2. Data sources

- **Blockchain instructions**: Trade instructions are parsed from the pump.fun program (`6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P`) on Solana
- **External data**: End-of-day price feeds and asset metadata are utilized for decimal normalization and USD conversion

## 3. Step-by-step calculation

### Component A: Bonding curve trade data extraction and processing

- **Purpose**: Raw trading data from pump.fun is extracted and normalized.
- **Logic**: Solana DEX trades are queried and filtered to the pump.fun program account. Asset metadata is joined to normalize amounts by decimal precision. Key fields are extracted, including transaction signer (user identifier), base and quote asset accounts, trade amounts, and instruction type (`Buy` or `Sell`). Data quality filters and incremental loading strategies are applied for efficient processing.
- **Key fields**: `signer` (user account), `base_amount` and `quote_amount` (normalized trade amounts), `instruction_type` (`Buy`/`Sell` classification), `block_timestamp` (trade timing)

### Component B: Bonding curve trading volume aggregation

- **Purpose**: Daily SOL trading volumes are calculated from processed trades.
- **Logic**: `Buy` and `Sell` instructions are separated to capture SOL amounts correctly. For `Buy` trades, the `base_amount` is summed where the base asset is SOL. For `Sell` trades, the `quote_amount` is summed where the quote asset is SOL. The SOL asset account (`So11111111111111111111111111111111111111112`) is focused on exclusively to ensure consistent volume measurement. Trades are grouped by day and volumes are summed. Daily SOL volumes are converted to USD using end-of-day price feeds.
- **Key fields**: `trading_volume` (daily SOL volume converted to USD), `timestamp` (daily boundary), `token_address` (SOL asset identifier)

### Component C: Active users (daily) calculation

- **Purpose**: Unique active users (daily) (traders) on pump.fun are counted.
- **Logic**: Unique transaction signers are identified per day from the trade data, with each signer treated as a distinct user. All users are classified as 'Trader' type. Multiple dimensional breakdowns are created, including project-level, chain-level, user-type, and product-level aggregations. The project-level dimension is used to provide the overall active users (daily) count across all pump.fun activity.
- **Key fields**: `user_dau` (distinct active users (daily) count), `user_type` ('Trader' classification), `dimensions` (aggregation level identifier)

### Component D: Average volume calculation

- **Purpose**: The average trading volume per active user (daily) is calculated.
- **Logic**: Daily trading volume is filtered to the pump.fun bonding curve product (excluding PumpSwap). Daily trading volume is joined with the active users (daily) metric on the timestamp field, using the project-level dimension. Daily bonding curve trading volume is divided by the active users (daily) count using safe division to handle potential zero-user scenarios.
- **Key fields**: `trading_volume` (daily SOL volume converted to USD), `user_dau` (active users (daily) count), `trading_volume_avg_per_user` (calculated average)

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

Average trading volume (per user)

Trading volume divided by daily active users.

pump.funPUMP

Average trading volume (per user)

Average trading volume (per user)

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