# XRPL CLOB Trade count Methodology

## 1. Overview

Trade count measures the number of trades executed on XRPL CLOB, the order book-based trading venue within the XRP Ledger decentralized exchange. This metric captures trading activity frequency as users buy and sell assets through limit orders and market orders. Trade count reflects order book liquidity and trader engagement on the platform.

## 2. Data sources

- **Blockchain data**: Order fills extracted from XRP Ledger transaction data covering the XRPL CLOB trading mechanism on XRP Ledger

## 3. Step-by-step calculation

### Component A: Trade identification

- **Purpose**: Identify individual order book fills that constitute completed trades
- **Logic**: Parse XRP Ledger transaction data to extract order fills from the XRPL CLOB trading mechanism. Each fill represents a matched order pair where a taker order executes against a maker order in the order book. Apply token denylist filtering to exclude wash-traded and pump-and-dump assets including FCK, YOU, and CML tokens that generated artificially inflated trade counts through bot activity.
- **Key fields**: `transaction_hash` for transaction identification, `token_0` and `token_1` for traded asset pairs

### Component B: Daily aggregation

- **Purpose**: Aggregate trade counts to daily granularity
- **Logic**: Group identified trades by day and count the total number of fills. Trades are aggregated using UTC day boundaries to produce daily trade count totals for XRPL CLOB.

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

Number of trades executed on a decentralized exchange.

Trade count

Exchanges (DEX)

Through the use of blockchain and modern APIs, Ripple enables financial institutions who are part of the network, RippleNet, to send money globally, instantly, reliably and for fractions of a penny. RippleNet is built on top of Ripple’s consensus ledger, XRP Ledger (XRPL).

Ripple is the leading provider of crypto-enabled solutions for businesses. Ripple was founded by Chris Larsen and Jed McCaleb and launched in 2012 (previously OpenCoin).

XRP tokenholders own and govern Ripple's consensus ledger 'XRP Ledger' (XRPL). Ripple's investors include a16z, Pantera Capital, Route 66 Ventures, etc.