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# Shadow Average trading volume (per user) Methodology

## 1. Overview

This metric calculates the average trading volume per daily active user for ShadowExchange, a decentralized exchange operating on the Sonic blockchain. The metric provides insights into user engagement depth by measuring how much trading volume each active user generates on average. The calculation divides total daily trading volume (in USD) by the number of daily active users, where active users include anyone who performed swaps or flash loans on the platform.

## 2. Data sources

The calculation relies on several categories of blockchain and external data:

- **Swap events**: Parsed `Pair_Swap_event` logs from ShadowExchange v2 contracts and `Pool_Swap_event` logs from ShadowExchange v3 contracts on Sonic blockchain
- **Flash loan events**: Parsed `Pool_Flash_event` logs from ShadowExchange v3 contracts for additional user activity tracking
- **Trading pair creation events**: `Factory_PairCreated_event` logs from v2 contracts and `Factory_PoolCreated_event` logs from v3 contracts to identify valid trading pairs
- **Transaction records**: Sonic blockchain transaction data to extract user addresses from swap and flash loan activities
- **Token metadata**: Token symbols, decimal places, and contract addresses for proper amount calculations
- **End-of-day price feeds**: Daily closing prices for all tokens traded on the platform to enable USD conversion
- **Pool configuration events**: Fee tier and fee split configuration events for accurate trading pair metadata

## 3. Step-by-step calculation

### Component A: Trading volume calculation
- **Purpose**: Calculates total daily trading volume in USD across all ShadowExchange trading pairs
- **Logic**: Extracts swap events from both v2 and v3 contracts, where v2 events use `amount0In`, `amount0Out`, `amount1In`, `amount1Out` fields and v3 events use `amount0` and `amount1` fields directly. For v2, calculates net token changes as (amountIn - amountOut) for each token. Joins swap events with trading pair metadata to identify token addresses and decimal places. Converts raw token amounts to proper decimal representation by dividing by 10^decimals. Joins with end-of-day price feeds for both tokens in each pair. Applies price manipulation filtering by taking the minimum USD value between token0_amount × token0_price and token1_amount × token1_price. Aggregates all trading volume by day using sum aggregation.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` from v2 events; `amount0`, `amount1` from v3 events; `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals` from trading pair metadata; `price_usd` from price feeds

### Component B: Daily active users calculation  
- **Purpose**: Counts distinct users who performed any trading or flash loan activity each day
- **Logic**: Combines user activity from two sources: swap events (both v2 and v3) and flash loan events (v3 only). Extracts transaction hashes from all events and joins with Sonic transaction records to get `from_address` as the user address. Applies union distinct operation to deduplicate users who performed multiple activities on the same day. Counts distinct users per day using approximate count distinct aggregation. Classifies all users as 'Trader' type regardless of specific activity. Aggregates across multiple dimensions including project-level aggregation used in the final calculation.
- **Key fields**: `transaction_hash` from events; `from_address` from transaction records; `user_address` as final user identifier

### Final aggregation
- **Combining components**: Joins daily trading volume with daily active user counts on timestamp, using the project-level DAU aggregation that includes all ShadowExchange activity regardless of chain or product version
- **Currency conversion**: All amounts converted to USD using end-of-day price feeds, with price manipulation protection applied during the volume calculation phase  
- **Time aggregation**: Both components aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: Divides total daily trading volume by daily active user count using safe division function to handle edge cases where DAU might be zero, resulting in average trading volume per active user in USD

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

Average trading volume (per user)

Trading volume divided by daily active users.

ShadowSHADOW

Average trading volume (per user)

Average trading volume (per user)

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