Liquidity providers deposit funds into SolidLizard and stake their LP tokens to receive SLIZ tokens (token incentives).

SolidLizard is a non-custodial exchange protocol built on Arbitrum. SolidLizard was founded by an anonymous team and launched in 2023.

SLIZ tokenholders own and govern the protocol. They vote for pools where they wish to receive trading fees and external bribes from, while pools receive SLIZ emissions in respect to their share of votes.

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SolidLizard

# SolidLizard Average trading volume (per trade) Methodology

## 1. Overview

The SolidLizard trading volume average per trade count metric measures the average USD value of each trade executed on the SolidLizard V1 decentralized exchange on Arbitrum. This metric is calculated by dividing the total daily trading volume by the number of unique trades, providing insight into the typical trade size and market activity patterns. The calculation uses swap event data from SolidLizard's automated market maker (AMM) pairs and applies price manipulation protection to ensure accurate volume measurements.

## 2. Data sources

The calculation relies on several key data sources:

- **SolidLizard smart contract events**: Parsed `PairCreated` events from the PairFactory contract to identify valid trading pairs, and `Swap` events from individual pair contracts capturing trade execution details
- **Arbitrum transaction data**: Transaction records providing sender addresses and execution context for each swap
- **Token metadata**: Token contract information including decimal places and symbol names for proper amount calculations and pair identification
- **End-of-day price feeds**: Daily USD price data for tokens involved in trades, used for volume conversion and manipulation detection

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Establishes the universe of valid SolidLizard V1 trading pairs and their token composition
- **Logic**: Extracts `PairCreated` events from the SolidLizard V1 PairFactory contract on Arbitrum. Each event contains the pair contract address and the two token addresses (`token0` and `token1`) that comprise the trading pair. The system joins this data with token metadata to retrieve decimal places for amount calculations and symbol names for pair identification. Trading pair names are constructed in the format "TOKEN0-TOKEN1" using the token symbols.
- **Key fields**: Pair contract address (`account_address`), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, and constructed `account_name`

### Component B: Trade extraction and processing
- **Purpose**: Captures individual swap transactions and calculates net token amount changes for each trade
- **Logic**: Processes `Swap` events from SolidLizard V1 pair contracts on Arbitrum. Each swap event contains four amount fields representing tokens flowing in and out of the pair. For each trade, the system calculates the net change in token amounts by subtracting out amounts from in amounts for both tokens. The system enriches swap data with transaction information to identify the actual trade initiator, distinguishing between the contract caller and the transaction sender.
- **Key fields**: Transaction hash (`transaction_hash`), log index (`log_index`), pair address (`account_address`), calculated `token0_amount` (amount0In - amount0Out), calculated `token1_amount` (amount1In - amount1Out), contract user (`contract_user_address`), and actual user (`user_address`)

### Component C: Volume calculation and USD conversion
- **Purpose**: Converts raw token amounts to USD trading volumes with price manipulation protection
- **Logic**: Joins processed trades with trading pair metadata to access token decimal information. Raw token amounts are converted to human-readable values by dividing by 10 raised to the token's decimal places. The system then converts both token amounts to USD using end-of-day price feeds for the trade date. To protect against price manipulation attacks, the system takes the lesser USD value between the two tokens in each trade, ensuring volume calculations use the more conservative price estimate. Trading volumes are aggregated by day, transaction, and log index.
- **Key fields**: Daily timestamp (`timestamp`), corrected `token0_amount` and `token1_amount`, USD-converted amounts using `price_usd` from price feeds, and final `trading_volume` representing the lesser of the two USD values

### Component D: Trade count aggregation
- **Purpose**: Counts the number of unique trades executed each day
- **Logic**: Uses the same processed trade data to count unique transactions. The system groups trades by day and counts distinct transaction hashes, treating each unique transaction hash as one trade regardless of how many swap events occurred within that transaction. This approach ensures that complex multi-hop trades or batch transactions are counted as single trading activities.
- **Key fields**: Daily `timestamp`, `timestamp_grain` (set to 'day'), and `trade_count` representing distinct transaction hashes

### Final aggregation
- **Combining components**: Daily trading volume totals are joined with daily trade counts using the timestamp as the common key. Both metrics are aggregated to the same daily granularity to ensure proper alignment.
- **Currency conversion**: All volume amounts are converted to USD using end-of-day token price feeds, with the lesser value between paired tokens used to prevent manipulation
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with all trades occurring on the same calendar day grouped together
- **Final calculation**: The average trading volume per trade is calculated by dividing the total daily trading volume by the daily trade count using safe division to handle cases where trade count might be zero. The result represents the average USD value per trade for each day. Missing data points are filled with zeros through the finalization process to ensure complete time series coverage.

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

SolidLizardSLIZ

Average trading volume (per trade)

Average trading volume (per trade)

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