Liquidity providers deposit NFTs and funds into Sudoswap and receive trading fees, and creators receive royalties from users (supply-side fees).

Sudoswap is a non-custodial NFT marketplace protocol built on Ethereum. Sudoswap was founded by Owen Shen and launched in 2022.

Team and investors own and govern the protocol. They currently take a cut of the total fees paid by users (revenue).

github

twitter

discord

website

NFT marketplaces

Sudoswap

# Sudoswap Trading volume Methodology

## 1. Overview

This metric calculates the total daily trading volume on Sudoswap, a decentralized NFT marketplace protocol. The calculation captures gross trading volume from both Sudoswap v1 and v2 contracts, measuring the total value of NFTs traded regardless of trade direction (buy or sell). The metric answers the business question: "What is the total daily value of NFT trading activity on Sudoswap?" The approach combines trade data from multiple contract versions, reconstructs gross trading volumes by accounting for fees and royalties, converts to USD, and aggregates by day.

## 2. Data sources

- **Sudoswap v1 contract traces**: Ethereum transaction traces from `LSSVMPairFactory` contract function calls (`createPairERC20`, `createPairETH`) and individual pair contract swap functions (`swapTokenForSpecificNFTs`, `swapTokenForAnyNFTs`, `swapNFTsForToken`)
- **Sudoswap v2 contract traces**: Ethereum transaction traces from v2 `LSSVMPairFactory` contract function calls (`createPairERC721ETH`, `createPairERC1155ETH`, `createPairERC721ERC20`, `createPairERC1155ERC20`) and pair contract swap functions (`swapTokenForSpecificNFTs`, `swapNFTsForToken`)
- **Bonding curve contract traces**: Ethereum transaction traces from various v2 bonding curve contracts (`ExponentialCurve`, `LinearCurve`, `GDACurve`, `XykCurve`) providing detailed fee calculations via `getBuyInfo` and `getSellInfo` functions
- **Royalty engine traces**: Ethereum transaction traces from Sudoswap v2 `RoyaltyEngine` contract `getRoyalty` function calls
- **Pair management traces**: Ethereum transaction traces from individual pair contract `changeFee` function calls for fee updates
- **End-of-day price feeds**: Token price data for USD conversion of trading volumes
- **Token metadata**: Token decimal precision data for proper volume calculations

## 3. Step-by-step calculation

### Component A: Sudoswap v1 pair identification
- **Purpose**: Identifies all active trading pairs on Sudoswap v1 with their associated tokens and fee structures
- **Logic**: Extracts pair creation events from factory contract function calls including ERC20 and ETH pair types. Captures initial fee tiers (converted from wei to decimal by dividing by 10^18). Tracks fee changes over time using `changeFee` function calls. Creates a time-aware dimension where each pair has fee tiers valid from creation/update timestamp until the next update. Uses WETH address (`0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2`) as the token address for ETH pairs
- **Key fields**: `account_address` (pair contract address), `token_address`, `fee_tier`, `block_timestamp`, `lead_timestamp` (for time ranges)

### Component B: Sudoswap v2 pair identification  
- **Purpose**: Identifies all active trading pairs on Sudoswap v2 with enhanced metadata including NFT types and bonding curves
- **Logic**: Extracts pair creation events from v2 factory contract function calls covering both ERC721 and ERC1155 NFT standards with ETH and ERC20 token support. Captures additional metadata including bonding curve addresses, pool types, and fee tiers. Uses WETH address for ETH-based pairs and actual token addresses for ERC20-based pairs
- **Key fields**: `account_address`, `nft_address`, `bonding_curve_address`, `pool_type`, `token_address`, `fee_tier`

### Component C: Sudoswap v1 trade extraction
- **Purpose**: Captures all completed trades on v1 pairs with proper volume calculation
- **Logic**: Extracts trade data from three types of swap function calls on pair contracts. For token-to-NFT swaps (`swapTokenForSpecificNFTs`, `swapTokenForAnyNFTs`), uses `inputAmount` as the trade volume. For NFT-to-token swaps (`swapNFTsForToken`), adjusts the `outputAmount` by dividing by (1 - 0.005) to account for the protocol fee and reconstruct gross trading volume. Unnests NFT ID arrays to count individual NFT trades. Joins with v1 pair dimension to get token addresses and applies time-based fee lookups
- **Key fields**: `trade_amount`, `token_address`, `account_address`, `transaction_hash`, `trace_address`, `block_timestamp`

### Component D: Sudoswap v2 fee and royalty calculation
- **Purpose**: Captures detailed fee breakdowns and royalty information for v2 trades
- **Logic**: Extracts fee calculation details from bonding curve contract function calls (`getBuyInfo`, `getSellInfo`) including LP fees, protocol fees, price parameters, and trade quantities. Captures royalty amounts from `RoyaltyEngine` contract calls. Links these calculations to specific trades using trace address matching (comparing first trace number from nested transaction traces)
- **Key fields**: `lp_fee_amount`, `protocol_fee_amount`, `royalty_amount`, `trace_address`, `transaction_hash`

### Component E: Sudoswap v2 trade extraction
- **Purpose**: Captures all completed trades on v2 pairs with comprehensive volume reconstruction
- **Logic**: Extracts trade data from v2 swap function calls covering both ERC721 and ERC1155 pairs with ETH base tokens. Determines trade direction (token-to-NFT vs NFT-to-token) from function names using regex extraction. Joins with v2 pair dimension, fee calculations, and royalty data using trace address matching. For NFT-to-token trades, reconstructs gross trading volume by adding back royalty amounts and protocol fees to the base output amount. For token-to-NFT trades, uses the input amount directly
- **Key fields**: `amount` (final trade volume), `trade_type`, `token_address`, `account_address`, `transaction_hash`, `trace_address`

### Component F: Data combination and standardization
- **Purpose**: Combines v1 and v2 trade data into a unified format for processing
- **Logic**: Unions trade records from both v1 and v2 fact tables, applying consistent field mapping and business classification. Truncates timestamps to daily boundaries for consistent aggregation. Filters for successful transactions only throughout the pipeline. Maintains distinct trade records by transaction hash and trace address to prevent double counting
- **Key fields**: `timestamp`, `chain_id`, `market_sector_id`, `business_segment_id`, `trading_volume`, `token_address`

### Final aggregation
- **Combining components**: Unions v1 and v2 trade datasets into a single stream, maintaining transaction-level detail before aggregation
- **Currency conversion**: Applies USD conversion using end-of-day price feeds matched by token address and date. Corrects token decimal places to ensure accurate value calculations regardless of token-specific decimal precision
- **Time aggregation**: Groups trades by daily timestamp boundaries (timestamp truncated to day), summing trading volumes within each day
- **Final calculation**: Applies the `finalize_metric_trading_volume` macro which standardizes the schema, validates business IDs, applies gap-filling strategy (fill_zeros), and ensures no missing days in the time series. The final metric represents total daily gross trading volume in USD across all Sudoswap pairs and versions

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

Total value of spot trades executed on the exchange.

SudoswapSUDO

Trading volume

Trading volume

Competitive landscape

Chain breakdown