Liquidity providers deposit funds into Sushiswap and receive trading fees from traders (supply-side fees).

Sushiswap is a non-custodial exchange protocol built on Ethereum (originally a fork of Uniswap). Sushiswap was founded by a pseudonym Chef Nomi and launched in 2020.

SUSHI tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

SushiSwap

# SushiSwap Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is defined as the mean daily trading volume generated per unique active user (daily) on SushiSwap. User engagement intensity is quantified by dividing total daily trading volume in USD by the number of unique active users (daily). Insight is provided into the average trading activity generated per active user, allowing user engagement depth to be assessed beyond simple user counts.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair` contracts, `Swap`, `Flash`, and `SetFeeProtocol` events from `Pool` contracts, and `PairCreated` and `PoolCreated` events from `Factory` contracts, covering Ethereum, Arbitrum, Avalanche, Base, and 6 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trading volume calculation

- **Purpose**: Daily USD trading volume is calculated across all SushiSwap pools.
- **Logic**: Swap events are extracted from both SushiSwap V2 and V3 contracts. For V2, token amounts are calculated as the difference between `amount0In` and `amount0Out` for the first asset, and `amount1In` and `amount1Out` for the second asset. For V3, direct `amount0` and `amount1` values from swap events are utilized. These events are joined with factory creation events to obtain asset addresses, decimal places, and fee tiers for each trading pair. Decimal corrections are applied by normalizing amounts by decimal precision. Corrected amounts are converted to USD using end-of-day price feeds matched by timestamp, asset address, and chain. To prevent price manipulation, the lesser USD value between the two assets in each swap is selected. Trading pairs from a predefined denylist are excluded due to limited price feed support. Volumes are aggregated daily by summing across all trading pairs.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` for V2 swaps, `amount0` and `amount1` for V3 swaps, asset decimal precision, end-of-day USD prices.

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

- **Purpose**: Unique active users (daily) are counted across trading and flash loan activities.
- **Logic**: User addresses are extracted from both swap events and flash loan events by joining event logs with transaction records to retrieve transaction sender addresses. Users from both trading activities (swaps) and flash loan activities are included to capture all protocol engagement. Timestamps are truncated to daily boundaries, and distinct user addresses are identified per day. Distinct counts are aggregated at the project level to obtain total protocol-wide active users (daily).
- **Key fields**: User addresses from transaction records, daily timestamp boundaries.

### Component C: Average trading volume calculation

- **Purpose**: Average trading volume per user is calculated.
- **Logic**: Daily trading volume is joined with active users (daily) on matching timestamps. Total daily trading volume is divided by total active users (daily) using safe division to handle cases where the active user count is zero, resulting in the average trading volume per user in USD per day.
- **Key fields**: Daily trading volume, active users (daily).

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

Average trading volume (per user)

Trading volume divided by daily active users.

SushiSwapSUSHI

Average trading volume (per user)

Average trading volume (per user)

Competitive landscape