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

SyncSwap is a non-custodial exchange protocol built on zkSync Era (originally a fork of Uniswap). SyncSwap was founded by an anonymous team in 2023.

The SyncSwap team owns and governs the protocol. They currently take a cut of the trading fees paid by the users (revenue).

github

twitter

discord

website

Exchanges (DEX)

SyncSwap

# SyncSwap Average trading volume (per user) Methodology

## 1. Overview

The SyncSwap trading volume average per user metric measures the average USD trading volume per daily active user on the SyncSwap decentralized exchange. This metric indicates user engagement intensity by dividing total daily trading volume by the count of unique daily active users. The calculation combines trading activity from both Classic and Stable pools on zkSync Era, using anti-manipulation techniques to ensure accurate volume measurements.

## 2. Data sources

- **Swap events**: Parsed `Swap` events from SyncSwap Classic and Stable pool contracts on zkSync Era, capturing token amount changes and swap details
- **Flash loan events**: Parsed `FlashLoan` events from SyncSwap Vault contracts on zkSync Era for additional user activity tracking  
- **Transaction data**: zkSync Era transaction records containing user addresses and transaction metadata
- **Pool creation events**: Parsed `PoolCreated` events from SyncSwap Classic and Stable pool factory contracts establishing trading pairs and initial fee structures
- **Fee update events**: Parsed fee manager events (`SetPoolSwapFee` and `SetPoolProtocolFee`) tracking dynamic fee tier changes over time
- **External data**: End-of-day token price feeds for USD conversion and token metadata containing decimal precision information

## 3. Step-by-step calculation

### Component A: Trading volume extraction
- **Purpose**: Captures individual trade volumes from SyncSwap AMM pools
- **Logic**: Extracts swap events from both Classic Pool and Stable Pool contracts on zkSync Era. For each swap event, calculates the net change in token amounts by subtracting `amount_out` from `amount_in` for both tokens in the trading pair. Joins transaction data to obtain the actual user address (from `from_address`) as opposed to contract addresses. Groups trades by transaction hash and log index to create unique identifiers for each trade event.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` for token amount changes, `sender` for contract interaction address, `transaction_hash` for grouping, and `block_timestamp` for temporal ordering

### Component B: Trading pair and fee processing  
- **Purpose**: Enriches trades with trading pair metadata and applies dynamic fee updates
- **Logic**: Joins trade data with trading pair dimensions created from pool creation events to obtain token addresses, decimal precision, and initial fee tiers. Handles ETH to WETH address mapping for proper token identification. Applies temporal fee tier updates by matching trade IDs with fee update events using range joins, where updates apply from their ID until the next update or indefinitely. Uses the `lead()` window function to establish fee update boundaries.
- **Key fields**: `token0_address`, `token1_address` for trading pair identification, `decimals` for amount correction, `fee_tier` and `protocol_fee_tier` for fee tracking, and temporal ID matching for update application

### Component C: USD conversion and manipulation protection
- **Purpose**: Converts token amounts to USD values while filtering price manipulation
- **Logic**: Joins trading pair data with end-of-day price feeds for both tokens in each pair. Corrects token amounts by dividing by the appropriate decimal factor (10^decimals). Multiplies corrected amounts by USD prices to get USD values for both tokens. Applies anti-manipulation logic by taking the minimum USD value between the two tokens rather than summing them, which prevents artificially inflated volumes from price discrepancies.
- **Key fields**: `price_usd` from price feeds, corrected `token0_amount` and `token1_amount`, and calculated `trading_volume` as the minimum USD value

### Component D: Daily active user tracking
- **Purpose**: Identifies unique users active in SyncSwap protocols daily
- **Logic**: Combines user addresses from both trading activities and flash loan activities to capture all forms of user engagement. Extracts the `user_address` field from transaction records for each activity. Truncates timestamps to daily boundaries and identifies distinct user addresses per day. Uses HyperLogLog (HLL) data structure for efficient distinct counting across large datasets, particularly for the project-level aggregation dimension.
- **Key fields**: `user_address` from transaction records, `block_timestamp` truncated to day level, and `user_dau` for distinct user identification

### Final aggregation
- **Combining components**: Joins daily trading volume totals with daily active user counts using exact timestamp matching at the daily level. Both metrics are aggregated to the same daily grain and filtered to the project-level dimension for consistent comparison.
- **Currency conversion**: All trading volumes are already converted to USD using end-of-day price feeds with manipulation protection applied at the individual trade level before daily aggregation.
- **Time aggregation**: Daily boundaries are established by truncating all timestamps to day level, ensuring consistent temporal alignment between volume and user metrics.  
- **Final calculation**: Divides total daily trading volume by daily active user count using safe division to handle cases where DAU might be zero, resulting in the average trading volume per daily active user metric.

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

Average trading volume (per user)

Trading volume divided by daily active users.

SyncSwap

Average trading volume (per user)

Average trading volume (per user)

Competitive landscape