The operator fills swaps from its own inventory against prices quoted by the Tessera V program, earning the spread embedded in those quotes.

Tessera V is a proprietary automated market maker live since June 2025. This listing covers its Solana program; it also runs a contract on Base, BSC and Robinhood Chain, which is tracked separately.

Tessera V is operated by a market-making team that has not disclosed its identity.

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Exchanges (DEX)

Tessera V

# Tessera V Trading volume Methodology

## 1. Overview

The total value of trades executed on the Tessera V decentralized exchange is measured by trading volume. Trading activity and liquidity processed by the Tessera V proprietary market maker are represented by this metric. Because trading fees are paid by users on executed trades, a correlation is established between trading volume and the ability of Tessera V to generate fees and revenue.

## 2. Data sources

- **Blockchain events**: `TesseraTrade` events from `TesseraSwap` contracts and DEX trade instructions executed by the `Tessera V` program, covering Solana, Base, BSC, and Robinhood Chain
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: EVM trade extraction

- **Purpose**: Extract trade data from EVM chains
- **Logic**: `TesseraTrade` events from `TesseraSwap` contracts are parsed on Base, BSC, and Robinhood Chain. Transactions with input or output amounts equal to or less than zero are excluded. Asset addresses are ordered to establish a consistent trading pair direction, and raw amounts are normalized by decimal precision using asset metadata.
- **Key fields**: `block_timestamp`, `amount_in`, `amount_out`, `token_in_address`, `token_out_address`

### Component B: Solana trade extraction

- **Purpose**: Extract trade data from Solana
- **Logic**: DEX trades executed by the `Tessera V` program are parsed. Base and quote asset amounts are extracted and normalized by decimal precision using asset metadata. Pool metadata is resolved using the first recorded trade for each pool account to consistently identify the underlying asset pairs.
- **Key fields**: `block_timestamp`, `base_amount`, `quote_amount`, `base_mint_address`, `quote_mint_address`, `pool_address`

### Component C: USD conversion and valuation

- **Purpose**: Convert trade amounts to USD and apply valuation rules to prevent price outliers
- **Logic**: Normalized asset amounts are multiplied by end-of-day price feeds. To prevent distortion from price outliers, the trade is valued at the lesser of the USD values of its two legs. However, if exactly one leg of the trade is classified as a tokenized stock, the trade is valued solely on that tokenized stock leg to prevent unpriced counterparty assets from zeroing out the volume.
- **Key fields**: `amount_0`, `amount_1`, `price_usd`

### Component D: Aggregation and zero-filling

- **Purpose**: Aggregate trading volume and ensure continuous daily data
- **Logic**: Trading volumes are aggregated by day, chain, and product. Missing days within the time series are filled with zero values to ensure continuous daily data.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `trading_volume`

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

Total value of spot trades executed on the exchange.

Tessera V

Trading volume

Trading volume

Competitive landscape

Chain breakdown