# Tessera V Trading volume Methodology

## 1. Overview

Trading volume is measured as the total value of trades executed on the Tessera V decentralized exchange. This metric is utilized to analyze the trading activity and liquidity of the Tessera V proprietary market maker. Since trading fees are paid by users on their trades, trading volume is highly correlated with the protocol's ability to generate fees and revenue. Trades are executed either directly against inventory on EVM chains or through liquidity pools on Solana.

## 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**: To extract and normalize trade data from EVM-compatible chains
- **Logic**: `TesseraTrade` events are parsed from `TesseraSwap` contracts. Trades where either the input or output amount is zero or negative are filtered out. Asset addresses are sorted to establish a consistent ordering, and trade amounts are normalized by decimal precision using asset metadata.
- **Key fields**: `token_address`, `amount`

### Component B: Solana trade extraction

- **Purpose**: To extract and normalize trade data from Solana
- **Logic**: DEX trade instructions executed by the Tessera V program are parsed. Base and quote asset amounts are normalized by decimal precision using asset metadata. Pool metadata is resolved by identifying the first trade in which a pool address appears, through which the mapping of asset pairs to their respective pools is established.
- **Key fields**: `pool_address`, `token_address`, `amount`

### Component C: USD valuation and outlier protection

- **Purpose**: To convert trade amounts to USD and apply valuation rules to mitigate price anomalies
- **Logic**: Normalized trade amounts for both legs of each trade are multiplied by end-of-day asset prices. To block price outliers, the trade is valued at the lesser of its two legs. An exception is applied if exactly one leg is classified as a tokenized stock; in this case, the trade is valued using the tokenized stock leg to prevent the trade value from being zeroed by newly launched or unpriced counterparty assets.
- **Key fields**: `amount`, `price_usd`, `asset_type`

### Component D: Aggregation and zero-filling

- **Purpose**: To aggregate trading volume and ensure continuous daily data
- **Logic**: USD trading volumes are aggregated by day, chain, and product. Missing days within the time series are zero-filled to ensure data continuity, and a chain availability filter is applied to align the output with approved active periods.
- **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.

Trading volume

Exchanges (DEX)

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.

Tessera V

Trading volume

Trading volume

Chain breakdown