# Thena Fusion Trade count Methodology

## 1. Overview

Trade count measures the total number of trades executed on Thena Fusion. It provides a granular view of user engagement and the frequency of exchange activity within the protocol's concentrated liquidity pools. This metric is used to evaluate the adoption and utilization of the Thena Fusion product by showing how often users interact with its automated market maker infrastructure.

## 2. Data sources

- **Blockchain events**: `Swap` events from `AlgebraPool` contracts, covering BNB Chain and opBNB.

## 3. Step-by-step calculation

### Component A: Swap event extraction

- **Purpose**: Identify individual exchange operations within Thena Fusion pools.
- **Logic**: `Swap` events are parsed from `AlgebraPool` contracts across all supported chains. These events capture the execution of asset exchanges within the protocol's concentrated liquidity pools. Each event is associated with a specific block timestamp and a unique log index.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, and `address` (pool contract address).

### Component B: Transaction-level mapping

- **Purpose**: Attribute swap events to unique on-chain transactions.
- **Logic**: Swap events are joined with native blockchain transaction data using the transaction hash. This association allows for the identification of the specific transaction that triggered the swap, which is essential for determining the number of unique trading actions initiated by users.
- **Key fields**: `transaction_hash` and `block_timestamp`.

### Component C: Daily trade count aggregation

- **Purpose**: Calculate the total daily frequency of trading activity.
- **Logic**: The number of unique transaction hashes is counted for each 24-hour UTC interval. By applying a distinct count to the transaction hashes, multiple swaps occurring within a single transaction (e.g., multi-hop trades) are treated as a single trade. The resulting counts are aggregated by chain and product ID to provide the final trade count for Thena Fusion.
- **Key fields**: `transaction_hash` and `timestamp`.

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

Number of trades executed on a decentralized exchange.

Trade count

Exchanges (DEX)

Liquidity providers deposit funds into Thena and stake their LP tokens to receive THE tokens (token incentives).

Thena is a non-custodial exchange protocol built on BNB Chain. Thena was founded by an anonymous team and launched in 2023.

THE tokenholders own and govern the protocol. They vote for pools where they wish to receive trading fees and external bribes from, while pools receive THE emissions in respect to their share of votes.

Thena Fusion

Archived

Trade count

Trade count

Chain breakdown