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

Thruster is a non-custodial exchange protocol built on Blast. Thruster was launched in 2024.

Thruster team and investors own and govern the protocol. They currently take a cut of the total trading fees paid by traders, and earn native yield (revenue). Thruster's investors include Mirana Ventures, Manifold, OKX Ventures, etc.

twitter

discord

website

Exchanges (DEX)

Thruster

# Thruster Trading volume Methodology

## 1. Overview

Thruster trading volume measures the total USD value of trades executed on the Thruster decentralized exchange (DEX) on the Blast blockchain. This metric captures trading activity across both Thruster Classic AMM (v2-style pairs with fixed fees) and Thruster CLAMM (v3-style pools with variable fees). The calculation uses the lesser of two token values in each trade to filter out price manipulation, then aggregates to daily totals.

## 2. Data sources

- **Blockchain events**: Parsed Blast blockchain `Swap` events from Thruster Classic AMM pair contracts and Thruster CLAMM pool contracts
- **Trading pair data**: `PairCreated` events from ThrusterFactory03 and ThrusterFactory1 contracts, plus `PoolCreated` events from ThrusterPoolFactory contracts
- **Protocol fee data**: `SetYieldCut` events from Thruster factory contracts tracking protocol fee tier changes
- **Transaction data**: Blast blockchain transaction records containing user addresses and transaction metadata
- **External data**: End-of-day token price feeds for USD conversion and token metadata including symbols and decimal precision
- **Chain availability**: Blast blockchain data availability filters

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extracts individual swap transactions from Thruster DEX contracts
- **Logic**: Collects `Swap` events from multiple Thruster contract versions on Blast blockchain. For Classic AMM pairs, calculates net token amount changes by subtracting `amount0Out` from `amount0In` and `amount1Out` from `amount1In`. For CLAMM pools, uses direct `amount0` and `amount1` values. Joins with Blast transaction records to retrieve actual user addresses (`from_address`) and applies incremental loading based on block timestamps
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, contract `address`, user `sender` address, token amounts (`amount0In`, `amount0Out`, `amount1In`, `amount1Out` for Classic; `amount0`, `amount1` for CLAMM)

### Component B: Trading pair metadata
- **Purpose**: Establishes trading pair relationships and fee structures
- **Logic**: Processes `PairCreated` and `PoolCreated` events to build a registry of valid trading pairs. Maps each pair to its constituent tokens (`token0`, `token1`), fee tier (3000 for 0.3%, 10000 for 1%, or variable for CLAMM), and factory address. Joins with token metadata to obtain decimal precision and symbol information. Excludes denylisted pair addresses
- **Key fields**: `factory_address`, `account_address` (pair/pool address), `token0_address`, `token1_address`, `fee_tier`, token `decimals`, token `symbol`

### Component C: Protocol fee tracking
- **Purpose**: Tracks protocol fee tier changes over time
- **Logic**: Processes `SetYieldCut` events to build a time series of protocol fee rates. Calculates protocol fee tier as the reciprocal of the yield cut value. Uses fill-forward logic to propagate fee rates across time periods. Applies special time-based logic where fees are 0% before April 10, 2024 04:58:19 UTC and use yield cut values afterward, with CLAMM defaulting to 0.5 (50% protocol fee)
- **Key fields**: `timestamp`, `account_address`, `yieldCut` value, calculated `protocol_fee_tier`

### Component D: Volume calculation and normalization
- **Purpose**: Calculates daily trading volumes with proper decimal adjustment
- **Logic**: Combines trade events with trading pair metadata to get token addresses and decimal precision. Applies absolute values to token amounts to handle directional trades. Divides raw token amounts by 10 raised to the power of token decimals to get normalized amounts. Truncates timestamps to daily boundaries for aggregation. Joins with protocol fee data using daily timestamps to assign appropriate fee tiers to each trade
- **Key fields**: Daily `timestamp`, `token0_amount`, `token1_amount` (decimal-adjusted), `fee_tier`, `protocol_fee_tier`

### Component E: USD conversion and manipulation filtering
- **Purpose**: Converts token amounts to USD and filters price manipulation
- **Logic**: Joins normalized trading volumes with end-of-day token price feeds for both tokens in each pair. Calculates USD values by multiplying token amounts by their respective prices. Implements price manipulation filtering by taking the lesser of the two USD amounts (`token0_amount * price0` vs `token1_amount * price1`). Aggregates results by day, chain, product, and fee tiers, summing the filtered USD amounts
- **Key fields**: `price_usd` from price feeds, calculated USD amounts, final `trading_volume`

### Final aggregation
- **Combining components**: Aggregates filtered USD trading volumes by daily timestamp boundaries, grouping by chain ID, product ID (thrusterclassic vs thrusterclamm), fee tiers, and protocol fee tiers
- **Currency conversion**: Uses end-of-day token price feeds to convert normalized token amounts to USD values, taking the minimum of both token values per trade to prevent manipulation
- **Time aggregation**: Truncates all timestamps to daily boundaries using `timestamp_trunc` function, ensuring consistent daily aggregation across all time zones
- **Final calculation**: Sums the lesser USD value between token pairs for each trade, then aggregates these sums by day. Applies finalization macro to ensure schema compliance, validate IDs, and fill any missing daily data points with zeros using the fill_zeros strategy

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

Total value of spot trades executed on the exchange.

ThrusterTHRUST

Archived

Trading volume

Trading volume

Competitive landscape