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.

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Thruster

# Thruster Average trading volume (per trade) Methodology

## 1. Overview

The trading volume average per trade count metric measures the average USD value per trade on the Thruster decentralized exchange. This metric is calculated by dividing the total daily trading volume by the total daily trade count, providing insights into the typical trade size on the platform. It helps assess user trading behavior and market depth by showing whether the platform handles many small trades or fewer large trades.

## 2. Data sources

The calculation draws from several blockchain and external data sources:

- **Swap events**: Parsed `Swap` events from Thruster Classic (v1) contracts including `Pair03_Swap_event` and `Pair1_Swap_event`, and CLAMM `Pool_Swap_event` from the Blast blockchain
- **Factory events**: Parsed `PairCreated` events from `ThrusterFactory03` and `ThrusterFactory1` contracts, and `PoolCreated` events from `ThrusterPoolFactory` contracts on Blast blockchain that define trading pairs
- **Yield cut events**: Parsed `SetYieldCut` events from Thruster factory contracts that establish protocol fee tiers over time
- **Transaction data**: Blast blockchain transaction records containing user address mappings and transaction metadata
- **Price feeds**: End-of-day token price feeds providing USD conversion rates for all traded tokens
- **Token metadata**: Token registry data containing decimal precision, symbols, and other metadata for proper amount calculations

## 3. Step-by-step calculation

### Component A: Raw trade data extraction
- **Purpose**: Extracts all swap transactions from Thruster's AMM protocols
- **Logic**: Collects `Swap` events from both Thruster Classic v1 (using `amount0In`, `amount0Out`, `amount1In`, `amount1Out` fields) and CLAMM protocols (using `amount0`, `amount1` fields). For Classic trades, calculates net token changes by subtracting out amounts from in amounts. Links each trade to user addresses through transaction records and captures essential metadata like timestamps, transaction hashes, and log indices
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `account_address` for the trading pair contract, `token0_amount` and `token1_amount` for swap quantities

### Component B: Trading pair definitions
- **Purpose**: Establishes valid trading pairs with their token configurations and fee structures
- **Logic**: Extracts trading pair creation events from factory contracts to identify all legitimate trading pairs. Filters out a specific denylisted pair address. Joins with token metadata to obtain decimal precision and symbols for proper amount calculations. Captures fee tiers from the creation events, with different handling for Classic (fixed 0.3% or 1%) and CLAMM (variable fee from event)
- **Key fields**: `account_address` for pair identification, `token0_address` and `token1_address` for token contracts, `token0_decimals` and `token1_decimals` for conversion, `fee_tier` for fee structure

### Component C: Protocol fee tier tracking
- **Purpose**: Tracks protocol fee percentages over time through yield cut events
- **Logic**: Processes `SetYieldCut` events to determine protocol fee rates for each trading pair over time. Uses forward-fill logic to apply fee rates across time periods. Implements timestamp-based logic where fees are 0% before April 10, 2024, and afterwards use event-specified rates or default to 0.5% for CLAMM pools
- **Key fields**: `timestamp` for date boundaries, `account_address` for pair-specific fees, `protocol_fee_tier` for fee percentage

### Component D: Trading volume calculation
- **Purpose**: Calculates daily USD trading volume with manipulation filtering
- **Logic**: Joins trades with trading pair definitions and yield cut data. Converts raw token amounts to decimal format using token-specific decimal places. Applies end-of-day USD prices to both tokens in each trade. Uses the lesser of the two USD amounts as the trade volume to filter out price manipulation attempts. Aggregates total volume by day, product, and fee tier
- **Key fields**: `trading_volume` as final USD amount, `timestamp` truncated to daily boundaries

### Component E: Trade count calculation
- **Purpose**: Counts unique trades per day to avoid double-counting multi-log transactions
- **Logic**: Uses the same base trade data as volume calculation but focuses on counting distinct transaction hashes per day rather than monetary amounts. This ensures each unique transaction is counted exactly once regardless of how many log entries it generated
- **Key fields**: `trade_count` as the number of distinct transactions per day

### Final aggregation
- **Combining components**: Joins daily trading volume totals with daily trade count totals on timestamp boundaries using an inner join to ensure both metrics exist for each day
- **Currency conversion**: USD conversion occurs within the volume calculation using end-of-day price feeds matched by timestamp, token address, and chain
- **Time aggregation**: Both volume and count are aggregated using daily time boundaries (timestamp truncated to day), ensuring consistent time alignment
- **Final calculation**: Divides total daily trading volume by total daily trade count using safe division to handle edge cases where trade count might be zero, producing the average USD value per trade

## Critical guidelines

The methodology includes several important filtering and validation steps:
- Excludes trades from denylisted trading pair address `0x1d16788b97edb7d9a6ae66d5c5c16469037faa00`
- Uses manipulation filtering by taking the minimum USD value between token pairs in each trade
- Implements time-based protocol fee logic with a switch date of April 10, 2024
- Forward-fills protocol fee rates to handle missing data points
- Uses safe division to prevent errors when trade count is zero

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

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