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

Uniswap is a non-custodial exchange protocol built on Ethereum. Uniswap was founded by Hayden Adams and launched in 2018.

UNI tokenholders own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Uniswap's investors include Paradigm, a16z, USV, etc.

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Uniswap

# Uniswap Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is defined as the average trading volume generated per unique user over a fixed 24-hour window. It is calculated as total daily trading volume divided by active users (daily), reflecting whether the decentralized exchange is utilized primarily by institutional or retail traders. Activity is aggregated across Uniswap V2, Uniswap V3, and Uniswap V4, as well as native transactions on Unichain.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair` contracts, `Swap` and `Flash` events from `Pool` contracts, `Swap` events from `PoolManager` contracts, and native transaction sender data, covering Ethereum, Arbitrum, Optimism, Base, Arc, and 10 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trading volume extraction and valuation

- **Purpose**: Extract and value swap transactions across Uniswap V2, Uniswap V3, and Uniswap V4.
- **Logic**: `Swap` events are parsed from `Pair` contracts (Uniswap V2), `Pool` contracts (Uniswap V3), and `PoolManager` contracts (Uniswap V4). For each swap, the change in asset amounts is calculated and normalized by decimal precision. Trading pairs identified as denylisted due to limited price feed support are excluded. Each trade leg is valued using end-of-day price feeds. To filter out wash trading and price manipulation, trades where the USD value of the two legs diverges by more than 100x are flagged as price outliers and discarded. The final trading volume for each swap is determined by taking the lesser USD value of the two transaction legs, except when only one leg is classified as a tokenized stock, in which case the stock leg's value is used.
- **Key fields**: `block_timestamp`, `amount0`, `amount1`, `token_address_0`, `token_address_1`

### Component B: Active user tracking

- **Purpose**: Identify unique active users (daily) interacting with the protocol.
- **Logic**: Unique active users (daily) are identified by extracting the transaction sender address from the underlying blockchain transactions associated with protocol events. Addresses are captured from users triggering `Swap` events from `Pair` contracts (Uniswap V2), `Swap` and `Flash` events from `Pool` contracts (Uniswap V3), and `Swap` events from `PoolManager` contracts (Uniswap V4). Additionally, all native transaction senders on Unichain are included as active users. Transactions associated with denylisted trading pairs are excluded. Active users (daily) are aggregated at the project level using a distinct count of user addresses per day.
- **Key fields**: `block_timestamp`, `user_address`, `product_id`

### Component C: Average trading volume calculation

- **Purpose**: Calculate the final average trading volume per user.
- **Logic**: Total daily trading volume is aggregated across all chains and products. Active users (daily) are aggregated globally for the project. The average trading volume per user is calculated by dividing the total daily trading volume by the count of active users (daily) for each UTC day. If no activity is recorded, the metric is zero-filled.
- **Key fields**: `trading_volume`, `user_dau`

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

Average trading volume (per user)

Trading volume divided by daily active users.

UniswapUNI

Average trading volume (per user)

Average trading volume (per user)

Competitive landscape