Liquidity providers deposit funds into Velodrome and stake their LP tokens to receive VELO tokens in proportion to their share of the votes (token incentives).

Velodrome is a non-custodial exchange protocol built on Optimism. Velodrome was founded by veDAO members and launched in 2022.

VELO tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue), while the pools' unstaked liquidity providers earn the remainder of the trading fees (supply-side fees).

github

twitter

discord

etherscan

website

Exchanges (DEX)

Velodrome

# Velodrome Tradeable assets Methodology

## 1. Overview

The Velodrome tradeable assets metric measures the cumulative number of unique tokens that have become available for trading on the Velodrome decentralized exchange (DEX) over time. This metric tracks the growth of asset diversity on the platform by counting each token that appears in at least one trading pair. The calculation identifies when tokens first become tradeable and maintains a running total of all assets that have ever been available on the platform.

## 2. Data sources

- **Velodrome factory events**: Parsed `PairCreated` events from Velodrome V1 PairFactory contracts, `PoolCreated` events from Velodrome V2 Factory contracts, and `PoolCreated` events from Velodrome V3 CLPoolFactory contracts, all deployed on Optimism
- **Token metadata**: Centralized token registry containing token symbols, decimals, and identification information for tokens across supported chains
- **Blockchain timestamps**: Block timestamps from Optimism to establish when trading pairs were created

## 3. Step-by-step calculation

### Component A: Trading pair extraction
- **Purpose**: Extract all trading pairs created across Velodrome protocol versions
- **Logic**: Query factory contract events (`PairCreated` for V1, `PoolCreated` for V2 and V3) from Optimism blockchain logs. Each event contains the created pair/pool address and the two constituent token addresses (`token0` and `token1`). Extract block timestamps to establish when pairs became available. Join with token metadata to retrieve token symbols and decimals for pair naming
- **Key fields**: `block_timestamp` for timing, `account_address` for pair/pool address, `token0_address` and `token1_address` for constituent tokens, `chain` and `version` for protocol identification

### Component B: Token flattening and deduplication
- **Purpose**: Create a comprehensive list of all tokens that appear in trading pairs
- **Logic**: Union the `token0_address` and `token1_address` fields from all trading pairs to create a flattened list where each token appears as a separate row. Truncate timestamps to daily boundaries. This ensures each unique token is counted once regardless of how many pairs it appears in
- **Key fields**: `timestamp` truncated to day, `chain` for network identification, `token_address` for unique token identification

### Component C: First appearance tracking
- **Purpose**: Identify when each token first became tradeable
- **Logic**: Group by token address and chain, then take the minimum timestamp to find the earliest date each token appeared in any trading pair. This represents when the token first became available for trading on Velodrome
- **Key fields**: `timestamp` as the first appearance date, `token_address` for unique identification

### Component D: Daily new asset counting
- **Purpose**: Count new assets appearing each day
- **Logic**: Group first appearances by date and count the approximate number of distinct token addresses using `approx_count_distinct`. This provides the number of new assets that became tradeable on each specific day
- **Key fields**: `asset_count` as the daily count of new tradeable assets

### Component E: Gap filling
- **Purpose**: Ensure continuous daily series with no missing dates
- **Logic**: Fill any gaps in the daily time series with zero values for days when no new assets were added. This creates a complete daily series required for accurate cumulative calculation
- **Key fields**: `asset_count` with zeros filled for missing dates

### Final aggregation
- **Combining components**: The gap-filled daily new asset counts are processed with a cumulative sum calculation
- **Currency conversion**: Not applicable - this metric counts assets rather than monetary values
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with cumulative summation across the entire time series
- **Final calculation**: Apply a window function with `sum(asset_count) over (partition by chain order by timestamp)` to calculate the running total of tradeable assets. This produces a cumulative count showing the total number of unique tokens that have ever been available for trading on Velodrome up to each date. The final result is formatted using the `finalize_metric_tradeable_assets` macro with exchanges/dex categorization and chain availability filtering applied.

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

Number of unique tokens tradeable on the exchange.

VelodromeVELO

Tradeable assets

Tradeable assets

Competitive landscape

Chain breakdown