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

Verse is an automated market maker-based decentralized exchange built on Ethereum. Verse was created by Bitcoin.com, and launched in 2022.

VERSE tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Verse's investors include Blockchain.com, KuCoin Ventures and others.

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Exchanges (DEX)

Verse

# Verse Trade count Methodology

## 1. Overview

The VerseDX trade count metric measures the daily number of unique trades executed on the VerseDX decentralized exchange protocol. This metric counts each unique transaction that contains at least one swap event on VerseDX v1 on Ethereum, providing insight into trading activity and user engagement. The calculation aggregates distinct transaction hashes on a daily basis, ensuring that multiple swap events within the same transaction are counted as a single trade.

## 2. Data sources

The calculation relies on several raw data sources:

- **VerseDX swap events**: Parsed `Swap` events from VerseDX v1 pair contracts on Ethereum, containing trade execution details including token amounts, user addresses, and transaction metadata
- **VerseDX factory events**: Parsed `PairCreated` events from the VerseDX factory contract on Ethereum, defining trading pair compositions and token relationships  
- **Ethereum transaction records**: Base layer transaction data linking swap events to their originating transactions and user addresses
- **Token metadata**: Reference data containing token symbols, decimal places, and contract addresses for proper amount calculations and display formatting
- **End-of-day price feeds**: Daily closing price data in USD for tokens traded on VerseDX, used for volume-based processing in intermediate calculations

## 3. Step-by-step calculation

### Component A: Raw trade extraction
- **Purpose**: Extract and process raw swap events from VerseDX pair contracts
- **Logic**: The system retrieves all `Swap` events from VerseDX v1 pair contracts on Ethereum starting from June 14, 2022. Each swap event contains `amount0In`, `amount0Out`, `amount1In`, and `amount1Out` values representing token flows. The net token amounts are calculated by subtracting outbound amounts from inbound amounts for each token in the pair. These events are joined with Ethereum transaction records to identify the actual transaction originator, as the swap event's `sender` field represents the contract caller rather than the end user
- **Key fields**: `transaction_hash`, `log_index`, `block_timestamp`, `address` (pair contract), `amount0In`, `amount0Out`, `amount1In`, `amount1Out`, `sender` (contract user), and `from_address` (actual user)

### Component B: Trading pair metadata enrichment  
- **Purpose**: Map trading pair contracts to their underlying token compositions and properties
- **Logic**: The system processes `PairCreated` events from the VerseDX factory contract to build a mapping of pair contract addresses to their constituent tokens. Each pair is associated with two tokens (token0 and token1), and the system retrieves token metadata including decimal places and symbols. The fee tier is hardcoded to 0.3% (3000 basis points) for all VerseDX v1 pairs. Trading pair names are constructed by concatenating the token symbols with a hyphen
- **Key fields**: `account_address` (pair contract), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name` (token pair name), `fee_tier`

### Component C: Volume processing and decimal correction
- **Purpose**: Combine trade events with pair metadata and apply proper decimal formatting
- **Logic**: Raw trade events are joined with trading pair metadata using the pair contract address and chain. Token amounts are converted from raw blockchain integers to human-readable decimals by dividing by 10 raised to the power of each token's decimal places. The absolute values of net token amounts are used to ensure positive volume calculations regardless of trade direction. Daily aggregation occurs by truncating block timestamps to day boundaries and grouping by transaction hash and log index to preserve trade-level granularity
- **Key fields**: `timestamp` (daily), `transaction_hash`, `log_index`, `token0_amount` (decimal-corrected), `token1_amount` (decimal-corrected), business classification fields

### Final aggregation
- **Combining components**: The processed trading data serves as the input for trade counting, with each record representing a unique trade event identified by its transaction hash and log index combination
- **Currency conversion**: While USD conversion occurs in intermediate processing for volume calculations, the trade count metric itself does not require currency conversion as it simply counts unique transactions
- **Time aggregation**: Trades are aggregated to daily boundaries using timestamp truncation, ensuring consistent daily reporting periods aligned with UTC day boundaries  
- **Final calculation**: The system counts distinct transaction hashes per day, grouped by chain, market sector (exchanges), business segment (dex), and product dimensions. The `finalize_metric_trade_count` macro applies standardization including zero-filling for days with no trades and ensures consistent formatting across all trade count metrics. Chain availability filters are applied to exclude data from periods when blockchain data may be incomplete or unreliable

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

Number of trades executed on a decentralized exchange.

VerseVERSE

Trade count

Trade count

Competitive landscape