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 Tradeable pairs Methodology

## 1. Overview

The tradeable pairs metric measures the cumulative number of unique trading pairs available on the VerseX decentralized exchange. This metric tracks the growth of tradeable asset pairs over time by monitoring pair creation events and maintaining a running total. It answers the business question of how the diversity and availability of trading options evolves on the platform, which is a key indicator of exchange liquidity and market development.

## 2. Data sources

- **VerseX pair creation events**: Parsed `PairCreated` events from the VerseX v1 SwapsFactory contract on Ethereum, containing pair addresses, token addresses, and creation timestamps
- **Token metadata**: Token symbol and decimal information for creating readable pair names and validating token details

## 3. Step-by-step calculation

### Component A: Trading pair extraction
- **Purpose**: Identifies all unique trading pairs created on VerseX with their metadata
- **Logic**: Extracts `PairCreated` events from the VerseX v1 SwapsFactory contract on Ethereum. Each event contains the new pair address, token0 address, token1 address, and block timestamp. All pair addresses are cast to strings for consistency. A hardcoded fee tier of 0.3% (calculated as 3000 divided by 10^6) is applied to all pairs, representing the standard VerseX v1 fee structure. The version is marked as 'v1' and chain as 'ethereum'
- **Key fields**: `account_address` (pair contract address), `token0_address`, `token1_address`, `block_timestamp`, `fee_tier`, `chain`, `version`

### Component B: Metadata enrichment
- **Purpose**: Adds human-readable information to trading pairs
- **Logic**: Joins token metadata for both token0 and token1 to retrieve token symbols and decimal places. Creates a readable pair name by concatenating token symbols with a hyphen separator (e.g., "ETH-USDC"). Missing token symbols are handled gracefully with empty strings. Only unique combinations of timestamp, chain, version, addresses, and metadata are retained
- **Key fields**: `token0_decimals`, `token1_decimals`, `account_name` (formatted as "TOKEN0-TOKEN1")

### Component C: First appearance tracking
- **Purpose**: Determines when each unique trading pair first appeared on the platform
- **Logic**: Groups trading pairs by chain and pair address, then finds the minimum daily timestamp for each unique pair. This identifies the first day each trading pair became available for trading. Timestamps are truncated to daily grain to ensure consistent daily boundaries. The timestamp grain is set to 'day' for all records
- **Key fields**: `timestamp` (first appearance date), `timestamp_grain`, `chain`, `account_address`

### Component D: Daily new pairs aggregation
- **Purpose**: Counts how many new trading pairs were created each day
- **Logic**: Groups the first appearances by timestamp, timestamp grain, and chain, then counts the distinct number of pair addresses for each day. This produces a daily count of newly created trading pairs by chain
- **Key fields**: `pair_count` (daily count of new pairs)

### Component E: Gap filling
- **Purpose**: Ensures continuous daily time series with no missing dates
- **Logic**: Uses gap-filling logic to create records for every day in the time series, even when no new pairs were created. Days with no new pair creation receive a `pair_count` of 0. This ensures the time series has no gaps and maintains consistency for downstream calculations
- **Key fields**: `pair_count` (filled with 0 for days with no new pairs)

### Final aggregation
- **Combining components**: The gap-filled daily new pairs data flows directly to the final calculation
- **Currency conversion**: No currency conversion is needed as this metric counts pairs, not monetary values
- **Time aggregation**: Daily grain is maintained throughout the calculation with proper timestamp truncation
- **Final calculation**: A running sum (cumulative sum) is calculated over the daily new pair counts, partitioned by chain and ordered by timestamp. This produces the total number of tradeable pairs available on each date. The final result includes standardized schema fields, gap-filling with zeros for missing periods, and chain availability filtering to ensure data quality and consistency with other Token Terminal metrics

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

Number of unique token pairs available for trading on the exchange.

VerseVERSE

Tradeable pairs

Tradeable pairs

Competitive landscape