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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Verse

# Verse Trading volume Methodology

## 1. Overview

VerseX trading volume measures the total USD value of tokens traded on the VerseX decentralized exchange on Ethereum. The metric captures daily trading activity across all VerseX trading pairs by processing swap events from the protocol's smart contracts. The calculation applies anti-manipulation protections by using conservative volume estimates and filters data from June 2022 onwards when the protocol became active.

## 2. Data sources

The trading volume calculation relies on several blockchain and external data sources:

- **Ethereum event logs**: Parsed `Swap` events from VerseX's pair contracts containing token amount changes for each trade
- **Ethereum event logs**: Parsed `PairCreated` events from VerseX's factory contract defining trading pairs and their token compositions  
- **Ethereum transaction records**: Transaction data providing user addresses and timestamps for trade attribution
- **End-of-day price feeds**: Daily USD price data for tokens traded on VerseX to enable volume conversion
- **Token metadata**: Token symbol and decimal information for proper amount normalization and readable pair names

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extract individual trade events with token amount changes from VerseX swap contracts
- **Logic**: Process `Swap` events from VerseX pair contracts on Ethereum, calculating net token amount changes by subtracting outbound amounts from inbound amounts (`amount0In` minus `amount0Out`, `amount1In` minus `amount1Out`). Join with Ethereum transaction data to capture user addresses and filter trades occurring from June 14, 2022 onwards when VerseX became active.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` for calculating net token changes, `transaction_hash` and `log_index` for unique trade identification, `block_timestamp` for temporal analysis, and `address` for the trading pair contract

### Component B: Trading pair metadata
- **Purpose**: Define trading pair configurations and token properties needed for volume calculations  
- **Logic**: Process `PairCreated` events from VerseX's factory contract to identify all trading pairs with their `token0_address` and `token1_address` compositions. Apply a fixed 0.3% fee tier to all pairs. Join with token metadata to retrieve decimal places and symbols for each token, creating readable pair names by concatenating token symbols.
- **Key fields**: `pair` address as the trading pair contract, `token0` and `token1` addresses defining the pair composition, `fee_tier` set to 0.003 (0.3%), and derived `account_name` combining token symbols

### Component C: Daily volume aggregation with decimal correction
- **Purpose**: Aggregate trade amounts daily and normalize token amounts using proper decimal places
- **Logic**: Group trades by day using timestamp truncation and join with trading pair metadata. Convert raw token amounts to human-readable values by dividing by 10 raised to the power of each token's decimal places. Calculate absolute values of token amounts to ensure positive volume measurements regardless of trade direction.
- **Key fields**: `timestamp` truncated to daily boundaries, `token0_amount` and `token1_amount` after decimal correction, `token0_decimals` and `token1_decimals` for normalization

### Component D: USD conversion with anti-manipulation protection
- **Purpose**: Convert token amounts to USD values while preventing volume inflation from price manipulation
- **Logic**: Join daily aggregated token amounts with end-of-day price feeds for both tokens in each trading pair. Calculate USD values by multiplying normalized token amounts by their respective USD prices. Apply anti-manipulation filtering by taking the minimum USD value between the two tokens in each trade using the `least()` function, preventing inflated volumes from price manipulation attacks.
- **Key fields**: `price_usd` from price feeds, calculated USD values for both tokens, and final `trading_volume` as the lesser of the two USD amounts

### Final aggregation
- **Combining components**: Sum all filtered USD trading volumes across all VerseX trading pairs and days, grouping by timestamp, chain, business categorization fields, and fee tiers
- **Currency conversion**: USD conversion occurs at the trade level using end-of-day price feeds matched by timestamp, token address, and chain
- **Time aggregation**: Daily boundaries determined by timestamp truncation to day level, with all trades within a 24-hour period aggregated together
- **Final calculation**: The final trading volume represents the sum of all minimum USD values between token pairs for each trade, aggregated daily across the entire VerseX protocol

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

Total value of spot trades executed on the exchange.

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Trading volume

Trading volume

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