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.

github

twitter

discord

etherscan

website

Exchanges (DEX)

Verse

# Verse Average trading volume (per trade) Methodology

## 1. Overview

The VerseDEX trading volume average per trade count metric measures the average USD value per trade on the VerseDEX v1 decentralized exchange on Ethereum. This metric answers the business question "What is the typical trade size on VerseDEX?" by dividing the total daily trading volume by the total number of unique trades. The calculation uses a ratio approach where total trading volume and trade count are calculated separately and then combined to produce the average trade size in USD.

## 2. Data sources

The calculation relies on the following raw data sources:
- **VerseDEX swap events**: Parsed `Swap` events from VerseDEX v1 Ethereum smart contracts containing token amount changes for each trade
- **VerseDEX pair creation events**: Parsed `PairCreated` events from the VerseDEX factory contract to identify trading pairs and their fee structures
- **Ethereum transaction records**: Transaction-level data from Ethereum to identify user addresses and transaction metadata
- **Token metadata**: Reference data containing token symbols, decimal places, and other token properties
- **End-of-day price feeds**: Daily USD price data for tokens to enable volume calculations in a common currency

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identifies all VerseDEX trading pairs with their token addresses, fee tiers, and metadata
- **Logic**: Extracts pair creation events from the VerseDEX factory contract, capturing the pair contract address, token0 address, token1 address, and applies a hardcoded fee tier of 0.3% (3000/1000000). Joins with token metadata to get decimal places and symbols for both tokens in each pair, then constructs human-readable pair names by concatenating token symbols
- **Key fields**: `account_address` (pair contract), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `fee_tier`, `account_name`

### Component B: Raw trade extraction
- **Purpose**: Extracts individual swap transactions from VerseDEX pair contracts
- **Logic**: Processes `Swap` events from VerseDEX pair contracts starting from June 14, 2022. Calculates net token amount changes by subtracting out amounts from in amounts for both tokens (amount0In - amount0Out, amount1In - amount1Out). Joins with Ethereum transaction data to capture user addresses and applies incremental processing logic for efficient data updates
- **Key fields**: `transaction_hash`, `log_index`, `account_address`, `user_address`, `token0_amount`, `token1_amount`, `block_timestamp`

### Component C: Volume calculation with USD conversion
- **Purpose**: Converts raw token amounts to USD trading volumes while preventing price manipulation
- **Logic**: Joins trade data with trading pair metadata to access token decimal information, then normalizes token amounts by dividing by 10 raised to the decimal places. Joins with end-of-day price feeds for both tokens in each pair to get USD prices. Calculates USD value for each token amount and uses the minimum of the two values to prevent price manipulation attacks. Aggregates volumes by day, transaction, and other dimensional attributes
- **Key fields**: `trading_volume` (minimum USD value between token0 and token1), `timestamp`, `transaction_hash`, `log_index`

### Component D: Trading volume aggregation
- **Purpose**: Sums individual trade volumes to create daily trading volume totals
- **Logic**: Groups the volume calculations by timestamp grain (day) and sums all trading volume values. Applies finalization logic including metadata population, zero-filling for missing days, and chain availability filtering
- **Key fields**: `trading_volume` (daily sum), `timestamp`, `timestamp_grain`

### Component E: Trade count calculation
- **Purpose**: Counts unique trades to determine the number of individual transactions
- **Logic**: Uses the same intermediate trading volume data but counts distinct transaction hashes instead of summing volumes. Groups by timestamp grain (day) and other dimensional attributes, ensuring each unique transaction is counted exactly once regardless of internal complexity
- **Key fields**: `trade_count` (distinct transaction count), `timestamp`, `timestamp_grain`

### Final aggregation
- **Combining components**: The trading volume and trade count metrics are joined by timestamp using an inner join to ensure both metrics exist for the same time periods
- **Currency conversion**: USD conversion occurs during the volume calculation phase using end-of-day token price feeds, with anti-manipulation logic applied
- **Time aggregation**: Both components use daily time boundaries created by truncating block timestamps to day level
- **Final calculation**: The average trade size is calculated using safe division of total trading volume by total trade count, which handles scenarios where trade count might be zero and returns null instead of causing division errors. The result represents the average USD value per unique transaction on VerseDEX for each day

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

VerseVERSE

Average trading volume (per trade)

Average trading volume (per trade)

Competitive landscape