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XSwap

XSwap | Data Breakdowns

# XSwap Trading volume Methodology

## 1. Overview

Trading volume measures the total USD value of tokens exchanged through XSwap decentralized exchange pools on the XDC blockchain. This metric captures all swap activity across both XSwap V2 and V3 protocol versions, aggregated daily with price manipulation filtering to ensure data quality. The calculation answers how much trading activity occurs on XSwap by converting all token swaps to USD values using end-of-day prices and summing them by day.

## 2. Data sources

The calculation uses several raw data sources from the XDC blockchain:

- **XDC blockchain swap events**: Parsed `Swap` events from both XSwap V2 `Pair` contracts and XSwap V3 `Pool` contracts, containing token amounts, user addresses, and transaction details
- **XDC blockchain factory events**: `PairCreated` events from XSwap V2 factory contracts and `PoolCreated` events from XSwap V3 factory contracts, providing trading pair configurations and fee tiers
- **XDC blockchain transaction records**: Transaction data used to map contract interactions to user wallet addresses
- **End-of-day token price feeds**: Daily USD price data for all tokens involved in XSwap trading pairs
- **Token metadata**: Token information including decimal places and symbols for proper amount normalization and display

## 3. Step-by-step calculation

### Component A: Raw swap event extraction
- **Purpose**: Extract all swap transactions from XSwap V2 and V3 contracts on XDC blockchain
- **Logic**: Query `Swap` events from V2 `Pair` contracts and V3 `Pool` contracts. For V2, calculate net token amounts using the difference between `amount0In` minus `amount0Out` and `amount1In` minus `amount1Out`. For V3, use `amount0` and `amount1` directly. Include transaction metadata like block timestamp, transaction hash, log index, and contract addresses. Join with XDC transaction records to map contract user addresses to actual wallet addresses via the `from_address` field.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `account_address` for the pool contract, `token0_amount` and `token1_amount` for swap quantities, `user_address` for the trader

### Component B: Trading pair registry construction  
- **Purpose**: Build a registry of all XSwap trading pairs with their configurations and token metadata
- **Logic**: Extract trading pair creation events from both V2 and V3 factory contracts. For V2, use `PairCreated` events with a default fee tier of 0.003 (0.3%). For V3, use `PoolCreated` events with the actual `fee` parameter divided by 10^6 to get the decimal fee rate. Join with token metadata to get decimal places for both `token0_address` and `token1_address`, and create readable pair names by concatenating token symbols.
- **Key fields**: `account_address` for the pool contract, `token0_address` and `token1_address` for the paired tokens, `token0_decimals` and `token1_decimals` for normalization, `fee_tier` for the trading fee, `account_name` as the symbol pair

### Component C: Trade normalization and daily aggregation
- **Purpose**: Combine swap events with trading pair metadata and normalize token amounts
- **Logic**: Join swap events with the trading pair registry on pool contract address, chain, and version. Truncate `block_timestamp` to day boundaries for daily aggregation. Normalize token amounts by dividing the raw amounts by 10 raised to the respective token's decimal places. Apply absolute value to handle directional amounts since swaps can go in either direction within a pair.
- **Key fields**: `timestamp` truncated to day, `token0_amount` and `token1_amount` normalized for decimal places, `fee_tier` from pair configuration

### Component D: USD conversion with price manipulation filtering
- **Purpose**: Convert normalized token amounts to USD values while filtering out potential price manipulation
- **Logic**: Join the normalized trade data with end-of-day price feeds for both tokens in each pair, matching on timestamp, token address, and chain. Calculate USD values by multiplying each normalized token amount by its respective USD price. Apply price manipulation filtering by taking the lesser of the two USD amounts using the `least()` function, ensuring that artificially inflated prices on one token don't skew the trading volume calculation. Sum these filtered USD amounts grouped by day, chain, product, version, and fee tier.
- **Key fields**: `trading_volume` as the sum of filtered USD amounts per day

### Final aggregation
- **Combining components**: The daily USD trading volumes are already aggregated by the previous step, grouped by timestamp, chain, product version, and fee tier
- **Currency conversion**: USD conversion occurs at the trade level using end-of-day token prices matched to the trade date, with price manipulation filtering applied per individual trade
- **Time aggregation**: Trading volume is aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: The final metric sums all filtered USD trading volumes per day, applies the `finalize_metric_trading_volume` macro for schema standardization and ensures no data gaps by filling missing days with zero values, then applies chain availability filtering

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

Total value of spot trades executed on the exchange.

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