The operator posts its own inventory into on-chain vaults and quotes prices from the ZeroFi program, so every fill is against the operator rather than pooled liquidity-provider capital. It earns the spread embedded in its quotes; the swap instructions carry no separate fee field, and there is no governance token.

ZeroFi is a proprietary automated market maker (prop AMM) on Solana, live since December 2024. It has no public frontend and takes almost all of its order flow from DEX aggregators, primarily Jupiter, which route swaps to its pools when its quote is best.

ZeroFi is operated by a professional market-making team that has not disclosed its identity and publishes no website, documentation or social accounts.

Exchanges (DEX)

ZeroFi

# ZeroFi Trade count Methodology

## 1. Overview

Trade count is defined as the number of trades executed on the ZeroFi decentralized exchange. This metric is used to show how frequently assets are bought or sold by users through the project. Every individual fill executed by the `ZeroFi` program is counted as a trade, meaning that multi-hop aggregator routes touching multiple ZeroFi pools are counted as multiple distinct trades.

## 2. Data sources

- **Blockchain events**: Trade execution instructions parsed from the `ZeroFi` program, covering Solana
- **External data**: Asset metadata used for decimal normalization of traded amounts

## 3. Step-by-step calculation

### Component A: ZeroFi trade extraction and filtering

- **Purpose**: Raw trade data executed by the `ZeroFi` program is extracted and atomic round-trips are filtered out.
- **Logic**: Trade data is extracted from Solana transactions where the executing program matches the `ZeroFi` program account. Atomic round-trips, where a trader ends net-flat in every asset within a single transaction on a single pool account, are excluded to prevent the inclusion of artificial churn volume. This exclusion is performed by verifying if the net flow of assets relative to the gross flow falls below a tolerance threshold of 1%.
- **Key fields**: `transaction_id`, `pool` account, `base_mint` account, `quote_mint` account, `base_amount`, `quote_amount`

### Component B: Asset decimal normalization

- **Purpose**: Trade amounts are normalized using asset decimal precision.
- **Logic**: Base and quote asset amounts are joined with asset metadata. The raw amounts are normalized by decimal precision.
- **Key fields**: `base_amount`, `quote_amount`, `decimals`

### Component C: Trade count aggregation and zero-filling

- **Purpose**: The total number of trades is aggregated and the final metric is formatted.
- **Logic**: The total number of trades is calculated by counting the individual fills executed by the `ZeroFi` program. Multi-hop routes that interact with multiple `ZeroFi` pool accounts are counted as multiple distinct trades. The trade counts are aggregated daily by UTC boundaries. Missing days are filled with zeros to ensure a continuous time series.
- **Key fields**: `block_timestamp`, `trade_count`

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

Number of trades executed on a decentralized exchange.

ZeroFi

Trade count

Trade count

Competitive landscape