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 Trading volume Methodology

## 1. Overview

Trading volume measures the total value of trades executed on ZeroFi. As a decentralized spot exchange utilizing a proprietary market maker on Solana, swaps are filled directly from the operator's inventory. Because no separate liquidity providers are utilized, trading volume is calculated using a specialized valuation method to prevent price outliers. This metric serves as a key indicator of the platform's economic activity and its capacity to generate fees.

## 2. Data sources

- **Blockchain events**: `InitMarket` and `InitMarketV2` from the `ZeroFi` program, and trade records from Solana DEX trade tables, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Pool metadata resolution

- **Purpose**: Identify active ZeroFi pools and map their vaults to specific asset mint accounts
- **Logic**: `InitMarket` and `InitMarketV2` from the `ZeroFi` program are parsed to extract pool accounts and their corresponding vault accounts (`vault_a` and `vault_b`). To resolve the asset mint accounts for each vault, trade records are analyzed to map vault accounts to their respective mint accounts. Unresolved pools without valid mint mappings are excluded from the dataset.
- **Key fields**: `pool_account`, `vault_a`, `vault_b`, `token_account_0`, `token_account_1`

### Component B: Trade extraction and filtering

- **Purpose**: Extract raw trade data and filter out atomic round-trip transactions
- **Logic**: Trade records executing under the `ZeroFi` program are extracted from Solana DEX trade tables. Atomic round-trip transactions, where a trader executes self-reversing swaps within a single transaction and ends net-flat in all assets, are excluded to prevent artificial volume inflation. Raw trade amounts are then normalized by decimal precision using asset metadata.
- **Key fields**: `transaction_id`, `pool_account`, `amount_0`, `amount_1`

### Component C: USD conversion and valuation

- **Purpose**: Convert trade amounts to USD and apply valuation rules to handle price outliers
- **Logic**: Normalized trade amounts are multiplied by end-of-day asset prices. To mitigate the impact of price outliers, each trade is valued at the lesser USD value of its two legs. However, if a trade involves exactly one tokenized stock asset (identified via resolved asset metadata), the trade is valued solely on the tokenized stock leg to avoid pricing errors from newly launched or unpriced counterparty assets.
- **Key fields**: `amount_0`, `amount_1`, `price_usd`

### Component D: Aggregation and zero-filling

- **Purpose**: Aggregate trading volume to daily intervals and ensure continuous data coverage
- **Logic**: Valued trades are aggregated by day, chain, product, and pool. Missing days within the time series are filled with zero values to maintain a continuous daily record.
- **Key fields**: `timestamp`, `trading_volume`

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

Total value of spot trades executed on the exchange.

ZeroFi

Trading volume

Trading volume

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