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 Average trading volume (per trade) Methodology

## 1. Overview

Average trading volume (per trade) is defined as the average USD value of a single swap executed on ZeroFi. This metric is calculated through the division of total daily trading volume by the daily trade count. It is utilized for the analysis of user behavior and for the determination of whether the protocol is primarily used by institutional or retail participants. ZeroFi is structured as a proprietary market maker where trades are filled directly from the operator's inventory.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: ZeroFi pool initialization and metadata mapping

- **Purpose**: ZeroFi pool accounts are identified and vault accounts are mapped to asset mint accounts.
- **Logic**: `InitMarket` and `InitMarketV2` instructions from the ZeroFi program are parsed to extract pool accounts, vault A accounts, and vault B accounts. To ensure the asset mint accounts for each vault are resolved, trade records from the ZeroFi program are joined, whereby each vault account is mapped to its corresponding mint account. Only pools with fully resolved mint accounts are included.
- **Key fields**: `pool_address`, `vault_a`, `vault_b`, `token_address_0`, `token_address_1`

### Component B: Trade extraction and filtering

- **Purpose**: Raw trade records are extracted and atomic round-trips are filtered out.
- **Logic**: Trade records executed by the ZeroFi program are extracted from Solana DEX trade data. Atomic round-trips, where swap pairs are reversed within a single transaction on a single pool and net-flat asset balances are maintained for the trader, are excluded to ensure wash trading or non-economic churn is eliminated. Asset amounts are normalized by decimal precision using asset metadata.
- **Key fields**: `transaction_id`, `pool_address`, `base_amount`, `quote_amount`, `base_mint_address`, `quote_mint_address`

### Component C: Daily trade count aggregation

- **Purpose**: The total number of successful trades is calculated per day.
- **Logic**: The filtered trade records are aggregated by day. Each individual fill executed by the ZeroFi program is counted as a single trade. For multi-hop routes where multiple ZeroFi pools are traversed, each pool interaction is counted as an independent trade.
- **Key fields**: `block_timestamp`, `trade_count`

### Component D: Daily trading volume calculation and USD conversion

- **Purpose**: Daily trading volumes are calculated and converted to USD.
- **Logic**: Daily trading volumes for each asset pair are calculated. To ensure distortions from price outliers are prevented, each trade is valued at the lesser USD value of its two swap legs (the base asset leg and the quote asset leg), except when a tokenized stock asset is involved in one leg, in which case the tokenized stock leg's valuation is prioritized. Asset amounts are converted to USD using end-of-day price feeds.
- **Key fields**: `amount_0`, `amount_1`, `price_usd`, `trading_volume`

### Component E: Average trading volume calculation

- **Purpose**: The final average trading volume per trade is computed.
- **Logic**: The total daily USD trading volume is divided by the daily trade count. If the trade count for a given day is zero, the average trading volume is set to zero.
- **Key fields**: `trading_volume`, `trade_count`, `trading_volume_avg_per_trade_count`

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

ZeroFi

Average trading volume (per trade)

Average trading volume (per trade)

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