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 user) Methodology

## 1. Overview

Average trading volume (per user) is measured as the average trading volume generated per unique user over a fixed 24-hour window for ZeroFi. This metric is calculated as total daily trading volume divided by active users (daily). The resulting value is utilized to analyze whether the decentralized exchange is primarily used by institutional or retail traders.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trade extraction and pool mapping

- **Purpose**: Identify and extract swap trades executed on ZeroFi and map them to their respective liquidity pools.
- **Logic**: Trades executed by the `ZeroFi` program are parsed from Solana ledger data. Atomic round-trip transactions, where a trader ends net-flat in every asset within a single transaction on a single pool, are excluded to prevent volume inflation. Pool metadata is resolved by parsing `InitMarket` and `InitMarketV2` from the `ZeroFi` program to map pool accounts to their respective vault accounts and asset mints.
- **Key fields**: `block_timestamp`, `transaction_id`, `signer`, `pool_address`, `base_amount`, `quote_amount`

### Component B: Trading volume calculation and USD valuation

- **Purpose**: Calculate the daily trading volume in USD.
- **Logic**: Trade amounts are normalized by decimal precision using asset metadata. To prevent price outliers, each trade is valued at the lesser USD value of its two swap legs. An exception is applied if exactly one leg is classified as a tokenized stock, in which case the trade is valued using the tokenized stock leg. Daily trading volume is then aggregated by summing the USD value of all valid trades per day.
- **Key fields**: `amount_0`, `amount_1`, `token_address_0`, `token_address_1`

### Component C: Active users (daily) tracking

- **Purpose**: Determine the number of unique active users (daily).
- **Logic**: Unique active users (daily) are identified by extracting the distinct transaction signers (representing the end traders) from the parsed trades. By extracting the transaction signer, routing contracts or aggregators are excluded from the active user count.
- **Key fields**: `signer`, `block_timestamp`

### Component D: Average trading volume calculation

- **Purpose**: Calculate the final average trading volume per user.
- **Logic**: The total daily trading volume is divided by the active users (daily) count for each day. If no activity is recorded, the metric is zero-filled.
- **Key fields**: `trading_volume`, `user_dau`

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

Average trading volume (per user)

Trading volume divided by daily active users.

ZeroFi

Average trading volume (per user)

Average trading volume (per user)

Competitive landscape