# ZeroFi Trade count Methodology

## 1. Overview

Trade count measures the number of trades executed on ZeroFi. The frequency with which users buy or sell assets through the project is represented by this metric. Each individual fill executed by the ZeroFi program is counted as a single trade. Consequently, a multi-hop aggregator route that interacts with multiple ZeroFi pools is counted as multiple distinct trades.

## 2. Data sources

- **Blockchain events**: Trade instructions executed by the ZeroFi program, covering Solana
- **External data**: Asset metadata containing decimal precision details for traded assets

## 3. Step-by-step calculation

### Component A: Trade extraction and filtering

- **Purpose**: Extract raw trade records and filter out atomic round-trips
- **Logic**: Trade records executed by the ZeroFi program are extracted from Solana decentralized exchange trade data. Atomic round-trip trades, 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 volume or churn.
- **Key fields**: `transaction_id`, `pool_address` (pool account), `base_mint_address` (base mint account), `quote_mint_address` (quote mint account), `base_amount` (amount_0), `quote_amount` (amount_1), `transaction_signer` (signer)

### Component B: Decimal normalization

- **Purpose**: Normalize trade amounts using asset decimal precision
- **Logic**: Raw trade amounts for both base and quote assets are joined with asset metadata. The raw amounts are then normalized by the decimal precision of each respective asset.
- **Key fields**: `base_amount` (amount_0), `quote_amount` (amount_1), `decimals`

### Component C: Trade count aggregation

- **Purpose**: Aggregate the daily number of trades
- **Logic**: Normalized trades are aggregated by day, chain, and product. The total trade count is calculated by counting the number of individual trade records. Missing days in the time series are filled with zeros to ensure continuous daily data.
- **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.

Trade count

Exchanges (DEX)

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.