Liquidity providers deposit funds into Zyberswap and receive trading fees from traders (supply-side fees).

Zyberswap is a non-custodial exchange protocol built on Arbitrum. Zyberswap was founded by anonymous team and launched in 2023.

ZYB tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Zyberswap

# Zyberswap Average trading volume (per trade) Methodology

## 1. Overview

The average trading volume per trade metric measures the typical USD value of individual trades on the Zyberswap decentralized exchange. This metric is calculated by dividing the total daily trading volume by the total number of unique trades for each day. It provides insights into trading patterns and helps identify whether volume comes from many small trades or fewer large trades. The calculation covers both Zyberswap v2 and v3 protocols on the Arbitrum blockchain.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Arbitrum blockchain event logs**: Parsed `Swap` events from Zyberswap v2 (`Pair_Swap_event`) and v3 (`AlgebraPool_Swap_event`) contracts capturing individual trade details including token amounts and pool addresses
- **Pool creation events**: `NewSwapPool_event` from v2 SwapDeployer, `PairCreated_event` from v2 Factory, and `Pool_event` from v3 AlgebraFactory establishing trading pair relationships
- **Fee configuration events**: `Fee_event` from v3 AlgebraPool contracts tracking dynamic trading fees, and `CommunityFee_event` from v3 AlgebraPool contracts tracking protocol fee changes
- **Transaction data**: Arbitrum transaction records providing user addresses and transaction metadata
- **End-of-day token price feeds**: USD prices for tokens traded on Zyberswap pools
- **Token metadata**: Token contract information including decimal places and symbols for proper amount calculation and pair naming

## 3. Step-by-step calculation

### Component A: Trade extraction
- **Purpose**: Extract individual swap transactions from both Zyberswap v2 and v3 protocols
- **Logic**: Parse `Swap` events from both protocol versions on Arbitrum. For v2, calculate net token amounts by subtracting `amount0Out` from `amount0In` and `amount1Out` from `amount1In`. For v3, use `amount0` and `amount1` directly. Filter for data starting from January 23, 2023. Join with Arbitrum transaction records to obtain user addresses from the `from_address` field
- **Key fields**: `transaction_hash`, `log_index`, `account_address` (pool address), `token0_amount`, `token1_amount`, `user_address`, `block_timestamp`

### Component B: Trading pair identification
- **Purpose**: Map pool addresses to their underlying token pairs and metadata
- **Logic**: Extract trading pairs from pool creation events across both protocol versions. For v2, parse pool deployment events and factory pair creation events to establish token0/token1 relationships. For v3, use factory pool creation events. Handle multi-token pools in v2 by creating all possible token pair combinations. Join with token metadata to obtain decimal places and symbols for proper amount calculation and pair naming
- **Key fields**: `account_address` (pool), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component C: Fee tier application
- **Purpose**: Apply appropriate trading fees for volume calculations
- **Logic**: Use fixed fee tiers for v2 pools (0.25% trading fee, 0.10% protocol fee). For v3 pools, retrieve dynamic fees from `Fee_event` logs and protocol fees from `CommunityFee_event` logs. Protocol fees for v3 are calculated as the product of trading fee and community fee rates. Fee data is matched to trades by pool address and block number
- **Key fields**: `fee_tier`, `protocol_fee_tier`

### Component D: Volume calculation with price protection
- **Purpose**: Calculate USD trading volume for each trade with safeguards against price manipulation
- **Logic**: Correct token amounts by dividing raw values by 10 raised to the token's decimal places. Convert corrected amounts to USD using end-of-day token prices matched by timestamp, token address, and chain. Apply price manipulation protection by taking the minimum USD value between token0 and token1 amounts for each trade. This prevents inflated volumes from trades involving tokens with manipulated or stale prices. Aggregate to daily level by summing all trade volumes within each day
- **Key fields**: `timestamp` (daily), `trading_volume` (USD)

### Component E: Trade counting
- **Purpose**: Count the number of unique trades per day
- **Logic**: Use distinct count on `transaction_hash` to count unique trades, as each transaction hash represents one trade regardless of how many swap events it contains. Group by daily timestamp to get trade counts per day. This approach ensures that complex trades involving multiple pools or steps are counted as single trades
- **Key fields**: `timestamp` (daily), `trade_count`

### Final aggregation
- **Combining components**: Join daily trading volume and daily trade count data on the timestamp field to align volume and count metrics for the same day
- **Currency conversion**: USD conversion occurs during volume calculation using end-of-day token prices, ensuring consistent valuation across all trades
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation, with both volume and count calculated at the same daily granularity
- **Final calculation**: Divide total daily trading volume by total daily trade count using safe division to handle edge cases where trade count might be zero, resulting in the average volume per trade in USD

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

ZyberswapZYB

Average trading volume (per trade)

Average trading volume (per trade)

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