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 user) Methodology

## 1. Overview

The average trading volume per user metric measures the mean daily USD trading volume generated per active user on the Zyberswap decentralized exchange. This metric provides insights into user engagement depth by dividing total daily trading volume by the number of unique daily active users. The calculation aggregates activity across both Zyberswap v2 and v3 protocols on the Arbitrum blockchain, providing a comprehensive view of per-user trading intensity.

## 2. Data sources

The calculation utilizes several categories of raw blockchain data:

- **Swap events**: Parsed `Swap` events from Zyberswap v2 Pair contracts and v3 AlgebraPool contracts on Arbitrum, capturing trade executions with token amounts and user information
- **Flash loan events**: Parsed `Flash` events from Zyberswap v3 AlgebraPool contracts and `TokenSwap` events from v2 SwapFlashLoan contracts, identifying additional user activity beyond regular swaps  
- **Fee management events**: Parsed `Fee` and `CommunityFee` events from v3 AlgebraPool contracts providing dynamic fee rate information for accurate volume calculations
- **Pool creation events**: Parsed `NewSwapPool` events from v2 SwapDeployer contracts, `PairCreated` events from v2 Factory contracts, and `Pool` events from v3 AlgebraFactory contracts establishing trading pair relationships
- **Transaction records**: Arbitrum transaction data providing user address attribution and transaction context
- **Price data**: End-of-day token price feeds enabling USD conversion of trading volumes
- **Token metadata**: Token contract information including decimal precision and symbol data for proper amount calculations

## 3. Step-by-step calculation

### Component A: Trading volume calculation

- **Purpose**: Calculate total daily USD trading volume across all Zyberswap trading pairs and versions
- **Logic**: Extract swap events from both v2 Pair contracts and v3 AlgebraPool contracts on Arbitrum. For v2 swaps, calculate net token flows by subtracting `amount0Out` from `amount0In` and `amount1Out` from `amount1In`. For v3 swaps, use direct `amount0` and `amount1` values. Join with Arbitrum transaction records to obtain user addresses from the transaction `from_address` field. Apply trading pair mappings to identify token addresses, decimals, and pair names. Normalize token amounts by dividing absolute values by the appropriate power of 10 based on token decimals. Apply fee rates dynamically for v3 (from blockchain fee events) or use a hardcoded 0.25% rate for v2. Convert token amounts to USD using end-of-day price feeds, taking the lesser USD value between the two tokens in each trade to filter out price manipulation attempts. Aggregate all trade values daily by summing USD volumes.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` for v2 trades; `amount0`, `amount1` for v3 trades; `from_address` from transaction records; `decimals` from token metadata; `price_usd` from price feeds

### Component B: Daily active users calculation  

- **Purpose**: Count unique users who performed trading or flash loan activities each day
- **Logic**: Identify user addresses from two activity types: regular swap transactions and flash loan executions. Extract `user_address` from both swap events (via transaction `from_address`) and flash loan events across both v2 and v3 versions. Use HyperLogLog aggregation to efficiently count distinct users per day, handling large user sets with approximate counting. Apply project-level aggregation to combine users across all chains, versions, and activity types, ensuring each unique address is counted only once per day regardless of transaction volume.
- **Key fields**: `user_address` derived from transaction `from_address`; `user_dau` representing unique daily users

### Final aggregation

- **Combining components**: Join daily trading volume totals with daily active user counts on the `timestamp` field, ensuring both metrics use the same daily boundary definition
- **Currency conversion**: USD conversion occurs at the individual trade level using end-of-day price feeds, with the final metric representing the sum of all USD-converted trades
- **Time aggregation**: Both components use daily timestamp truncation with consistent day boundaries, ensuring aligned aggregation periods
- **Final calculation**: Divide the total daily trading volume by the daily active user count using safe division to handle days with zero active users gracefully, resulting in the average USD trading volume per active user

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

Average trading volume (per user)

Trading volume divided by daily active users.

ZyberswapZYB

Average trading volume (per user)

Average trading volume (per user)

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