Markets
Consumer
Chain Clusters
About this Chart
Pair Categories We define a set of trading pair categories below. The classification of pair categories is determined in a top-to-bottom manner.
-SOL-Stablecoin: the trade involves SOL and a stablecoin. -Bitcoin: the trade involves a Bitcoin-pegged asset. Some notable trading pairs are BTC-ETH, BTC-USD, and BTC-BTC (for example, cbBTC-WBTC). -Stablecoin Swaps: the trade has both the bought token and sold token as stablecoins. -LST Swaps: the trade involves a Liquid Staking token. -Tokenized Assets: the trade involves a tokenized asset. Examples include Gold, Equities, and Treasuries. -Indexed Assets: the trade involves an indexed asset. Examples include leveraged crypto tokens, portfolio of crypto tokens, and LP tokens. -Project Tokens: the trade involves tokens that are issued by projects. An example would be governance tokens and L1 tokens (not including BTC or ETH). -AI Agents: the trade involves an AI agent token. -Memes: The remaining volume from known memecoins as well as unclassified tokens.
Trade Source Indicates where the trade was sourced from. We define five major categories:
- Direct: Trade is traded directly with the exchange
- DEX Aggregator: Trade is routed through an aggregator first
- Trading Platform: Trade takes place on a trading platform such as Photon, Phantom, Axiom, etc.
- MEV Bot: Trade is from an identified MEV bot program on Solana.
- Other: Programs that are unidentified. Most likely an MEV bot.
There are some instances where a trade can be from a trading platform and routed thru an aggregator. To avoid double-counting this volume, we prioritize Trading Platforms in this case. As a result, the total DEX aggregator volume in this chart may slightly differ from other charts.