DEX Volume (24h)

A decentralized exchange settles trades through smart contracts, most commonly an automated market maker that prices each swap against a pool of deposited tokens. Volume is the sum of the dollar value of those swaps as recorded on-chain. Because every swap is a public event, the raw data is complete in a way centralized venue data is not, but completeness is not the same as economic meaning.

计算方式

sum of the US dollar value of all swap events recorded on the tracked exchange contracts over the trailing 24 hours

易产生误导之处

Wash trading is the central defect: wherever a venue, a chain or a prospective airdrop rewards volume, participants trade against themselves and the contracts record it as genuine, with no surveillance function able to exclude it. Aggregators and routers create double counting when a single order is split across several pools and is reported both by the aggregator and by each underlying pool. Adapters differ on whether to count one side or both sides of a swap and on whether intermediate routing hops through a stablecoin count at all, which alone can change a total by a factor of two. High volume can be produced by the same dollar recycling through a pool all day and implies nothing about the depth of liquidity available to a large order.

与股权的类比，以及为何该类比不成立

Exchange turnover. The analogy fails because listed-market volume comes from a regulated venue with trade surveillance and self-trade prevention, while a permissionless pool cannot tell a genuine trade from a self-trade and often pays participants to generate volume.

如何解读高值或低值

A higher figure means more dollar value passed through the tracked swap contracts in the last day. Whether that value represents distinct participants cannot be determined from the number itself.