Docs·Metrics reference

Metrics reference

Volume

Bonding-curve volume, post-graduation pool volume and refunds — what each is summed from and why one of them is always partial.

Version: 1.0
Updated: 2026-08-29
Source: Metric definitions v1.2

curveVolumeWei — bonding-curve volume#

`curveVolumeWei`
unit	wei
derivation	`Σ Bought.grossEthUsed + Σ Sold.grossCurveQuote` over every launch curve of every factory in `priorFactories[]` and the current one
source	`BondingCurve.Bought`, `BondingCurve.Sold` — `contracts/src/launchpad/BondingCurve.sol`
freshness	Indexed. Carries `asOfBlock`.
coverage	`FULL` from `indexFromBlock`

event Bought(address indexed buyer, address indexed recipient, uint256 grossEthUsed,
             uint256 curveQuote, uint256 tokenAmount, uint256 tradeFee);

event Sold(address indexed seller, uint256 tokenAmount, uint256 grossCurveQuote,
           uint256 ethReceived, uint256 tradeFee);

Both sides are measured gross — fee included, on the same basis. That is the whole reason the field choice matters, and picking the wrong field on one side produces a figure that is net on buys and gross on sells.

Which field, and what the alternative would mean
Side	Use	Relationship
Buy	`grossEthUsed`	`grossEthUsed = curveQuote + tradeFee`. It is the ETH actually consumed, excluding any refund. `curveQuote` is the net that reached the reserve.
Sell	`grossCurveQuote`	`grossCurveQuote = ethReceived + tradeFee`. It is what the curve gave up before the fee; `ethReceived` is what the seller got.
Completing buy	`grossEthUsed`	Already the capped amount: the curve sizes the trade to land exactly on the graduation target and refunds the excess. The refund is not in the event, correctly — it was never spent.

Caveats#

Caveat	Detail
`Redeemed` is not volume	It is the refund hatch for a curve that completed and never graduated. Fee-free, and a reserve outflow rather than a trade. Published separately as `refundedWei`; never added to volume.
`tradeFeeBps` is on no trade event	It is `immutable` on the curve, bounded by `MAX_TRADE_FEE_BPS = 500`. To reconstruct a historical fee rate, read the curve, or replay `LaunchFactory.ConfigSet` to the launch’s block.
A launch’s own opening buy is volume	The factory routes it through the same curve at the launch timestamp, so it emits an ordinary `Bought`. It is not excluded.

poolVolumeWei — post-graduation volume#

`poolVolumeWei`
unit	wei
derivation	Per token, `PoolMetrics.metricsOf(token).buyVolumeWei` — equivalently `Σ Poked.buyAddedWei`. Protocol-wide, the sum over graduated tokens.
source	`PoolMetrics.Poked`, `PoolMetrics.metricsOf(address)` — `contracts/src/predict/PoolMetrics.sol`
freshness	On-chain accumulator, advanced by a permissionless `poke(token)` no more often than `MIN_POKE_INTERVAL` (300 s on production).
coverage	`PARTIAL`, always. See below.

fees   = (feeGrowth0X128_now − feeGrowth0X128_last) × min(liquidity_now, liquidity_last) / 2^128
volume = fees × FEE_DENOMINATOR / lpFee

What the derivation cannot see
Consequence	Detail
Buy side only	Fee growth is read on currency0 (ETH), so sells contribute nothing.
Liquidity added mid-interval books less than traded	The interval is priced at the lower of the two liquidity readings.
An interval can be skipped entirely	When liquidity moved by more than `MAX_LIQUIDITY_DRIFT` (2×), the interval is dropped and says so: `PoolMetrics.VolumeIntervalSkipped(address indexed token, uint128 previousLiquidity, uint128 currentLiquidity, uint256 feeGrowthDeltaX128)`.

The exact alternative, when an exact figure is needed: index Uniswap V4 PoolManager Swap events filtered to the launch’s poolId (PoolMetrics.poolIdOf(token)). That is complete in both directions. It is not the platform’s published figure because the poke series is what settlement reads, and a published number that disagrees with the settlement oracle is worse than a conservative one. Publish whichever you used, and say which.

refundedWei — refunds from ungraduated completions#

`refundedWei`
unit	wei
derivation	`Σ Redeemed.ethReceived`
source	`BondingCurve.Redeemed(address indexed holder, uint256 tokenAmount, uint256 ethReceived)` · gate `BondingCurve.refundOpen()`
freshness	Indexed. Carries `asOfBlock`.
coverage	`FULL`

Only possible on a curve that reached complete() and did not graduate before completedAt + GRADUATION_GRACE_PERIOD (3 days). No fee is ever taken on this path. It belongs beside volume, never inside it — see launches and graduation for how a refunding launch is counted in the graduation rate.