Blockworks reports spot DEX volume only for trades where both the token bought and the token sold are in the Blockworks token database. Every other trade is excluded.

Why we filter

Onchain venues are permissionless. Anyone can deploy a token, seed a pool, and trade against themselves for the cost of gas. On low-fee chains that cost is close to zero. Raw DEX volume therefore includes large amounts of activity that can be artificially and cheaply promoted.

The token database rule

Each trade is evaluated on its two legs: the token bought and the token sold.

• Included: both tokens are in the token database. The trade counts toward reported volume, fees, and trader metrics.
• Excluded: either token is missing from the token database. The trade is kept in the underlying data but removed from reported figures.

Requiring both legs matters. A trade that sells a spoofed or freshly deployed token for USDC still prints a USD value, but the price behind that value comes from the unrecognized token, not from a real market.

The filter applies the same way on every chain and every venue type, so included volume is comparable across chains.

Why do token deployers do this?

For screeners and leaderboards like DexScreener, token deployers will pair their token with a reputable token in order for it to get a price. Creating artificial volume increases the chances that these tokens will show up on the front-page.

How tokens enter the token database

Tokens are added in two ways.

Manual labeling. The Blockworks Research team reviews and labels tokens by hand. Each labeled token is assigned a category (for example blockchain native tokens, stablecoins, tokenized assets, project tokens, liquid staking tokens, or composites), a sector and subsector, and an issuer where applicable. The same token is recognized across the chains it trades on.

Automatic launchpad capture. Tokens deployed through the launchpads we track are added to the token database automatically and tagged with the launchpad they came from. This covers the long tail of memecoins and newly launched tokens that would be impractical to label by hand, while keeping out tokens deployed outside any recognized launch platform.

What this removes

• Tokens with no genuine market, deployed only to generate volume
• Tokens impersonating established assets
• Trades priced off thin or manipulated pools

How to read the numbers

• Reported volume is intentionally conservative and will often be lower than raw totals published elsewhere.
• A high excluded share on a chain usually reflects long-tail token activity concentrated there, not missing data.
• Chains where the token database has little coverage yet can show most or all of their volume excluded. Coverage expands as tokens are labeled or captured from launchpads.
• Excluded trades are retained, so the filter can be audited and figures recomputed as the token database grows.