Researcher Proposes Four-Method Framework to Fix Unreliable DEX Volume Attribution

A preprint published on Zenodo by the team behind ClearTrace argues that decentralized exchange volume is an unreliable metric because on-chain infrastructure provides no standard way to identify which frontend originated a trade. Without proper attribution, volume figures are vulnerable to inflation through wash trading, proxy routing, and MEV-adjacent activity, causing incentive programs to reward manipulative behavior. The researchers developed a four-method attribution system — covering calldata tagging, proxy-router mismatch detection, multi-hop origin tracing, and fee-recipient clustering — applied across Ethereum, Base, Arbitrum, and Optimism. An execution-quality layer separately benchmarks trade prices against a VWAP oracle and flags MEV exposure, deliberately keeping the two scores distinct to avoid masking key insights. In-production validation over a 9.6-day window found statistical significance in 112 of 168 tracked cells, and the methodology uncovered hidden quote degradation in a major aggregator as well as a misidentified sandwich-attack immunity on Arbitrum.