Trades are conducted between a signer and a sender & AirSwap takes a fee (revenue) which is assessed on the signer amount.

AirSwap is a non-custodial exchange built on multiple chains that allows direct peer-to-peer trading. AirSwap was co-founded by Don Mosites & Michael Oved and launched in 2017.

AST tokenholders own and govern the protocol. Revenue is currently distributed to a contributor tips pool and a voter rewards pool according to a set split. AirSwap DAO has not raised funds and the company that originally launched AirSwap is no longer operating.

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AirSwap

# AirSwap Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures AirSwap's daily revenue divided by daily active users. This metric answers the business question: "How much revenue does AirSwap generate per trader on average each day?" The calculation divides total daily protocol fees (which constitute AirSwap's revenue) by the number of unique users who executed trades that day.

## 2. Data sources

The calculation uses several key data sources:
- **Blockchain events**: Parsed swap events from AirSwap protocol contracts across multiple versions (v0 through v4) on Ethereum, Arbitrum, Avalanche, BSC, and Polygon blockchains
- **Transaction data**: Transaction records from all five supported blockchains to identify user addresses initiating trades  
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimal precision and symbols
- **Price feeds**: End-of-day USD price data for accurate currency conversion

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Capture all swap transactions across AirSwap protocol versions and chains
- **Logic**: Extract swap events from multiple AirSwap contract versions including `SwapERC20` events (v4), `Swap` events (v3), `Light_Swap` events (v2), and legacy events (v1, v0). Each event captures the signer token, sender token, token amounts, and protocol fees. The system processes events from Ethereum, Arbitrum, Avalanche, BSC, and Polygon. Events are joined with transaction data to identify the user address from the transaction's `from_address` field. Block number filters are applied to exclude pre-deployment transactions.
- **Key fields**: `signerToken` and `senderToken` addresses, `signerAmount` and `senderAmount` values, `protocolFee` or `signerFee` depending on version, `user_address` from transaction initiator

### Component B: Volume calculation and USD conversion  
- **Purpose**: Calculate trading volume in USD terms with decimal correction and anti-manipulation measures
- **Logic**: Token amounts are corrected for decimal precision by dividing by 10 raised to the token's decimal count from token metadata. Both tokens in each swap are converted to USD using end-of-day price feeds matched by date, token address, and chain. To prevent price manipulation attacks, the system takes the minimum USD value between the two tokens in each pair rather than summing them. Trading volumes are aggregated daily by transaction.
- **Key fields**: `token0_amount` and `token1_amount` after decimal correction, `trading_volume` as minimum USD value between token pairs

### Component C: Fee and revenue calculation
- **Purpose**: Calculate protocol fees that constitute AirSwap's revenue  
- **Logic**: Fees are calculated by multiplying the trading volume by the `fee_tier` percentage. The `fee_tier` is converted from basis points to decimal by dividing by 10,000. Different AirSwap versions have different fee structures - some capture fees in the event data while others use fixed percentages. All calculated fees represent AirSwap's revenue since the protocol collects 100% of trading fees. Daily fees are summed across all trades and chains.
- **Key fields**: `fee_tier` converted to decimal percentage, `fees` as trading volume multiplied by fee rate

### Component D: User counting
- **Purpose**: Count distinct active users (traders) per day
- **Logic**: Extract unique `user_address` values from all trades per day across all chains and contract versions. Users are classified as "Trader" type since they're identified through trading activity. The system uses HyperLogLog sketches for efficient distinct counting at scale. Daily counts are aggregated across multiple dimensions including total project level, by chain, by user type, and by product.
- **Key fields**: `user_address` for distinct counting, `user_dau` as daily count of unique traders

### Final aggregation
- **Combining components**: Revenue and user DAU metrics are combined using the `calculate_arpu` macro which performs a division operation
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds matched by timestamp, token address, and chain
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation to day level  
- **Final calculation**: ARPU equals daily revenue divided by daily active users, producing an average revenue per user value in USD

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

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