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 Earnings Methodology

## 1. Overview

AirSwap earnings represent the protocol's daily profit calculated as revenue minus expenses. Revenue comes from trading fees collected on swaps across AirSwap's decentralized exchange aggregator, while expenses currently consist only of token incentives (which are set to zero as AirSwap doesn't currently distribute incentive tokens). This metric answers how much profit AirSwap generates from its core trading operations across multiple blockchain networks.

## 2. Data sources

- **Blockchain events**: Parsed swap events from AirSwap contracts across versions v0-v4 on Ethereum, Arbitrum, Avalanche, BSC, and Polygon networks, including `SwapERC20`, `Swap`, `Light_Swap`, and `AirSwapExchange_Filled` events
- **Transaction data**: Transaction records from Ethereum, Arbitrum, Avalanche, BSC, and Polygon containing user addresses, timestamps, and block information
- **External data**: End-of-day token price feeds for USD conversion and token metadata containing symbols and decimal precision information
- **Contract versions**: Multiple AirSwap protocol versions from v0 (legacy) through v4 (current) across supported chains

## 3. Step-by-step calculation

### Component A: Raw trading data extraction
- **Purpose**: Extracts all swap events from AirSwap contracts across different versions and blockchain networks
- **Logic**: Collects swap events from 14 different contract configurations spanning AirSwap versions v0 through v4 across five blockchain networks. Each event contains token addresses, amounts, and fee information. Events are joined with transaction data to obtain user addresses and precise timestamps. Filtering excludes events before specific block numbers for data quality (particularly block 4916553 for v0 contracts)
- **Key fields**: `signerToken`/`makerToken` addresses, `senderToken`/`takerToken` addresses, token amounts, `protocolFee`/`signerFee` values, transaction hashes, and block timestamps

### Component B: Token amount normalization
- **Purpose**: Converts raw blockchain integer amounts to human-readable token amounts using decimal metadata
- **Logic**: Raw token amounts from swap events are integers that need decimal correction. Token metadata is joined to obtain the decimal precision for each token. Amounts are divided by 10 raised to the power of the token's decimal places to get normalized amounts. Absolute values are used to handle both buy and sell directions consistently
- **Key fields**: Normalized `token0_amount` and `token1_amount` values corrected for decimal places

### Component C: USD conversion and volume calculation  
- **Purpose**: Converts normalized token amounts to USD values and calculates trading volume with anti-manipulation protection
- **Logic**: Normalized token amounts are converted to USD by joining with end-of-day price feeds for each token on each day. Trading volume is calculated as the lesser of the two token USD values in each swap to prevent price manipulation attacks where one token might have an artificially inflated price. This approach ensures volume calculation uses the more reliable price signal
- **Key fields**: USD-denominated `trading_volume` representing the smaller of the two token values in each swap

### Component D: Fee calculation
- **Purpose**: Calculates fees collected by AirSwap on each trade based on protocol fee rates
- **Logic**: Fees are calculated by multiplying the trading volume by the fee tier. Fee tiers vary by contract version - some versions have fee information in event fields (`protocolFee`, `signerFee`) while others use hardcoded rates (30 basis points for Light v0 contracts, zero for v1 contracts). The fee represents AirSwap's revenue from facilitating the trade
- **Key fields**: `fees` calculated as trading volume multiplied by fee tier percentage

### Component E: Revenue aggregation
- **Purpose**: Aggregates daily fee collection as protocol revenue
- **Logic**: All fees collected from trades are summed by day, chain, and product to create daily revenue totals. This represents AirSwap's total income from trading fees across all supported networks and contract versions
- **Key fields**: Daily aggregated `revenue` totals by chain and product

### Component F: Expense calculation
- **Purpose**: Calculates protocol expenses, primarily token incentives
- **Logic**: Currently set to zero as AirSwap does not distribute token incentives to users. The expense component is structured to accommodate future incentive programs but returns zero values for all time periods
- **Key fields**: `expenses` set to zero across all periods

### Final aggregation
- **Combining components**: Revenue and expenses are combined using the earnings calculation macro, which subtracts total expenses from total revenue
- **Currency conversion**: All amounts are already converted to USD during the volume calculation phase using end-of-day price feeds
- **Time aggregation**: Daily boundary logic aggregates all trades within each calendar day using timestamp truncation
- **Final calculation**: Earnings equals revenue minus expenses, where revenue comes from trading fees and expenses are currently zero, resulting in earnings equal to fee revenue

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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