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 Expenses Methodology

## 1. Overview

AirSwap expenses represents the protocol's token incentive costs. Currently, this metric is hardcoded to 0, indicating that AirSwap does not provide token incentives to users. The calculation infrastructure is built on the protocol's trading activity data, but the final expenses value is always 0 regardless of trading volume or fees generated.

## 2. Data sources

The underlying calculation infrastructure uses:
- **Blockchain events**: Parsed swap events from multiple AirSwap contract versions (v0 through v4) across Ethereum, Arbitrum, Avalanche, BSC, and Polygon networks, including `SwapERC20`, `Swap`, `Light_Swap`, and `AirSwapExchange_Filled` events
- **Transaction data**: Transaction records from all supported chains to identify user addresses and transaction context
- **External data**: End-of-day token price feeds for USD conversion and token metadata containing decimal precision and symbols
- **Data types**: Daily aggregated trading volumes, fee calculations, and protocol-specific business logic

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extracts and standardizes swap events from multiple AirSwap contract versions across different blockchains
- **Logic**: Collects swap events from various AirSwap contracts, including different event types like `SwapERC20` for v4 contracts, `Swap` events for v3 contracts, `Light_Swap` for v2, and `AirSwapExchange_Filled` for v0. Each event captures the signer and sender token addresses, amounts, and protocol fees. The system joins swap events with transaction data to get user addresses and applies block number filters to exclude data before specific deployment blocks. Different contract versions have different field names and fee structures, which are standardized into a common format.
- **Key fields**: `signerToken`/`senderToken` addresses, `signerAmount`/`senderAmount` values, `protocolFee`/`signerFee` amounts, transaction hashes, and user addresses

### Component B: Trading volume calculation
- **Purpose**: Aggregates daily trading volumes with proper decimal correction and USD conversion
- **Logic**: Groups swap events by day and joins with token metadata to correct for token decimals by dividing raw amounts by 10^decimals. Calculates the absolute value of token amounts and sums them for each trading pair. Joins with end-of-day price feeds to convert token amounts to USD values, taking the minimum USD value between the two tokens in each swap to prevent price manipulation from affecting volume calculations. Creates trading pair names by concatenating token symbols.
- **Key fields**: Daily aggregated `token0_amount` and `token1_amount` in human-readable units, USD-converted `trading_volume`, and trading pair identifiers

### Component C: Fee calculation  
- **Purpose**: Calculates protocol fees based on trading volume and fee tiers
- **Logic**: Multiplies the USD trading volume by the fee tier percentage to determine total fees collected. Fee tiers vary by contract version, with some using variable protocol fees from events and others using hardcoded rates like 30 basis points for certain v2 contracts or 0% for v1 contracts. The fee tier is converted from basis points to decimal format by dividing by 10,000.
- **Key fields**: `fees` calculated as trading_volume × fee_tier, with fee rates varying by protocol version

### Component D: Token incentives determination
- **Purpose**: Sets the token incentive amount that represents protocol expenses for user rewards
- **Logic**: Despite having access to the complete trading and fee infrastructure, this component hardcodes token incentives to 0. This indicates that AirSwap does not currently provide token-based incentives to users for trading activity, regardless of trading volume or fees generated by the protocol.
- **Key fields**: `token_incentives` hardcoded to 0 for all time periods and chains

### Final aggregation
- **Combining components**: The expenses metric directly takes the token incentives value and renames it as expenses
- **Currency conversion**: No additional currency conversion needed as token incentives are hardcoded to 0
- **Time aggregation**: Daily time boundaries are maintained from the underlying trading volume calculation
- **Final calculation**: Expenses = token incentives = 0 for all periods, regardless of actual protocol activity or fee generation

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

Total project operating and incentive expenses.

AirSwapAST

Archived

Expenses

Expenses

Competitive landscape

Chain breakdown