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 Fees Methodology

## 1. Overview

The AirSwap fees metric measures the total USD value of protocol fees generated from trades executed across all versions of the AirSwap decentralized exchange protocol. This metric answers the question: "How much revenue does AirSwap generate from trading fees?" The calculation multiplies daily trading volumes by the applicable fee rates for each protocol version.

## 2. Data sources

- **Blockchain events**: Parsed swap events from AirSwap protocol contracts across Ethereum, Arbitrum, Avalanche, BSC, and Polygon networks, including `SwapERC20` events, `Swap` events, `Light_Swap` events, and `AirSwapExchange_Filled` events from different protocol versions
- **Transaction data**: Blockchain transaction records from all supported chains to identify user addresses and apply block number filters
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimal places and symbols
- **Protocol versions**: Data from 14 different AirSwap protocol deployments ranging from v0 to v4 across multiple blockchain networks

## 3. Step-by-step calculation

### Component A: Raw trade extraction
- **Purpose**: Extract all swap events from AirSwap protocol contracts across multiple versions and chains
- **Logic**: The system queries parsed swap events from 14 different AirSwap protocol deployments. Each protocol version uses different event schemas - v4 uses `SwapERC20` events with `signerToken`, `senderToken`, `signerAmount`, `senderAmount`, and `protocolFee` fields. V3 uses `Swap` events with similar structure. V2 Light uses `Swap` events with `signerFee` instead of `protocolFee`. V2 Light v0 has hardcoded 30 basis points fees. V1 has zero fees, and v0 uses `AirSwapExchange_Filled` events with `makerToken`, `takerToken`, `makerAmount`, and `takerAmount` fields. The extraction joins swap events with transaction records to obtain user addresses and applies block number filters to exclude early test transactions
- **Key fields**: `signerToken`/`makerToken` and `senderToken`/`takerToken` for trading pair identification, `signerAmount`/`makerAmount` and `senderAmount`/`takerAmount` for trade sizes, `protocolFee`/`signerFee` for fee rates, `block_timestamp` for daily aggregation, `transaction_hash` and `log_index` for unique trade identification

### Component B: Fee tier standardization
- **Purpose**: Convert different fee structures across protocol versions into standardized decimal format
- **Logic**: Fee tiers are handled differently across versions. For protocols with `protocolFee` or `signerFee` fields, the raw values are converted from basis points to decimal percentages by dividing by 10,000. V2 Light v0 uses a hardcoded 30 basis points (0.003). V1 and v0 protocols have zero fees. This standardization allows consistent fee calculation across all protocol versions
- **Key fields**: `fee_tier` as the standardized decimal fee rate, with values ranging from 0 to approximately 0.01 depending on protocol version

### Component C: Daily volume aggregation with decimal correction
- **Purpose**: Aggregate trades by day and convert raw token amounts to human-readable format
- **Logic**: Trades are grouped by day using timestamp truncation. Raw token amounts are converted from blockchain format to human-readable amounts by dividing by 10 raised to the power of each token's decimal places. The system joins with token metadata to get decimal information for both tokens in each trading pair. Absolute values are used to handle different token ordering conventions. Trading pair names are created by concatenating token symbols with a dash separator
- **Key fields**: `timestamp` truncated to day level, `token0_amount` and `token1_amount` as decimal-corrected values, `account_name` as the trading pair identifier combining both token symbols

### Component D: USD conversion with manipulation protection
- **Purpose**: Convert token amounts to USD values using price feeds while protecting against price manipulation
- **Logic**: The system joins both tokens in each trading pair with end-of-day price feeds to get USD values for both sides of the trade. Each trade results in two USD amounts - one for each token. To protect against price manipulation or stale prices affecting one token more than the other, the system uses the smaller USD value between the two tokens as the final trading volume. This "least value" approach ensures that manipulated prices on one side of the trade don't inflate the volume calculation. If price data is unavailable for either token, the volume defaults to zero
- **Key fields**: `trading_volume` as the final USD amount representing the conservative estimate of trade value, calculated using end-of-day prices for both tokens in the trading pair

### Final aggregation
- **Combining components**: The final fees calculation multiplies the USD trading volume by the standardized fee tier for each trade, then aggregates these fee amounts by day, chain, and business classification
- **Currency conversion**: All fee calculations are performed in USD using the conservative volume estimates from the manipulation protection logic
- **Time aggregation**: Fees are calculated on a daily basis using timestamp truncation to day boundaries, with each day's fees representing the sum of all trades executed that day
- **Final calculation**: The metric value equals trading volume multiplied by fee tier, where trading volume uses the smaller USD value between the two tokens in each trade to prevent manipulation, and fee tier is the decimal percentage rate applicable to each protocol version

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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