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 Revenue Methodology

## 1. Overview

AirSwap revenue represents the total fees collected by the AirSwap protocol from peer-to-peer token swaps. AirSwap operates as a decentralized exchange aggregator that facilitates direct token swaps between users, collecting protocol fees on each transaction. The revenue metric aggregates all fees collected across multiple AirSwap contract versions (v0 through v4) deployed on Ethereum, Arbitrum, Avalanche, BSC, and Polygon networks. Since AirSwap collects all trading fees generated on the platform, revenue equals total fees collected.

## 2. Data sources

- **Blockchain events**: Parsed swap events from AirSwap smart 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, transaction hashes, and block timestamps
- **Token metadata**: Token information including decimal places and symbols for proper amount conversion and trading pair identification
- **External data**: End-of-day token price feeds in USD for value conversion and volume calculations

## 3. Step-by-step calculation

### Component A: Trade extraction and standardization
- **Purpose**: Extract and standardize swap events from different AirSwap contract versions across multiple chains
- **Logic**: The system collects swap events from AirSwap contracts spanning versions v0 through v4 across five blockchain networks. Each version has different event schemas but contains essential information about token swaps including signer and sender token addresses, swap amounts, and fee information. Version v0 uses `AirSwapExchange_Filled_event` with `makerToken`, `takerToken`, `makerAmount`, and `takerAmount` fields. Versions v1-v3 use `Swap_Swap_event` with `signerToken`, `senderToken`, `signerAmount`, and `senderAmount` fields. Version v2 also includes `Light_Swap_event` variants. Version v4 uses `SwapERC20_SwapERC20_event` with the same field structure as v1-v3. Fee information is captured differently across versions: v0 and v1 have no explicit fees, v2 includes `signerFee` or hardcoded 30 basis point fees, while v3 and v4 include `protocolFee` fields. The system joins these events with transaction data to obtain user addresses and precise timestamps, filtering out events before specific block numbers for data quality.
- **Key fields**: `signerToken`/`makerToken` and `senderToken`/`takerToken` for traded token addresses, `signerAmount`/`makerAmount` and `senderAmount`/`takerAmount` for swap quantities, `protocolFee`/`signerFee` for fee amounts, `transaction_hash` and `log_index` for unique event identification

### Component B: Volume calculation with price conversion
- **Purpose**: Calculate trading volumes in USD by converting token amounts and applying price data
- **Logic**: Raw token amounts are first corrected for decimal places by dividing each token amount by 10 raised to the power of that token's decimal places, converting from the smallest unit to the standard token unit. The system then joins with token metadata to obtain symbols for trading pair identification. Daily aggregation occurs by truncating timestamps to day boundaries and grouping by transaction hash and log index. For USD conversion, the system joins with end-of-day price feeds for both tokens involved in each swap. To prevent price manipulation attacks, the trading volume is calculated as the lesser of the two possible USD values: either token0 amount multiplied by token0 price, or token1 amount multiplied by token1 price. This conservative approach ensures that inflated prices for one token don't artificially inflate trading volumes. If price data is unavailable for either token, the trading volume defaults to zero.
- **Key fields**: `token0_amount` and `token1_amount` for decimal-corrected quantities, `price_usd` from price feeds, `trading_volume` as the minimum USD value between the two tokens

### Component C: Fee calculation
- **Purpose**: Calculate fees collected from trading activity using fee tiers
- **Logic**: Fees are calculated by multiplying the USD trading volume by the applicable fee tier percentage. Fee tiers vary by AirSwap version and are normalized by dividing raw fee values by 10,000 to convert to percentage terms. For versions with hardcoded fee structures, standard rates are applied (such as 30 basis points for certain v2 implementations). For versions with dynamic fee structures, the actual `protocolFee` or `signerFee` values from the events are used. The calculation produces fees in USD terms by applying these percentage rates to the USD trading volumes calculated in the previous step.
- **Key fields**: `fee_tier` as the normalized percentage rate, `fees` as the USD amount calculated from volume multiplied by fee tier

### Final aggregation
- **Combining components**: All fee calculations from different AirSwap versions and chains are summed together to create total daily revenue figures, with data aggregated by day, chain, and version
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds, with conservative volume calculations to prevent manipulation
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, ensuring consistent daily revenue reporting
- **Final calculation**: Revenue equals the sum of all fees collected across all AirSwap versions and chains, since AirSwap retains 100% of the protocol fees generated from swaps. The final metric represents total daily revenue in USD terms with proper chain availability filtering applied to ensure data completeness.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

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