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 Token incentives Methodology

## 1. Overview

Token incentives represent the USD value of tokens distributed by AirSwap to incentivize user activity on the platform. For AirSwap, this metric is explicitly set to zero, indicating that the protocol does not distribute token-based incentives to users. The calculation leverages the existing fee calculation infrastructure to maintain consistent schema and time series structure but replaces all fee values with zero.

## 2. Data sources

The calculation relies on the following underlying data sources, though the final values are set to zero:

- **Blockchain events**: Parsed swap events from AirSwap protocol versions v0 through v4 across Ethereum, Arbitrum, Avalanche, BSC, and Polygon blockchains, including `SwapERC20`, `Swap`, `Light_Swap`, and `AirSwapExchange_Filled` events
- **Transaction data**: Blockchain transaction records from supported networks to identify user addresses and transaction context  
- **Token metadata**: Token information including symbols and decimal precision for proper amount calculations
- **External data**: End-of-day token price feeds for USD conversion and token metadata

## 3. Step-by-step calculation

### Component A: Trade data extraction
- **Purpose**: Extract and standardize swap events from multiple AirSwap protocol versions and blockchains
- **Logic**: The system processes swap events from five different AirSwap protocol versions across five blockchains. Each version uses different event schemas and field names for token addresses, amounts, and fees. Events are joined with transaction data to identify user addresses. Block number filters are applied to exclude data before protocol deployment. The system handles version-specific differences in event structure, such as `signerToken`/`senderToken` fields in newer versions versus `makerToken`/`takerToken` in v0.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, token addresses (`signerToken`, `senderToken`, etc.), token amounts (`signerAmount`, `senderAmount`, etc.), fee information (`protocolFee`, `signerFee`), and user addresses from transaction data

### Component B: Trading volume calculation  
- **Purpose**: Calculate daily trading volumes in USD for each swap transaction
- **Logic**: Trade data is aggregated by day and combined with token metadata to correct for decimal precision. Token amounts are converted from raw blockchain values to human-readable amounts by dividing by 10 raised to the token's decimal places. The system joins with end-of-day price feeds to convert token amounts to USD values. To prevent price manipulation, the system uses the lesser of the two USD values calculated from each token in the pair. Trading volumes are summed by day, transaction, and token pair.
- **Key fields**: Corrected `token0_amount` and `token1_amount`, USD prices from price feeds, calculated `trading_volume` in USD

### Component C: Fee calculation infrastructure
- **Purpose**: Calculate protocol fees that would normally be used as the basis for token incentives
- **Logic**: The system multiplies daily trading volumes by the fee tier percentage for each trade. Different protocol versions have different fee structures - v4 and v3 use `protocolFee`, v2 uses `signerFee`, v1 has no fees, and v0 uses a hardcoded 30 basis points fee. Fee tiers are converted from integer values to percentages by dividing by 10,000. The resulting fees represent the total protocol revenue that could theoretically be distributed as token incentives.
- **Key fields**: `trading_volume` multiplied by `fee_tier` to calculate potential fees

### Final aggregation
- **Combining components**: The token incentives model uses the complete time series structure from the fee calculation, including timestamps, chain identifiers, and product classifications
- **Currency conversion**: No currency conversion is needed since all values are set to zero
- **Time aggregation**: Daily time boundaries are maintained from the underlying fee calculation infrastructure
- **Final calculation**: All token incentive values are explicitly set to zero, indicating AirSwap does not distribute token-based rewards to users. The finalization macro ensures proper schema compliance and fills any gaps in the time series with zero values.

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

Value of native tokens distributed as incentives.

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Token incentives

Token incentives

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