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 Treasury Methodology

## 1. Overview

The AirSwap treasury metric measures the total USD value of tokens held across AirSwap's designated treasury wallet addresses. This metric provides visibility into the protocol's financial reserves by tracking token balances in real-time and converting them to USD values using end-of-day price feeds. The calculation monitors all ERC-20 token holdings in two specific Ethereum addresses and aggregates their total value on a daily basis.

## 2. Data sources

- **Ethereum token transfers**: Parsed ERC-20 `Transfer` events from the Ethereum blockchain to track token movements into and out of treasury addresses
- **Token metadata**: Token contract information including symbols and decimal precision for proper amount calculations
- **End-of-day price feeds**: Daily token price data in USD for converting token balances to dollar values
- **Treasury addresses**: Two hardcoded Ethereum wallet addresses that represent AirSwap's official treasury holdings:
  - `0x24b4ce3ad4366b73f839c1b1fd11d1f636514534`
  - `0x60b47716d3893b06cc43b66d7c8221e0cac63a9b`

## 3. Step-by-step calculation

### Component A: Treasury balance changes tracking

- **Purpose**: Calculate daily net balance changes for each token in AirSwap's treasury addresses
- **Logic**: Process Ethereum `Transfer` events to identify all token movements involving the two treasury addresses. For each `Transfer` event, determine if tokens are flowing into or out of the treasury addresses. Calculate the net balance change per token per address per day by summing all inflows and subtracting all outflows. Handle token decimal precision by converting raw transfer amounts to human-readable token quantities using each token's decimal configuration.
- **Key fields**: `timestamp` (daily grain), `chain_id` (ethereum), `account_address` (treasury wallet), `token_address`, `token_symbol`, and `balance` (net daily change)

### Component B: Cumulative balance calculation

- **Purpose**: Convert daily balance changes into running cumulative token balances
- **Logic**: For each combination of treasury address and token, calculate running cumulative balances by summing all historical balance changes up to each date. Use window functions partitioned by treasury address and token address, ordered by timestamp, to maintain accurate running totals. This transforms daily net changes into actual token holdings at each point in time.
- **Key fields**: `balance` field becomes the cumulative total tokens held rather than daily change amount

### Component C: Forward-filling missing data

- **Purpose**: Ensure continuous data availability by filling gaps when no transactions occur
- **Logic**: Apply forward-filling logic to carry the last known balance forward for days when there are no token transfer events. This ensures that treasury balances are reported consistently even during periods of inactivity, maintaining the last recorded balance until a new transaction changes it.
- **Key fields**: Maintains all existing fields while filling temporal gaps in the data

### Component D: USD value conversion

- **Purpose**: Convert token balances to USD values for aggregation and reporting
- **Logic**: Join the filled balance data with end-of-day price feeds to convert each token balance to its USD equivalent. Use daily price data that matches the timestamp and token address, multiplying the token balance by the corresponding USD price. Filter to include only positive balances and ensure price data uses daily granularity. Handle missing prices by excluding tokens without available price data.
- **Key fields**: `amount` field containing the USD value of token holdings

### Final aggregation

- **Combining components**: Sum USD values across all tokens and both treasury addresses to calculate total treasury value for each day
- **Currency conversion**: Token balances are converted to USD using end-of-day prices, with safe multiplication to handle potential null values
- **Time aggregation**: Data is aggregated at daily boundaries, with each day representing the treasury value at end-of-day
- **Final calculation**: The treasury metric represents the sum of all positive token balances across both designated treasury addresses, converted to USD and aggregated by day. The final value shows AirSwap's total liquid token holdings in their treasury wallets.

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

Total value of a project's onchain treasury, including its native token.

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