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.

github

twitter

etherscan

website

DEX aggregators

AirSwap

# AirSwap Treasury (net) Methodology

## 1. Overview

The AirSwap treasury net metric measures the total USD value of tokens held across AirSwap's treasury addresses on Ethereum. This metric provides insight into the protocol's liquid asset reserves by tracking the balance and value of all tokens (except the native AST token) held in designated treasury wallets. The calculation aggregates token balances across multiple addresses and converts them to USD using end-of-day pricing data.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from ERC-20 token contracts on Ethereum to track balance changes for treasury addresses
- **Ethereum transaction logs**: Raw Ethereum transaction data containing token transfer information and contract interactions
- **End-of-day token price feeds**: Daily USD price data for tokens held in treasury addresses
- **Token metadata**: Token contract information including symbols, decimals, and contract addresses for proper balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes for AirSwap's designated treasury addresses
- **Logic**: Extract all token transfer events involving the two specified treasury addresses (`0x24b4ce3ad4366b73f839c1b1fd11d1f636514534` and `0x60b47716d3893b06cc43b66d7c8221e0cac63a9b`) on Ethereum. Process inbound and outbound transfers to calculate net balance changes for each token. Exclude the native AST token (`0x27054b13b1b798b345b591a4d22e6562d47ea75a`) from the treasury calculation. Use incremental processing with daily partitioning to handle new transfer events efficiently
- **Key fields**: `timestamp`, `account_address`, `token_address`, `balance` (net change), `token_symbol`

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes to running cumulative balances for each token
- **Logic**: Apply window functions to sum balance changes over time for each combination of treasury address and token. This creates a running total showing the actual token balance held at each point in time rather than just the change amounts
- **Key fields**: `balance` (cumulative total), partitioned by `timestamp_grain`, `chain_id`, `account_address`, `token_address`

### Component C: Time series completion
- **Purpose**: Ensure complete daily data coverage with forward-filled values
- **Logic**: Use fill-forward methodology to propagate the last known balance for each token forward to fill any missing days in the time series. This ensures that treasury balances are reported consistently even on days with no transaction activity
- **Key fields**: Forward-filled `balance` values maintained across `timestamp`, `timestamp_grain`, `chain_id`, `account_address`, `token_address` dimensions

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation
- **Logic**: Join the forward-filled balance data with end-of-day token price feeds using timestamp, chain, and token address matching. Multiply each token balance by its corresponding USD price to get the dollar value. Filter to include only positive balances and daily price granularity
- **Key fields**: `amount` (USD value calculated as balance × price), derived from `balance` and `price_usd`

### Final aggregation
- **Combining components**: Sum USD values across all tokens and treasury addresses to get total treasury value per day
- **Currency conversion**: USD conversion occurs at the individual token level using end-of-day pricing before aggregation
- **Time aggregation**: Daily boundaries based on timestamp with daily grain specification
- **Final calculation**: The treasury net value equals the sum of (token balance × USD price) for all tokens held across all treasury addresses, excluding the AST token, with forward-filled balances ensuring complete time series coverage

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

Total value of a project's treasury excluding its native token.

AirSwapAST

Archived

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown