Liquidity providers deposit funds into ApeSwap and receive trading fees from traders (supply-side fees).

ApeSwap is a non-custodial exchange protocol built originally on BNB Chain. ApeSwap was founded by an anonymous team and launched in 2021.

BANANA tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Exchanges (DEX)

ApeSwap

# ApeSwap Revenue Methodology

## 1. Overview

ApeSwap revenue represents the protocol's share of trading fees collected from its automated market maker (AMM) decentralized exchange. The metric calculates how much revenue ApeSwap earns by taking a portion of the trading fees generated from swaps on its platform. ApeSwap uses different revenue share models by blockchain: the protocol retains 25% of trading fees on most chains but 75% on Polygon.

## 2. Data sources

The calculation relies on several raw data sources:
- **Factory events**: ApeSwap factory `PairCreated` events from Ethereum, Polygon, Arbitrum, and BSC that establish new trading pairs
- **Swap events**: ApeSwap pair `Swap` events from Ethereum, Polygon, Arbitrum, and BSC representing individual trades
- **Transaction data**: Blockchain transaction records from all supported chains containing user addresses and transaction metadata
- **Token metadata**: Token information including symbols and decimal places for proper amount calculations
- **End-of-day price feeds**: Daily token prices in USD across all supported blockchains for volume conversion

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identify all valid ApeSwap trading pairs and their properties
- **Logic**: Process factory `PairCreated` events to extract pair contract addresses, underlying token addresses (token0 and token1), and chain information. Apply a standard fee tier of 0.2% (2000 basis points) to all pairs. Enrich each pair with token metadata including decimal places and symbols to create readable pair names in the format "TOKEN0-TOKEN1"
- **Key fields**: `account_address` (pair contract), `token0_address`, `token1_address`, `fee_tier`, `token0_decimals`, `token1_decimals`, `account_name`

### Component B: Raw trade processing
- **Purpose**: Extract and process individual swap transactions from ApeSwap pairs
- **Logic**: Process `Swap` events from all ApeSwap pairs across supported chains. For each swap, calculate the net change in both tokens by subtracting out-amounts from in-amounts (`amount0In - amount0Out`, `amount1In - amount1Out`). Join with transaction data to capture user addresses and transaction metadata. Filter trades starting from ApeSwap's launch date of February 10, 2021
- **Key fields**: `token0_amount`, `token1_amount`, `user_address`, `account_address`, `block_timestamp`, `transaction_hash`

### Component C: Trading volume calculation
- **Purpose**: Convert raw token amounts to USD trading volumes with anti-manipulation protection
- **Logic**: Aggregate trades daily and join with trading pair metadata to apply decimal corrections (divide by 10^decimals). Convert both token amounts to USD using end-of-day price feeds. Apply anti-manipulation logic by taking the lesser USD value between token0 and token1 amounts - this prevents artificially inflated volumes from price manipulation attacks where one token in the pair has a manipulated price
- **Key fields**: `trading_volume` (lesser of token0_usd and token1_usd), `timestamp` (daily), `fee_tier`

### Component D: Fee calculation
- **Purpose**: Calculate total trading fees generated by the protocol
- **Logic**: Multiply daily trading volume by the fee tier for each trading pair. Since all ApeSwap pairs use a 0.2% fee tier, this means fees equal 0.2% of trading volume. Aggregate fees by timestamp, chain, and product level
- **Key fields**: `fees` (trading_volume × fee_tier), aggregated by day and chain

### Final aggregation: Revenue calculation
- **Combining components**: Take the calculated fees from Component D and apply protocol-specific revenue shares
- **Revenue share logic**: Apply different protocol fee shares based on blockchain - multiply fees by 25% (1/4) for Ethereum, Arbitrum, and BSC, but multiply by 75% (3/4) for Polygon due to different tokenomics
- **Currency conversion**: All amounts are already in USD from the volume calculation step using end-of-day price feeds
- **Time aggregation**: Revenue is calculated and reported on daily boundaries based on block timestamps
- **Final calculation**: Protocol revenue equals total trading fees multiplied by the chain-specific protocol fee share percentage

## Critical considerations

- **Anti-manipulation protection**: The methodology uses the lesser USD value between token pairs to prevent volume inflation from price manipulation
- **Chain-specific revenue shares**: Polygon has a different fee structure (75% protocol share vs 25% on other chains)
- **Standard fee tier**: All ApeSwap pairs use a uniform 0.2% trading fee
- **Decimal handling**: Token amounts are properly adjusted using token-specific decimal places before USD conversion
- **Time boundaries**: All calculations use daily aggregation based on blockchain timestamps

*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.

ApeSwapABOND

Revenue

Revenue

Competitive landscape

Chain breakdown