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).

governance

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Exchanges (DEX)

ApeSwap

# ApeSwap Token incentives Methodology

## 1. Overview

Token incentives measures the total value of BANANA token rewards distributed by ApeSwap to users across its decentralized exchange and staking platforms. This metric captures the protocol's spending on user acquisition and retention through liquidity mining rewards, staking incentives, and yield farming programs. The calculation aggregates incentive distributions from multiple ApeSwap contracts on BSC and Polygon chains, converting all amounts to USD for standardized reporting.

## 2. Data sources

The calculation relies on several types of blockchain and external data:

- **Contract events**: Parsed `Deposit`, `Withdraw`, and `Harvest` events from ApeSwap's MasterApe, MasterApeV2, GNANAPool, and MiniApeV2 contracts on BSC and Polygon networks
- **Token transfer data**: BSC `Transfer` events for BANANA tokens to validate legitimate reward distributions and filter out internal protocol transfers
- **Transaction data**: BSC transaction records linking contract events to actual token movements
- **External data**: End-of-day price feeds for USD conversion and token metadata for decimal precision handling
- **Protocol metadata**: Hardcoded contract addresses, migration timestamps, and pool ID denylists for filtering internal transactions

## 3. Step-by-step calculation

### Component A: Deposit-based incentive distributions
- **Purpose**: Captures BANANA token rewards distributed when users deposit liquidity into ApeSwap pools
- **Logic**: Identifies `Deposit` events from MasterApe and MasterApeV2 contracts on BSC, and GNANAPool staking contract. Cross-references these events with actual BANANA token transfers in the same transaction to validate legitimate rewards. Filters out internal protocol transfers using a denylist of specific pool IDs. For MasterApe v1 transactions before the account migration date, validates amounts against actual token mint events to prevent over-counting. For post-migration MasterApeV2 transactions, uses the full reward transaction amount. GNANAPool deposits are processed separately as staking rewards rather than liquidity incentives.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for linking events, `user` address receiving rewards, `pid` for pool identification, `amount` for reward quantity, and `token_address` for BANANA token identification

### Component B: Withdrawal-based incentive distributions  
- **Purpose**: Captures BANANA token rewards distributed when users withdraw from liquidity pools or staking positions
- **Logic**: Processes `Withdraw` events from the same contracts as deposits, applying similar validation and filtering logic. For MasterApe v1 withdrawals, uses the minimum of withdrawal amount and actual token mints to isolate the incentive portion from principal withdrawal. For MasterApeV2 withdrawals, only includes transactions where the withdrawal amount differs from the reward transaction amount, indicating the presence of incentive rewards beyond principal. GNANAPool withdrawals capture staking reward distributions.
- **Key fields**: Same core fields as deposits, with additional logic to separate reward amounts from principal withdrawals

### Component C: Direct incentive claims
- **Purpose**: Captures direct BANANA token reward claims from ApeSwap's Polygon deployment
- **Logic**: Aggregates `Harvest` events from MiniApeV2 contract on Polygon network. These represent users claiming accumulated rewards without depositing or withdrawing principal amounts. No additional validation is needed as harvest events specifically represent reward distributions.
- **Key fields**: `block_timestamp`, `transaction_hash`, `amount` for claimed rewards, and contract `address` for source identification

### Final aggregation
- **Combining components**: All three components are unioned together to create a comprehensive view of BANANA token incentive distributions across all ApeSwap platforms and chains
- **Currency conversion**: Raw BANANA token amounts are converted to USD using end-of-day price feeds, with proper decimal correction applied based on BANANA token's 18-decimal precision
- **Time aggregation**: All distributions are aggregated to daily boundaries using transaction timestamps, with zero-filling applied for dates with no incentive activity to maintain consistent time series data
- **Final calculation**: The daily sum of all USD-converted incentive distributions across deposits, withdrawals, and claims, representing the total value of token incentives distributed by ApeSwap on each day

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

Value of native tokens distributed as incentives.

ApeSwapABOND

Token incentives

Token incentives

Competitive landscape

Chain breakdown