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 Trade count Methodology

## 1. Overview

The ApeSwap trade count metric measures the number of unique daily trades executed on ApeSwap decentralized exchange across supported blockchains. This metric answers the business question "How many distinct trading transactions occur on ApeSwap each day?" The calculation counts unique transaction hashes that contain valid ApeSwap swap events, providing a measure of trading activity and user engagement on the platform.

## 2. Data sources

- **ApeSwap swap events**: Parsed `Swap` events from ApeSwap pair contracts deployed on Ethereum, Polygon, Arbitrum, and BSC networks
- **ApeSwap factory events**: Parsed `PairCreated` events from ApeSwap factory contracts used to validate legitimate trading pairs
- **Transaction data**: Blockchain transaction records from Ethereum, Polygon, Arbitrum, and BSC to identify user addresses and transaction metadata
- **Token metadata**: Token symbol and decimal information for proper amount normalization and pair naming
- **End-of-day price feeds**: Daily token price data in USD for volume-based filtering and validation

## 3. Step-by-step calculation

### Component A: Raw trade extraction
- **Purpose**: Extract and standardize raw swap events from ApeSwap across multiple chains
- **Logic**: The system identifies `Swap` events from ApeSwap pair contracts on Ethereum, Polygon, Arbitrum, and BSC. For each swap event, it calculates the net token movement by subtracting `amount0Out` from `amount0In` for the first token and `amount1Out` from `amount1In` for the second token. The system joins swap events with blockchain transaction data to identify the actual user addresses (as opposed to contract addresses). All trades are filtered to include only those occurring after February 10, 2021, which appears to be the ApeSwap launch date. Each trade receives business classification tags identifying it as an "Exchange AMM" business line within the "exchanges" market sector and "dex" business segment.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `account_address`, `token0_amount`, `token1_amount`, `user_address`

### Component B: Trading pair validation and metadata enrichment
- **Purpose**: Validate trading pairs and add token metadata for proper processing
- **Logic**: The system creates a comprehensive registry of legitimate ApeSwap trading pairs by collecting all `PairCreated` events from ApeSwap factory contracts across the four supported chains. Each trading pair is assigned a standard fee tier of 0.2% (2000 basis points). The system enriches this data by joining with token metadata to obtain decimal places for each token in the pair, which is essential for proper amount normalization. Pair names are generated in the format "TOKEN0-TOKEN1" using token symbols. This validation step ensures that only legitimate ApeSwap trades are included in the final count.
- **Key fields**: `account_address`, `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `fee_tier`, `account_name`

### Component C: Amount normalization and USD conversion
- **Purpose**: Normalize token amounts and convert to USD for validation purposes
- **Logic**: Raw token amounts from swap events are normalized by dividing by 10 raised to the power of each token's decimal places. This converts the raw integer values into human-readable token amounts. The system then converts both token amounts to USD using end-of-day price feeds matched by date, chain, and token address. To prevent price manipulation attacks, the system applies an anti-manipulation filter by taking the lesser of the two USD values between the token pair. If either token lacks price data, the trade volume is set to zero. This USD conversion serves primarily as a validation mechanism rather than being used directly in the trade count calculation.
- **Key fields**: `token0_amount`, `token1_amount`, `trading_volume` (in USD)

### Component D: Daily aggregation and trade counting
- **Purpose**: Aggregate validated trades to daily level and count unique transactions
- **Logic**: The system aggregates all validated swap events to daily boundaries using timestamp truncation. Trades are grouped by date, chain, market sector, business segment, and product dimensions while maintaining the unique identifiers `transaction_hash` and `log_index` for each trade. The final trade count is calculated by counting distinct transaction hashes within each daily grouping. This approach ensures that multiple swap events within a single transaction (such as multi-hop trades) are counted as a single trade. The system preserves all dimensional attributes needed for business analysis and reporting.
- **Key fields**: `timestamp`, `chain_id`, `market_sector_id`, `business_segment_id`, `product_id`, `trade_count`

### Final aggregation
- **Combining components**: The validated and normalized trade data flows through daily aggregation where unique transaction hashes are counted per day
- **Currency conversion**: USD conversion is used for trade validation but not directly included in the final trade count metric
- **Time aggregation**: All trades are aggregated to daily boundaries using timestamp truncation, with the date serving as the primary time dimension
- **Final calculation**: The final trade count represents the number of distinct transaction hashes containing valid ApeSwap swap events for each day, chain, and business dimension combination. The metric is processed through Token Terminal's standard finalization macro and filtered for chain availability before being delivered as the final daily trade count metric.

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

Number of trades executed on a decentralized exchange.

ApeSwapABOND

Trade count

Trade count

Competitive landscape

Chain breakdown