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 Tradeable assets Methodology

## 1. Overview

Tradeable assets represents the cumulative count of unique tokens available for trading on ApeSwap DEX, categorized by liquidity thresholds. This metric answers the question "How many tokens can be actively traded on ApeSwap and what is their liquidity distribution?" The calculation tracks all tokens that appear in trading pairs and classifies them into liquidity cohorts based on their total liquidity across all pairs.

## 2. Data sources

- **ApeFactory events**: Parsed `PairCreated` events from ApeSwap factory contracts on Ethereum, BSC, Arbitrum, and Polygon chains containing trading pair creation data
- **ApePair events**: Parsed `Sync` events from ApeSwap pair contracts tracking reserve updates for each trading pair
- **Token metadata**: Token information including decimal places and symbols for proper amount conversion
- **End-of-day price feeds**: Daily USD price data for tokens to enable liquidity-based classification
- **Denylist configuration**: Hardcoded list of trading pair addresses excluded due to limited price feed support for low liquidity tokens

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identify all trading pairs and their constituent tokens across ApeSwap deployments
- **Logic**: Extract `PairCreated` events from ApeSwap factory contracts on Ethereum, BSC, Arbitrum, and Polygon. Each event contains the newly created pair address and the two token addresses (`token0` and `token1`) that form the trading pair. Join with token metadata to get decimal places and symbols for proper naming. Apply a standard fee tier of 0.002 (0.2%) for all ApeSwap pairs. Filter out denylisted pairs that have limited price feed support.
- **Key fields**: `account_address` (pair contract), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name` (token symbol concatenation), `fee_tier`

### Component B: Reserve tracking
- **Purpose**: Monitor changes in trading pair reserves to calculate asset flows
- **Logic**: Collect `Sync` events from all ApeSwap pair contracts, which emit whenever reserves are updated due to swaps or liquidity changes. Extract `reserve0_amount` and `reserve1_amount` representing the current reserve balances for each token in the pair. Join with trading pair data to get token addresses and decimal information. Exclude denylisted trading pairs from reserve tracking.
- **Key fields**: `block_timestamp`, `account_address`, `reserve0_amount`, `reserve1_amount`, `chain`

### Component C: Asset flow calculation  
- **Purpose**: Calculate daily net changes in token reserves
- **Logic**: Combine reserve updates with trading pair metadata and adjust token amounts using proper decimal places by dividing raw amounts by 10^decimals. Aggregate to daily level by taking the last reserve value for each pair on each day. Calculate daily asset flows by taking the difference between consecutive days' reserve balances for each token. If no prior day exists, use the current day's balance as the flow amount.
- **Key fields**: `timestamp` (daily), `token0_address`, `token1_address`, `token0_amount` (daily change), `token1_amount` (daily change)

### Component D: Net deposits calculation
- **Purpose**: Convert asset flows to USD values and calculate net liquidity changes
- **Logic**: Transform asset flows into separate records for each token (token0 and token1 become individual token records). Join with end-of-day price feeds to get USD prices for each token on each day. Calculate USD value by multiplying token amounts by their respective USD prices. Sum the USD values of both tokens to get total net deposits per trading pair per day.
- **Key fields**: `net_deposits` (USD value), `token0_address`, `token1_address`, `account_address`

### Component E: Liquidity aggregation and cohort assignment
- **Purpose**: Determine total liquidity for each token and assign liquidity cohorts
- **Logic**: Create separate records for each token from the net deposits data (splitting token0 and token1). Sum net deposits across all trading pairs for each token to get total liquidity per token per day. Assign tokens to liquidity cohorts based on total liquidity: "> $1m", "$500k - $1m", "$100k - $500k", "$25k - $100k", "$5k - $25k", or "< $5k".
- **Key fields**: `total_liquidity`, `liquidity_cohort`, `token_address`

### Component F: Asset counting and first appearance tracking
- **Purpose**: Track when tokens first appear and count cumulative tradeable assets
- **Logic**: Extract all unique tokens from trading pair creation events (both `token0_address` and `token1_address`). Determine the first appearance date for each token by finding the minimum timestamp across all trading pairs. Count new tokens appearing each day and calculate cumulative count over time for the "< $5k" cohort (representing all tokens regardless of liquidity).
- **Key fields**: `timestamp` (first appearance), `asset_count` (new tokens per day), `tradeable_assets` (cumulative count)

### Final aggregation
- **Combining components**: The final result combines three components: 1) Cumulative count of all tokens (< $5k cohort), 2) Count of tokens in specific liquidity cohorts based on their total liquidity, and 3) Negative adjustment to remove double-counting by subtracting tokens that qualify for higher liquidity cohorts from the base count
- **Currency conversion**: USD conversion occurs during net deposits calculation using end-of-day price feeds matched by token address, chain, and timestamp
- **Time aggregation**: Daily boundaries are used throughout, with asset flows calculated as day-over-day changes and first appearances tracked at daily granularity
- **Final calculation**: The final tradeable assets count for each liquidity cohort represents either the cumulative count of tokens (for < $5k) or the count of tokens meeting specific liquidity thresholds, with corrections applied to prevent double-counting across cohorts

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

Number of unique tokens tradeable on the exchange.

ApeSwapABOND

Tradeable assets

Tradeable assets

Competitive landscape

Chain breakdown