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 pairs Methodology

## 1. Overview

The tradeable pairs metric measures the cumulative number of active trading pairs available on ApeSwap decentralized exchange, categorized by liquidity levels. This metric answers how many trading pairs users can trade on the platform and tracks the growth of tradeable options over time. The calculation combines trading pair creation events with liquidity analysis based on net deposits, providing visibility into both the quantity and quality of available trading opportunities.

## 2. Data sources

The calculation draws from several blockchain and external data sources:
- **Blockchain events**: Parsed ApeSwap `PairCreated` events from ApeFactory contracts on Ethereum, BSC, Arbitrum, and Polygon networks, which record when new trading pairs are deployed
- **Reserve tracking events**: Parsed `Sync` events from ApePair contracts across all supported chains, which capture reserve balance changes for each trading pair
- **Token metadata**: Token information including decimal precision and symbol data for proper amount calculations and pair naming
- **External data**: End-of-day token price feeds for USD conversion of liquidity amounts
- **Data quality filters**: Hardcoded denylist of specific trading pair addresses with limited price feed support to ensure reliable liquidity calculations

## 3. Step-by-step calculation

### Component A: Trading pair identification and timing
- **Purpose**: Identifies all ApeSwap trading pairs and tracks when they were first created
- **Logic**: Extracts `PairCreated` events from ApeFactory contracts across Ethereum, BSC, Arbitrum, and Polygon. Each event contains the new pair contract address and the two token addresses (`token0` and `token1`) that form the trading pair. The system records the block timestamp when each pair was created and joins with token metadata to get decimal precision and symbols for proper naming. A hardcoded fee tier of 0.2% is applied to all ApeSwap pairs. The denylist filters out specific pairs with unreliable price data support.
- **Key fields**: `account_address` (pair contract), `token0_address`, `token1_address`, `block_timestamp`, `chain`, `token0_decimals`, `token1_decimals`, `account_name` (token symbol pair)

### Component B: Liquidity calculation through reserve tracking
- **Purpose**: Calculates the net deposits (liquidity) for each trading pair to enable liquidity-based categorization
- **Logic**: Captures `Sync` events from ApePair contracts that record reserve balance changes for both tokens in each pair. The system corrects token amounts using decimal precision, aggregates the last reserve balance for each day using window functions, then calculates daily net changes using lag functions. Asset flows are converted to USD values using end-of-day price feeds for both tokens in each pair. Net deposits represent the cumulative USD value of liquidity added to each pair over time.
- **Key fields**: `reserve0_amount`, `reserve1_amount`, `token0_amount`, `token1_amount`, `net_deposits`, `price_usd`

### Component C: Daily pair creation tracking
- **Purpose**: Counts new trading pairs created each day and builds cumulative totals
- **Logic**: Groups pair creation events by day to count how many new pairs were deployed on each date. Applies zero-filling to ensure continuous daily data with no gaps, setting pair count to zero for days with no new pairs created. Calculates cumulative sum of new pairs over time using window functions partitioned by chain to track the total number of pairs available for trading.
- **Key fields**: `timestamp`, `pair_count`, cumulative `tradeable_pairs`

### Component D: Liquidity cohort classification
- **Purpose**: Categorizes trading pairs into liquidity tiers based on net deposit thresholds
- **Logic**: Applies threshold-based classification to assign each trading pair to a liquidity cohort based on their net deposits. The cohorts are: greater than $1 million, $500k to $1 million, $100k to $500k, $25k to $100k, $5k to $25k, and less than $5k. For higher liquidity cohorts (above $5k), the system counts the actual number of pairs meeting each threshold on each day. For the lowest cohort (less than $5k), it uses the total cumulative pairs minus those in higher cohorts to avoid double counting.
- **Key fields**: `liquidity_cohort`, `tradeable_pairs` per cohort, `net_deposits` threshold comparisons

### Final aggregation
- **Combining components**: Uses a union structure to combine three data sets: cumulative total pairs for the base count, actual pair counts for each higher liquidity cohort, and negative counts for pairs that qualify for higher cohorts (to subtract from the base count and prevent double counting in the lowest tier)
- **Currency conversion**: All liquidity calculations use end-of-day USD price feeds applied to token amounts after decimal correction
- **Time aggregation**: Daily boundaries with pair creation tracked at day granularity and liquidity calculated from end-of-day reserve balances
- **Final calculation**: The result provides daily tradeable pair counts segmented by liquidity cohorts, where each cohort shows the number of pairs with liquidity within that range, enabling analysis of both trading pair growth and liquidity distribution over time

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

Number of unique token pairs available for trading on the exchange.

ApeSwapABOND

Tradeable pairs

Tradeable pairs

Competitive landscape

Chain breakdown