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 Trading volume Methodology

## 1. Overview

ApeSwap trading volume measures the daily USD value of token swaps executed on the ApeSwap decentralized exchange across Ethereum, Polygon, Arbitrum, and BSC networks. The metric captures the total economic activity by summing the USD value of all completed trades, using an anti-manipulation technique that takes the lesser USD value between the two tokens in each swap to filter out potential price manipulation attempts.

## 2. Data sources

The calculation relies on several blockchain data sources and external feeds:

- **ApeSwap factory events**: `PairCreated` events from ApeSwap factory contracts across Ethereum, Polygon, Arbitrum, and BSC to identify all trading pairs
- **ApeSwap swap events**: `Swap` events from ApeSwap pair contracts containing trade details including token amounts and participant addresses
- **Blockchain transaction data**: Transaction records from Ethereum, Polygon, Arbitrum, and BSC networks providing user addresses and block timestamps
- **Token metadata**: Token information including symbols and decimal places for proper amount calculation
- **End-of-day price feeds**: Daily USD price data for tokens to convert trading amounts to USD values

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: Identify all valid ApeSwap trading pairs across supported chains
- **Logic**: Extract `PairCreated` events from ApeSwap factory contracts on Ethereum, Polygon, Arbitrum, and BSC. For each event, capture the newly created pair contract address along with the two token addresses (`token0` and `token1`). All pairs use a standardized fee tier of 0.2% (2000 basis points). Join with token metadata to obtain decimal places and symbols for both tokens, then create pair names by concatenating the token symbols with a hyphen separator
- **Key fields**: `pair` address from the event becomes `account_address`, `token0` and `token1` addresses, hardcoded `fee_tier` of 0.002, `token0_decimals` and `token1_decimals` from token metadata, `account_name` constructed as "TOKEN0-TOKEN1"

### Component B: Trade data extraction

- **Purpose**: Capture individual swap transactions with token amounts and user information  
- **Logic**: Collect `Swap` events from all identified ApeSwap pair contracts. For each swap, calculate the net change in token amounts by subtracting the output amounts (`amount0Out`, `amount1Out`) from input amounts (`amount0In`, `amount1In`) for both tokens. Join with blockchain transaction data to obtain the actual user address (`from_address`) rather than just the contract sender. Filter to include only transactions from February 10, 2021 onwards. Each trade record includes transaction hash, log index, and block timestamp for unique identification
- **Key fields**: `token0_amount` and `token1_amount` calculated as input minus output, `user_address` from transaction data, `contract_user_address` from swap event sender, `block_timestamp` for timing

### Component C: Volume aggregation and decimal correction

- **Purpose**: Aggregate trades by day and convert token amounts to proper decimal-corrected values
- **Logic**: Group all trades by day using timestamp truncation to daily boundaries. For each trade, convert raw token amounts to decimal-corrected values by dividing the absolute value of each token amount by 10 raised to the power of that token's decimal places. Sum these corrected amounts across all trades within each day, grouped by chain, trading pair, and other dimensions. This produces daily volumes in native token units for both tokens in each pair
- **Key fields**: Daily `timestamp` boundaries, `token0_amount` and `token1_amount` after decimal correction and absolute value conversion

### Component D: USD conversion with anti-manipulation logic

- **Purpose**: Convert token amounts to USD values while filtering out potential price manipulation
- **Logic**: Join the daily token volumes with end-of-day price feeds for both tokens in each pair. Calculate the USD value for both `token0_amount` and `token1_amount` by multiplying each amount by its respective USD price. Apply an anti-manipulation technique by taking the lesser of the two USD values using the `least` function. If either price is unavailable, default the trading volume to zero. This approach prevents artificially inflated volumes from trades involving tokens with manipulated or erroneous prices
- **Key fields**: `trading_volume` as the minimum USD value between the two tokens, `price_usd` from daily price feeds

### Final aggregation

- **Combining components**: Sum all individual trade volumes by day, chain, business line, market sector, business segment, version, and fee tier. The main aggregation groups trading volumes across all pairs and chains while maintaining dimensional breakdowns
- **Currency conversion**: USD conversion occurs at the individual trade level using end-of-day price feeds matched by timestamp, token address, and chain. The anti-manipulation logic ensures volume accuracy by using the lesser USD value between paired tokens
- **Time aggregation**: All volumes are aggregated to daily boundaries using timestamp truncation. The `finalize_metric` macro fills any missing days with zero values to ensure complete time series data
- **Final calculation**: The final trading volume represents the sum of all USD-converted trade values for ApeSwap across all supported chains, with each trade contributing the minimum USD value between its two constituent tokens to prevent manipulation while capturing legitimate trading activity

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

Total value of spot trades executed on the exchange.

ApeSwapABOND

Trading volume

Trading volume

Competitive landscape

Chain breakdown