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

github

twitter

discord

etherscan

website

Exchanges (DEX)

ApeSwap

# ApeSwap Average trading volume (per user) Methodology

## 1. Overview

Average trading volume per user measures the mean daily trading volume generated by each active trader on ApeSwap. This metric is calculated by dividing the total daily trading volume (in USD) by the number of daily active users who executed trades. It provides insights into trading intensity and user engagement patterns across ApeSwap's decentralized exchange platform operating on Ethereum, Polygon, Arbitrum, and BSC.

## 2. Data sources

The calculation relies on several key data sources:
- **Blockchain events**: Parsed ApeSwap `ApePair_Swap` events from Ethereum, Polygon, Arbitrum, and BSC containing swap details including token amounts and user addresses
- **Factory events**: ApeSwap `ApeFactory_PairCreated` events from all four chains to identify valid trading pairs and fee structures
- **Transaction data**: Blockchain transaction records from Ethereum, Polygon, Arbitrum, and BSC to map contract interactions to actual user addresses
- **Token metadata**: Token information including decimal places and symbols for proper amount calculation and pair naming
- **External data**: End-of-day token price feeds for USD conversion of trading volumes

## 3. Step-by-step calculation

### Component A: Trade data extraction and processing
- **Purpose**: Extract and standardize all swap transactions across ApeSwap's multi-chain deployment
- **Logic**: The system processes `ApePair_Swap` events from ApeSwap contracts on Ethereum, Polygon, Arbitrum, and BSC. For each swap event, it calculates the net token amount changes by taking the difference between input amounts (`amount0In`, `amount1In`) and output amounts (`amount0Out`, `amount1Out`). Transaction data is joined to map contract addresses to actual user addresses using the `from_address` field. Only transactions from February 10, 2021 onwards are included to align with ApeSwap's launch timeline.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` for calculating net token flows, `sender` for contract user identification, and `from_address` for actual user identification

### Component B: Trading pair metadata enrichment
- **Purpose**: Add trading pair information and token metadata for proper calculation
- **Logic**: The system uses `ApeFactory_PairCreated` events to identify all valid trading pairs created on ApeSwap across the four supported chains. Each pair includes two token addresses, and the system joins with token metadata to obtain decimal places for each token. Fee tiers are standardized at 0.2% (2000 basis points divided by 1,000,000) across all ApeSwap pairs. Pair names are constructed by combining token symbols.
- **Key fields**: `pair` address for trading pair identification, `token0` and `token1` addresses, `decimals` for each token, and constructed `account_name` using token symbols

### Component C: Volume calculation and USD conversion  
- **Purpose**: Calculate trading volumes in USD while filtering out potential price manipulation
- **Logic**: Raw token amounts are converted to human-readable format by dividing by 10 raised to the token's decimal places. The system then joins with end-of-day price feeds to convert both token amounts to USD values. To prevent price manipulation from affecting volume calculations, the system takes the lesser USD value between the two tokens in each swap using the `LEAST` function. Daily trading volumes are aggregated by summing all individual swap volumes within each day.
- **Key fields**: Corrected `token0_amount` and `token1_amount`, `price_usd` from price feeds, and final `trading_volume` calculated as the minimum USD value between the two tokens

### Component D: Daily active user calculation
- **Purpose**: Count unique daily active traders across all chains and trading pairs
- **Logic**: The system identifies daily active users by counting distinct `user_address` values for each day across all swap transactions. Users are classified as "Trader" type, and the system uses HyperLogLog algorithms for efficient distinct counting across multiple dimensions including chain-level, user-type-level, and product-level breakdowns. The aggregation ensures accurate user counts even when the same user trades across multiple chains or pairs on the same day.
- **Key fields**: `user_address` for user identification, `timestamp` truncated to day level, and `user_type` classification as "Trader"

### Final aggregation
- **Combining components**: The final metric joins daily trading volume totals with daily active user counts on matching timestamps. Trading volumes are summed across all chains and trading pairs for each day, while user counts use the project-level aggregation to avoid double-counting users who trade on multiple chains
- **Currency conversion**: All volume calculations use end-of-day price feeds, with USD conversion happening before daily aggregation to ensure accurate pricing
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation to day level, with consistent timezone handling across all components
- **Final calculation**: The average trading volume per user is calculated using safe division of total daily trading volume by daily active user count, with automatic handling of division by zero cases

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

Average trading volume (per user)

Trading volume divided by daily active users.

ApeSwapABOND

Average trading volume (per user)

Average trading volume (per user)

Competitive landscape